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Libya to invest part of its $100 billion in Turkey

Global Arab Network - - George Haddad

Saturday, 10 October 2009 20:37

Turkish State Minister in charge of foreign trade, Zafer Çağlayan , said Saturday Libya had allocated 100 billion USD for investments in the next five years.

Speaking to the AA about his talks in Libya, Çağlayan said that Libya wished to make a part of its investments in Turkey.

The more we work, the better chances we have to receive investments from Libya, Çağlayan said.

Touching on Libyan debts due to Turkish contractors, Çağlayan said that there would be (positive) developments on this matter by the end of 2009.

Çağlayan said that work is under way to resolve problems of Turkish firms encounter while doing business in Libya.

Çağlayan, who was in the Libyan capital of Tripoli on an official visit with a trade delegation of 100 businessmen, had a meeting with Libyan Secretary of the General People's Committee for Communications Mohammed Ali Zidane on Thursday, where he spoke about the successes of Turkish firms investing in both Libya and other countries.

Çağlayan drew attention to the wide-ranging expertise of Turkish firms in the field of transportation, especially in the construction of airports, land routes and highways. He noted that Turkish contractors had carried out $24 billion in projects throughout the world in 2008 alone, with projects in Libya accounting for a substantial portion of the total.

The minister also stressed that along with construction companies, Turkish consultants should also consult on projects undertaken in Libya as they have also wide-ranging experience in various types of projects. Touching upon the inefficiency of the Turkish tax system, which leads Turkish firms to hire foreign employees instead of bringing Turkish employees with them due to double taxation of Turkish workers' wages in both countries, Çağlayan stated work is under way to resolve this issue. The minister also added that he is working on abolishing visa requirements between the two countries at least for businessmen.

Briefing the minister and Turkish businessmen on transportation projects that can be carried out in Libya, Zidane noted that they are establishing close cooperation with Turkish firms, especially those in the transportation sector. He recalled that Turkish airport operator TAV has undertaken the project to renovate Tripoli International Airport.

Zidane also cited projects set to be carried out in Libya in 2010 and called on Turkish firms to get involved in them. In regard to easing visa requirements, he said the Libyan government is ready to do whatever it can. Çağlayan also met with Public Works Secretary Matuq Muhammad Matuq, who informed Turkish businessmen on projects in Libya. Matuq said they are very close to establishing a strategic partnership with Turkish firms and would also like to work together in Africa in future projects.

Çağlayan said that Turkey-Libya trade volume reached 1.4 billion USD in 2008, adding that Turkey exported products worth of 1.1 billion USD to Libya last year.

He noted that Turkish contractors undertook construction projects worth of 10 billion USD in Libya in the last 4-5 years.

Çağlayan said that businessmen of Turkey and Libya could cooperate in construction, energy, tourism and agriculture sectors. (Timeturk, Todayszaman, Haber.Turk, Anadolu Ajans, GC-MS)

Global Arab Network

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Last Updated on Saturday, 10 October 2009 20:56

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