120 billion dollars of Turkish investments in Libya ... and the contracting sector is in the forefront
With the signing of the agreement between the Libyan Concord government and the Turkish authorities, Ankara's investments began to fall heavily in Libya and Turkish investors began launching their mega projects in this African country, especially in the construction sector, this sector that has gained a wide reputation in the last two years where statistics indicate that Turkey occupied the second place in the world after China in terms of the international spread of its construction and real estate projects in the world in addition to the numbers of purchase processes of property in Turkey.
Both Ankara and Tripoli focus on the need to exploit the Turkish expertise and capital to invest in all markets of the Libyan states and to bring about economic recovery after a recession that has spanned more than nine years of political and security conflict and the war that almost entirely brought about the Turkish economy.
The Turkish Libyan Business Council, a branch of the Turkish Foreign Economic Relations Council, estimated the total Turkish investment in Libya at $ 120 billion in the forefront of the construction sector, especially with the gradual calm that has returned to some Libyan cities, where the reconstruction phase began for all urban facilities, especially residential and commercial real estate projects in addition to Re-enacting infrastructure and meta projects.
Turkish contractors have resumed the implementation of their external real estate projects in Libya, which was a land that includes the largest amount of their work with a value of 19 billion US dollars, which was interrupted in the past period due to the security and political difficulties faced by Libya, resulting in outstanding benefits in a total of 4 billion dollars in financial payments, guarantees, equipment, machinery and damages and others.
Ankara and Tripoli ... towards stronger economic durability
Turkey and Libya have strong economic ties that reached their climax in 2012, when Turkish exports to Libya exceeded two billion dollars, but were later affected by the political problems that afflicted the African country.
A good number despite its decline in previous years, and it is a candidate for a strong return in 2020, an increase of 50% on an annual basis, to reach $ 3 billion.
Turkish exports to the country of Libya are based on a variety of products, most notably jewelry and furniture accessories, in addition to Turkish carpets, iron and steel products, not to mention chicken meat and dozens of other products that Turkey boasts of.
Also, Libya knows a great demand for aluminum, food, tea packing and packaging materials, various household appliances, textiles, clothing, shoes, medicines, metal products, generators, port management and many other products.
The Turkish investment in Tripoli came in response to calls by Libyan businessmen who wanted to show the level of investment attractiveness in their country in order to reach Libya to advanced economic levels.
Turkey aspires to own a strategic location in Libya with an attractive gateway to the continent, especially with the Turkish economic and investment expansion in African lands, which has been translated by many agreements signed between Turkey and African countries in the past five years.
It should be noted that Libya is a country that depends almost entirely on meeting its basic needs from abroad, which Turkey is trying to be, a productive and pioneering country in exporting by supplying Tripoli with all shortcomings of goods and goods such as furniture, paper and wood products, steel, carpets, chemicals, jewelry and food items such as grains and legumes and oilseeds.
Turkey is working hard to raise the value of its exports to Libya to reach 10 billion US dollars during the next few years, especially since the two countries are only three days away by sea and two hours through the airspace, which is considered a magnet for companies working in the field of import and export and shipping goods of various kinds, especially after Signing an agreement on maritime jurisdiction areas between Turkey and Libya, which would enhance economic and trade relations between the two countries.
In a related development, Turkey, especially Istanbul, has known an unprecedented turnout in recent years by Libyan investors and businessmen who are vigorously flocking to offers for buying property in Istanbul Turkey and others who have become sold in the Turkish real estate market, so they have turned into prominent real estate investors who buy property in Turkey and re-offer for sale or lease, for example, you may find apartments for sale in Turkey, which are owned by Libyans at the front.