Turkey’s exports to Libya increased by 67% in the January-May period and reached $983 million. While Turkey’s general exports increased by 38.3% in the first 5 months compared to the same period of the previous year, it rose to $85 billion 220 million, while this figure was much higher in Libya.
After the maritime jurisdiction area agreement signed between Turkey and Libya in November 2019, military, political, diplomatic and economic relations between countries continue to develop.
Especially after the interim government took over the task in February, the economic relations between the countries accelerated, and the developments had a positive impact on Turkey’s exports.
In the January-May period, while Turkey’s overall exports increased by 38.3%, this figure reached 67% in Libya. In the first 5 months, exports amounted to $983 million, and in May $158 million. May exports increased by 138%.
“APPROVAL OF THE BUDGET IN LIBYA WILL ACCELERATE EXPORT GROWTH”
Foreign Economic Relations Board (DEIK) Turkey-Libya Business Council President Murtaza Karanfil, in his assessment of the data, said that they expect the export figure to exceed $3 billion by the end of the year, with the interim government in Libya approving the budget.
Karanfil said, “If the highway project descending from the country to Central Africa is completed, Libya may become one of the key countries in Africa in terms of supply chain. This development will also have a positive impact on Turkey.”
Stating that the increase in exports reached 67% in the first 5 months and 138% in May, Karanfil emphasized that exports to Libya are on a sustainable basis.
Noting that Turkish investors’ interest in the country continues, Karanfil made the following assessments:
“The political relations and trade volume between the two countries gained momentum. Turkey once again showed that it is on the side of the right and won the hearts of the Libyan people as a result of the recent negotiations. In line with this awareness, the basic needs that Libya has been deprived of lately are gradually being resolved. The mobilization of the economy in Libya and the acceleration of stability continue simultaneously. We can see this in our 5-month export figures.”
THE MOST INCREASE IS IN VEGETABLES-FRUIT, HAZELNUT, TEXTILE AND JEWELLERY
Murtaza Karanfil said that in the first 5 months, hazelnuts and hazelnut products, jewellery, fresh fruits and vegetables, dried fruits and products, textiles and raw materials and mining products showed a significant increase in exports.
Karanfil, who underlined that a unity was formed as a result of the agreements made between the eastern, western and southern regions of Libya and that they did not see a security problem in the country, said, “Libya is a country that needs investment in every sense. The lack of basic needs started to disappear thanks to the Turkish companies they invited for the projects that were interrupted.”
Expressing that as the Turkish business world, they will continue to work to provide services to all corners of Libya, Karanfil stated that the logistics base that is planned to be implemented in Libya will make a significant contribution to the foreign trade volume between the two countries.
Karanfil said, “With the base to be established, Libya can become a country in North Africa where 100 million people can live in economic terms. If the highway project to Central Africa is completed, Libya may become one of the most key countries in Africa in terms of supply chain. This development will also affect Turkey positively.”
Explaining that they closely follow the steps taken to accredit TSE in Libya, facilitate visa applications and have a commercial attaché in the country, Karanfil added that they will continue to build strong bridges with this country.
Source: Sabah / Translated by Irem Yildiz