Karanfil Group joins Turkish trade delegation to Libya to strengthen economic ties

By Sibel Morrow

ISTANBUL (AA) - Karanfil Group Chairman Murtaza Karanfil participated in a Turkish trade delegation in Libya this week, where high-level meetings were held to enhance economic cooperation between the two countries.

The delegation, led by Trade Minister Omer Bolat, held a series of working group sessions and roundtable meetings in Tripoli.

Led by Turkish Trade Minister Omer Bolat, the delegation held working group sessions and roundtable meetings in Tripoli aimed at updating memorandums of understanding to enhance their practical implementation.

Both sides agreed to form a Joint Economic Committee to tackle bureaucratic and financial hurdles faced by Turkish and Libyan businesspeople. The committee will focus on promoting investment, streamlining trade procedures and addressing banking guarantees.

The current bilateral trade volume stands at approximately $3.7 billion, with both countries seeking to expand this through a comprehensive economic roadmap.

Strategic sectors including infrastructure, energy, construction, healthcare, and education were highlighted as key areas for Turkish companies to support Libya’s redevelopment. Talks also explored the establishment of a free trade zone to function as a logistics and commercial hub for Turkish industrial products entering African markets.

Libyan officials emphasized the country's strategic geopolitical location as a bridge between Europe, Africa, and the Arab world, suggesting that its position could be further leveraged through joint economic initiatives. Agreements were also reached to simplify residency requirements, commercial registration, and money transfer procedures for Turkish firms operating in Libya.

The two sides also agreed to re-evaluate and revitalize the 2020 memorandum of understanding to support new collaborative efforts.

Speaking during the visit, Karanfil described Libya as not just a trade partner for Türkiye, but a strategic gateway to Africa.

“Africa will lead global economic growth in the coming century,” he said. “Libya’s development is crucial for the region, and Türkiye stands ready to share its experience and technological capabilities.”

He stressed the importance of overcoming bureaucratic issues from before Libya’s 2011 revolution, saying, “Nearly 15 years have passed since the revolution, and Libya must now rid itself of the constraints of its pre-2011 past. Eliminating these obstacles is essential for the country’s advancement.”

Karanfil noted that many projects had stalled due to unresolved issues dating back to that period, especially in the construction sector. He added that resolving these problems would also improve the functioning of the banking system.

“Addressing contractor disputes will bring relief to the banking sector as well,” Karanfil said. “The banking system, which has not operated effectively to date, will hopefully become more active with these developments.”

Karanfil concluded by underlining that Turkish firms’ participation in Libya’s reconstruction carries not only economic but also strategic significance.

“Libya’s recovery is Africa’s recovery — and it is also a potential new supply hub for Europe,” he said.