Turkey’s market share in Libya could attain up to 30%, up from its present stage of 13%, if the North African nation can obtain lasting stability, a high enterprise chief mentioned Sunday.
Murtaza Karanfil, a Libya consultant of the Istanbul-based Independent Industrialists’ and Businessmen’s Association’s (MUSIAD), mentioned in a written assertion that the quickly creating commerce and political relations between Ankara and the Tripoli-based Libyan authorities could imply new alternatives for Turkish exports.
Turkey can increase exports to Libya to $10 billion in the medium-term whereas enhancing its affect in the market, Karanfil mentioned.
Turkey’s exports to Libya stood at $2 billion in 2019 with a 29% increase in contrast to the earlier 12 months however was nonetheless lower than the 2013 determine of $2.7 billion earlier than civil struggle broke out in the nation.
“(Putschist Gen. Khalifa) Haftar’s management of Libya’s ‘oil crescent,’ from Sirte to Benghazi, and the next deterioration of stability introduced collectively the collapse of the economic system,” Karanfil mentioned.
Prime Minister Fayez Sarraj’s authorities has been below assault by Eastern Libya-based warlord Haftar’s forces since April 2019, with greater than 1,000 killed in the violence.
Karanfil famous that Turkish building firms working in Libya have taken the most important hit because of the civil struggle, incurring practically $four billion in losses.
He added that the nation nonetheless provides massive enterprise alternatives for Turkey regardless of the continuing battle and could be an necessary gateway for Turkish exports into Sub-Saharan Africa in the long-term if stability is established.
He mentioned he expects the nation can be one of many busy commerce routes in the approaching interval if Turkey manages to reply rapidly to demand and be prepared for post-pandemic commerce.