TURKISH COMPANIES TO UNDERTAKE MORE PROJECTS IN LIBYA

TRIPOLI (A.A) - 25.11.2009 - Turkish state minister said on Wednesday that the number of projects that Turkish companies undertook in Libya would increase by 50 percent once the issue regarding letter of guarantee was solved.
Speaking to reporters at Radisson Blue Hotel in Libya, State Minister for foreign trade Zafer Caglayan said lifting of visa procedures between Turkey and Libya was an important development for Turkish businessmen.
"Turkish contracting companies earlier paid 200 million U.S. dollars in commission because letter of guarantee was not directly accepted in Libya," he said. 
Letter of guarantee taken from state banks would be enough for Turkish investors to undertake projects in Libya, Caglayan said.
A free trade agreement would be signed between Turkey and Libya, he said.
Caglayan also said a joint investment council would be established between Turkey and Libya.