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Istanbul Hosts The First-ever Turkish–Libyan Economic Forum

Istanbul hosts the first-ever Turkish–Libyan Economic Forum

Istanbul, Turkey (PortSEurope) October 27, 2020 – The Libyan-Turkish Economic Platform started on October 13 in Istanbul aiming to boost bilateral economic cooperation. Four days ago Libya’s two main warring factions agreed to a cease-fire, raising hopes for an end to years of fighting that have drawn in military forces from Russia, Turkey and other regional powers. The agreement was signed between the internationally recognized
Government of National Accord, based in the capital Tripoli, and the self-styled Libyan National Army led by Khalifa Hifter and based in the country’s east. The forum seeks to restore economic relations between the two countries by initiating 184 new projects in Libya with an allocated $16 billion budget, in the sectors of infrastructure, construction, education and health fields. The agreement is also part of a strategy by the Turkish government to establish an economic presence in Libya aimed at gaining contracts for its companies and recovering debts owned to Turkey by Libya before the civil conflict took hold. Also, Ankara believes that involvement in Libya will enhance its standing and influence in the Eastern Mediterranean. Separately, last Friday, Libya’s National Oil Corporation (NOC) declares lifting Force Majeure status and aims to start production arrangements subject to the standards of general security and safety precautions and the safety of the operations Copyright (C) PortSEurope. All Rights Reserved. 2020.

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