Libya’s Tripoli based Ministry of Economy reported yesterday that Turkish Minister of Trade, Omar Polat, expressed his approval to signing a trade liberalization agreement that would lift the customs tax on Libyan goods and prevent double taxation, in addition to a social security agreement, and accelerating the necessary arrangements to resume the agreements concluded between Libya and Turkey in all areas of common interest.
Polat’s statement came during a meeting with Libya’s Tripoli based Minister of Economy and Trade, Mohamed Hwej, held on the sidelines of the Turkey-Africa Business and Economic Forum that was held in Istanbul from 12 to 13 October.
Polat called for the convening of the Libyan-Turkish Joint Committee so that its meetings can advance economic and trade relations towards new horizons and also promised to address the Deputy Governor of the Turkish Central Bank about excluding Libya from the 40 percent tax imposed on Libyan companies, as a guarantee by Turkish banks, and accepting cash payment instead of suspended bank transfers from Libyan banks.
The meeting reviewed the depth of economic relations between the two countries, the problems and difficulties facing Libyan business owners and merchants in Turkey, and ways to address them and work to develop bilateral relations in all aspects of economic and commercial cooperation to achieve a joint economic partnership between the two countries.
For his part, Minister of Economy and Trade Hwej praised the importance of bilateral cooperation in all fields, which achieves strategic cooperation. He also called on Turkish companies to complete and implement their stalled projects and invited investors and owners of Turkish companies to enter the Libyan market to invest in all fields and benefit from the opportunities provided by the Libyan economy, free zones and the energy sector, considering Libya as a gateway to the African continent.