Money and Businessnews

Turkish media promotes large investments in Libya

The Address | Benghazi – Libya

ANKARA – The Turkish government is publishing reports on future investment opportunities for Turkish businessmen in Libya and promoting them through the media it runs.

In this context, the state-run Anadolu Agency published a special report on the promising opportunities for Turkish investors in Libya in various fields and with significant numbers.

According to observers, the publication of this report comes in the context of seducing Turkish businessmen and capitalists who have been sufficiently affected by the policies of Turkish President Recep Tayyip Erdogan; and to give justifications for direct Turkish intervention in Libya to support fundamentalist groups in it.

The chairman of the Turkey-Libya Council of the Foreign Economic Relations Board of Turkey (DEIK),  Murtaza Karanfil, told the Anadolu Agency Turkish investors should harness Libya’s $120 billion investment volume — especially in the contracting sector.

Turkey exports a wide variety of products to Libya including jewelry, furniture, poultry, carpets, semi-finished steel, hygienic towel, diaper, vegetable fixed oil, plastic profile, plastic packaging materials, medicine and clothing.

Due to difficulties in the country — where Turkish contractors had undertaken their first overseas projects — projects worth $19 billion remain unfinished, Karanfil said.

He explained that Turkish contractors currently had a total of $4 billion in receivables due to losses including collateral, machinery and equipment.

“With an agreement to be signed between the two countries, we expect serious progress in the resolution of commercial problems in the coming period in contracting,” he noted.

“We believe that as soon as we resolve the old issues on receivables, we will take things from where we left off in Libya and move them to much better points,” Karanfil said.

Referring to the impact of the Coronavirus outbreak on the Chinese economy, he said China’s share in Libya’s imports is around 13%.

“We [Turkey] can well turn China’s share in Libya and African countries to our favor using the advantages of our geopolitical location and by correct process management,” he said.

He also said that Turkey’s exports to Libya exceeded $2 billion in 2012 and peaked before declining due to political upheaval in the country.

“Exports increased again in 2017 and reached $1.9 billion in 2019, with an increase of 29% compared to the previous year,” Karanfil added.


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