Libya's real estate giants meet with Turkish businesspeople in Istanbul

By Gokhan Ergocun

ISTANBUL (AA) - Public and private real estate agent giants from Libya gathered in Istanbul on Monday to meet their Turkish counterparts.

Officials, engineers and architects from Libya also participated in the two-day Urbanexpo Forum, organized by the ADD International Group.

Murtaza Karanfil, head of the Türkiye-Libya Business Council at the Turkish Foreign Economic Relations Board's (DEIK) , said during the opening ceremony the two countries have a bilateral trade volume of $4 billion.

There is an investment potential worth $150 billion for Turkish businesspeople in Libya, he added.

Libya is the door to Africa, he said, adding: "Major projects are being implemented in the country, but there are slowdowns due to technical inadequacies."

He underlined that Turkish investors are ready to use all means available for Libya's welfare.

Hashem Al Zawi, a director in the Libyan Investment Promotion and Privatization Affairs Authority, said the country's prime target is promoting investments.

Libya aims to attract foreign investors and Türkiye is a priority country in real estate, he added.

Issa Al-Hadiri, the investment projects director of the public firm Libyan Development and Investment Holding, said there are experienced Turkish companies which completed major projects in Istanbul.

He expressed that a cooperation will be beneficial for both countries but Libya has to solve legal challenges.

Ghaleb Gheblawi, CEO of ADD International Group, said the event offers very important opportunities in terms of exporting the know-how created in the Turkish housing sector.

"The continuation of business agreements without interruption, is extremely important for Libya's sustainable development policy," he said.

Gheblawi stressed Turkish businesspeople have a lively business culture and Libya cannot ignore the opportunities it offers.