The Turkish Anadolu News Agency reports that the chairman of the Turkey-Libya Council of the Foreign Economic Relations Board of Turkey (DEIK) says that Turkish investors should harness Libya’s $120 billion investment volume, especially in the construction sector.
Murtaza Karanfil, the chairman, said “there is a call from Libya in this direction” noting lucrative reconstruction and trade opportunities would soon present themselves. “During the reconstruction process, houses, public buildings, and roads will be rebuilt”.
At present, $19 billion worth of Turkish contracts in Libya remain unfinished, according to Karanfil, and Turkish contractors lost $4 billion in receivables due to losses – including of machinery and equipment. However, Karanfil expects progress to be made soon in resuming ties and contracts. Prior to Ghaddafi’s overthrow, Turkish exports to Libya were set to exceed $2 billion. They reached $1.9 billion in 2019 with an increase of 29% from the previous year.