If the right steps are taken, the bilateral trade between Turkiye and Libya may climb to $15 billion, said Murtaza Karanfil, the head of the Turkiye-Libya Business Council at the Foreign Economic Relations Board (DEİK).
Commenting on Libyan Oil and Natural Gas Minister Mohamed Aoun’s statement that Turkish companies would be the top choice for seismic research in Libya, Karanfil said that this is an indication of the trust in Turkiye.
“This offers a huge opportunity for Turkish companies to boost their business potential and to strengthen trade cooperation. Turkiye’s exports [to Libya] could rise to $10 billion.”
Turkiye’s exports to this country were at $96 billion during the 2000s but climbed to $1 billion in 2011, Karanfil noted. “Due to political instability there, the bilateral trade volume is around $4 billion to $4.5 billion. Libya is the second largest export market in Africa after Egypt.”
There are opportunities for Turkish companies to do business not only in Libya’s construction sector but also in the petrochemicals industry, according to Karanfil.
There are idle petrochemicals facilities in Libya, he noted. “Those facilities, which have remained unused since 2011, could become up and running. With little investment, we can make them operational again.”