INDIA, LIBYA
FOR CLOSER TRADE AND ECONOMIC TIES
EIGHTH
SESSION OF INDO-LIBYAN JOINT COMMISSION BEGINS
The
8th Session of the Indo-Libyan Joint Commission began
here today with both the countries expressing the
desire to enhance bilateral commercial and industrial cooperation
given that the present level of trade and business is way below
the actual potential. The Indian delegation to the 3-day Joint
Commission Meeting is being led by Dr. Raman Singh, Minister of
State for Commerce & Industry, while the high-level Libyan
delegation is headed by Mr. Saad Mustafa Mujber, Assistant Secretary
(Foreign Affairs).
Addressing the Joint
Commission, Dr. Raman Singh underlined the scope for boosting
bilateral trade by broad-basing the trade basket and focussing
on non-traditional items. Emphasising the possibility of joint
ventures and direct business contacts between the two countries,
the Minister said that Indo-Libyan joint ventures could be set
up especially in the areas of hydro carbons, power,
electricals etc., and stressed that both sides should continue
to work together for identifying joint projects in these sectors.
"India’s strengths in the areas of pharmaceuticals, electronics,
information & technology, bio-technology, textiles, leather,
consumer goods and agriculture are well recognised. Indian
organisations can supply complete plant and equipment in the power
generation and transmission, rail transport infrastructure, cement
and construction sectors. We are ready to share our experience,
expertise and technical know-how for economic cooperation with
Libya. In addition, there is scope for providing Indian consultancy
and managerial services for running industrial units, banks and
other financial institutions", Dr. Raman Singh said. He also
urged the Libyan side to settle the question of outstanding dues
of Indian companies in Libya to the satisfaction of both sides,
adding that an early resolution would help in creating a conducive
environment to promote and expand bilateral trade and industrial
relations.
The Libyan side reciprocated
by expressing its desire to have closer economic ties with India
especially in the area of projects covering sectors like hydro
carbons, power and infrastructure including railways. On bilateral
trade, the issue of settlement of trade disputes and removal of
restrictions on import of certain goods to Libya were discussed
as also general issues relating to repatriation of earnings/revision
of the ceiling of remittance of salary of Indian workers.
The 3-day Session
of the Indo-Libyan Joint Commission is scheduled to conclude on
Friday, 11 October with the signing of Agreed Minutes by Dr. Raman
Singh and Mr. Saad Mustafa Mujber. Both sides are working to conclude
agreements on Bilateral Investment Protection and Promotion, linking
of Delhi and Tripoli by direct flights, information and cultural
exchange programmes and an MOU for educational exchange programmes.
