MAJOR BREAKTHROUGH
IN INDO-LIBYAN TRADE AND ECONOMIC RELATIONS – LIBYA LIFTS BAN
ON IMPORT OF TEA – COOPERATION IN OIL AND GAS, POWER TO BE STEPPED
UP
BIG
INCREASE IN TRADE ON THE ANVIL
AGREED
MINUTES OF INDO-LIBYAN JOINT COMMISSION SIGNED
In a major breakthrough
in Indo-Libyan trade ties, Libya has agreed to lift a ban on import
of Indian tea, with the Libyan purchasing agency – NASCO – now
registering Indian companies who have applied for registration
with them for all commodities including tea and are willing to
register more Indian companies to participate in the new tenders
to be issued by Libya. Further, both countries have agreed to
increase the volume of bilateral trade which was estimated at
US $ 20 million in 2001-02 and is growing at an impressive rate
of over 40% during the current year but is still below the potential.
In this context, both sides have exchanged a list of tradeable
goods, which includes several agro-commodities so as to diversify
and enhance the two-way trade. In another significant development,
India and Libya have agreed to intensify cooperation in power,
oil and gas (hydro carbons) and infrastructure sectors including
railways. The Libyan side has invited Indian experts to participate
in its future power projects and also to participate along with
international companies in tenders floated from time to time by
the Railway Board of Libya. In the oil and gas sector, Libya has
agreed to expedite approvals to enable ONGC Videsh to join exploration
projects in Libya. This is indicated in the Agreed Minutes of
the 8th Session of Indo-Libyan Joint Commission, which
concluded here this evening and were signed by Dr. Raman Singh,
Minister of State for Commerce & Industry, on behalf of the
Government of India and by Mr. Saad Mustafa Mujber, Assistant
Secretary for Cooperation Affairs, on behalf of the Libyan government.
During his visit, Mr. Saad Mujber called on the Deputy Prime Minister,
Shri L.K. Advani and held discussions with the Minister of Petroleum
& Natural Gas, Shri Ram Naik; Minister of Agriculture, Shri
Ajit Singh; and the Minister of Heavy Industry & Public Enterprises,
Shri Balasaheb Vikhe Patil, among others.
An Agreement on Bilateral
Investment Promotion & Protection (BIPA) has also been reached
and initialled by the two delegations during the Joint Commission
Session to promote and protect investments by investors of both
the countries. Both sides have also agreed to explore the feasibility
of setting up of joint ventures in Libya as well as in other countries
of the African Union. Further, recognising the need to explore
the establishment of direct air links between the two countries
to foster closer relationship, both sides have agreed to initiate
talks in this direction.
Noting the scope
for cooperation in the heavy industries sector, Libya has proposed
that India should participate in the joint operation of existing
industries as well as investments in industrial projects and has
submitted a list of projects to the Indian side in this regard.
Responding to India’s interest in executing new road and port
projects in Great Jamhiriya, Libya has expressed willingness provide
information regarding its new road and port projects in due course
and also welcomed participation of Indian companies in the building
material industry, including technical and managerial assistance
to Libyan cement plants.
Issues of settlement
of outstanding dues of Indian companies and those relating to
manpower and visa matters were discussed during the Joint Commission.
India has urged Libya to give priority to Indian manpower and
underlined the need for the settlement of dues of Indians working
in Libya. The Libyan side promised to refer the Indian proposal
to the concerned authorities. Responding to the concern expressed
by India over the problems being faced by Indians for obtaining
visas, Libya has expressed willingness to facilitate the required
procedures. Cooperation in a number of other sectors was also
discussed covering agriculture, tourism, science & technology,
health, information & culture, education and financial cooperation.
Both sides have agreed
to hold the next session of Indo-Libyan Joint Commission in Tripoli
in October 2003.
