Turkey proposes bartering to settle investors’ financial dues in Libya

The chairman of the Turkey-Libya Council of the Foreign Economic Relations Board of Turkey, Murtaza Karanfil, proposed barter system to settle the Turkish investors’ money in Libya and resolve the due payment issue, adding that the barter system can offer a new market of $40 billion to Turkish businesses.

Karanfil said that Turkish businesses have not yet received $4 billion in exchange for projects carried out in Libya prior to 2011, adding that the payment mechanism, which is now working with difficulties due to the political instability in Libya, can only be solved through the barter system.

He said that Turkey should move towards diversification in trade models with countries such as Libya, adding that developed countries also use the barter system in their trade.

Karanfil pointed out that this system would be beneficial for a country, such as Libya, that has only traditional trade methods, indicating that Turkey can import goods from Libya in exchange for the completion of public projects in there.


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