With right policies, Turkey can acheive 30% of market share in Libya, says head of Turkey-Libya Business Council
If positioned well, Turkey can be the leader in Libya’s supply chain in the new normal, said a top business leader on Monday.
Murtaza Karanfil, head of Foreign Economic Relations Board (DEIK) Turkey-Libya Business Council, underlined that countries that restarted production swiftly by combatting the COVID-19 outbreak will play a key role post-pandemic.
Karanfil suggested that Turkey should improve its ability to respond quickly to demand and be ready for post-pandemic trade.
Praising Turkey’s steps to mitigate economic fallout and to stem the spread of the coronavirus, Karanfil said: “If we add the production strategy aiming to respond quickly to orders, to those accurate steps, we can further expand our market share and we form the supply chain in our favor.”
Turkey’s market share in Libya can reach 30%, up from its current level of 13%, Karanfil stressed, adding that Turkey should also utilize its geopolitic position.
“The new normal will significantly change the supply chain and Turkey can grab the 25% market share of China and Italy in Libya,” he said.
Thus, Turkey can increase its exports to Libya to $10 billion in medium-term while enhancing its influence in African market, Karanfil added.
Turkish exports to Libya narrowed by 3.1% year-on-year to $442.5 million in the first three months of 2020, he said.
The figure was $1.9 billion in 2019, Karanfil noted.
Noting that Libya is a gateway to Africa, Karanfil said the country will be one of the busy trade routes in the coming period.