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Turkey-Libya Economic and Trade Relations

Trade and Investments

In recent years, economic and commercial relations with Libya in all fields, especially in contracting services, have improved. Volume of trade with Libya by the end of 2010 reached approximately 2.36 billion dollars. This figure is expected to be 10 billion dollar in the next 5 years.

Turkey-Libya Bilateral Trade Statistics ($ 000)

Years

Export

Import

Balance of Trade

Volume

2003

254.741

1.072.548

-588.930

1.327.289

2004

337.204

1.514.125

-817.807

1.851.329

2005

384.167

1.989.269

-1.176.921

2.373.436

2006

489.261

2.297.351

-1.605.102

2.786.612

2007

643.149

399.720

-306.824

1.042.869

2008

1.074.256

336.325

737.931

1.410.581

2009

1.799.236

402.568

1.396.668

2.201.804

2010

1.935.307

425.652

1.509.655

2.360.959

 

The main items of exports are industrial products (machinery, transportation, tools, textile and apparel, semi-finished products, iron and steel, chemicals, other consumer goods, etc.) and foodstuffs. Petroleum and petroleum-based products make almost 100% of Turkey’s imports from Libya. Trade balance is in Turkey’s favour since the last three years as a result of the increase in our export to Libya, the decline of import of petroleum and petroleum by-products and the decrease in oil prices.

Turkish firms which operate in construction, agriculture, mining, manufacturing and service sectors in Libya invested about 60 million dollars in 2009.

 

To date, projects worth 20.5 billion dollars in total were undertaken by our contracting and construction firms in Libya. In terms of volume of work undertaken by Turkish contractors abroad, Libya is the second market after Russia. The number of registered companies operating in Libya by the end of 2009 was 115. Companies have undertaken important projects such as ports, roads, irrigation systems, shopping malls, residential buildings, hotels, etc.).

Bilateral co-operation mechanisms

 

Bilateral co-operation mechanisms are Joint Economic Commission (JEC) and Business Council. 21th meeting of the JEC took place in Ankara on 20- 22 July 2009.

 

First meeting of the Turkey-Libya Business Council was held on 28 - 30 July 2009 in Istanbul. Second meeting was held in Tripoli on 6th April 2010.

Legal Framework

Agreement on Economic Cooperation and Trade (1975), Agreement on Scientific and Technical Cooperation (1975) and Agreement on Commercial and Financial Cooperation (1978) constitutes the legal framework of economic relations between the two countries.