ISTANBUL (CIHAN) - The Turkish State Minister Responsible for Foreign Trade, Kürsat Tüzmen stated on Friday that his visit to Libya would create a joint road map that would boost relations between the two countries.
Tüzmen spoke at a press conference at Atatürk Airport in Istanbul before leaving for Libya with a 250-strong business delegation. The delegation will meet with representatives of Libyan state economic institutions in the framework of its visit to take place from June 25-27.
Remarking that Turkey aimed to increase its trade volume with Libya to 4 billion dollars, Tüzmen said, "The work to draw up free trade agreements with Libya is continuing."
Tüzmen also stated, "Libya has taken important steps at an international level. We are following closely the removal of the UN sanctions imposed on Libya and the liberalization policies initiated by the Libyan Government in order to align its economic system with the world economy. Libya will have a total of 10 billion dollars in foreign trade surplus with the recent increase in oil prices. Currently Libya has a total of 6-7 billion in exports and 8-9 billion dollars in imports. The public sector is being reorganized. Reform programs are being implemented with a view to restructuring and privatization. We are following these processes very closely."
Stating that Turkey had realized a total of 9 billion dollars in exports with its neighbors up to June 20, Tüzmen added, "The foreign trade volume of Turkey is very high and we will realize 140 billion dollars in foreign trade volume this year. Therefore, a 25 billion dollar foreign trade deficit from this amount is not high."
Tüzmen added, "The over-appreciation of the Turkish lira is creating a significant impression on imports. The import/export ratio is important. If the export/import ratio reaches 70 percent, the Turkish economy, the foreign trade balance and foreign payments balance becomes easier."