Libya and Turkey discuss cooperation and investment opportunities

Libya's Privatisation & Investment Board (PIB) hosted a delegation from Turkey's Bursa Chamber of Commerce and Industry and the Anatolian Business Council. This marks the second visit by such a delegation, signaling a growing interest in economic ties.

The Turkish representatives, including members from various companies, sought to identify and capitalize on investment opportunities within Libya. Key sectors discussed included electricity and lighting, elevators, medical services, packaging, and soilless farming technologies. The delegation also explored potential participation in Libya's ongoing reconstruction and development projects in cities like Benghazi.

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The PIB is working to facilitate procedures for investors, inform foreign companies about available investment opportunities in Libya, and provide the necessary information and data, thereby contributing to building genuine and sustainable partnerships between foreign investors and the Libyan private sector.

Nasser Najm, Chairman of the PIB, highlighted the importance of this cooperation, recognizing the expertise of Turkish companies and the promising investment landscape in Libya. He stated the PIB's commitment to facilitating procedures for foreign investors and providing necessary information to foster sustainable partnerships with the Libyan private sector.

Ahmed Al-Oraibi, Director of the Investment Department, stressed the need to move beyond identifying opportunities to establishing concrete projects. This focus aims to localize industries, boost services, and facilitate technology transfer to Libya. The PIB views this engagement as crucial for expanding international cooperation, attracting foreign capital, and diversifying the nation's economy, thereby strengthening the role of the private sector in the country's development.

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emphasizing the importance of moving from simply identifying opportunities to establishing actual projects and partnerships that contribute to localizing industries and services and transferring expertise and technologies to the Libyan market.