India, Libya To Strengthen Ties

New Delhi, October 9: | Updated: Oct 10 2002, 05:30am hrs
Both India and Libya have expressed the desire to enhance bilateral commercial and industrial co-operation given that the present level of trade and business is way below the actual potential.

Addressing the eighth session of Indo-Libya Joint Commission, minister of state for commerce & industry Dr Raman Singh announced that, India will soon conclude agreements to strengthen mutual co-operation, including bilateral investment protection and promotion, linking New Delhi and Tripoli by direct flights, information and cultural executive programme and a MoU for educational exchange programmes.

The 18 member Libyan delegation is led by Mr Saad Mustafa Mujber, minister of state for International Cooperation in Libyan ministry of foreign affairs.

India has also asked Libya to settle the trade disputes that have arisen between the two countries causing a shadow on bilateral trade. It is being felt that the question of outstanding dues of the Indian companies is posing a stumbling block in furtherance of the economic and industrial co-operation between the two countries, Mr Singh said. He said bilateral trade between the two countries can be boosted by broad-basing the trade basket and focussing on non-traditional items.

Indo-Libyan joint ventures could be set up in the areas of hydrocarbons, power, electricals and the manufacturing sector, notwithstanding the teething problems being faced by the Indo-Libyan joint venture ecco, he added.

The Libyan side also expressed keenness to have closer economic ties with India, especially projects covering sectors like hydro carbons, power and infrastructure.