Mubarak reviews the agreement between Egypt and Libya for increasing trade, and investment
Egypt-Libya, Economics, 5/20/2002

Egyptian President Mubarak reviewed the agreement reached by Egypt and Libya for deepening bilateral relations, developing trade and investment in the fields of petroleum, agriculture, pharmaceutical industries and development-supporting projects.

President Mubarak called for focussing future plans by Egypt and Libya on the agreements concluded as this will help deepen confidence.

President Mubarak yesterday received Imbarak A1 Shamekh, the Secretary of the Libyan General People's Committee in presence of Prime Minister Dr. Atef Ebeid.

The two premiers briefed the President on the results of the eighth session of the joint Higher Egyptian Libyan committee which convened its meetings in Cairo during the past two days and agreed on the establishment of the petroleum and gas company for deepening links between Egypt and Libya in this field.

The two sides signed six agreements in the fields of tourism, investment, expanding exports and reactivating the agreements regulating possession real estates and agricultural lands.

The Libyan official conveyed to President Mubarak the compliments of the commander of the Libyan revolution Colonel Muammar Gaddafi.

Following the meeting, Eng. Imbarak A1 Shamekh said he and Premier Ebeid briefed the President that the two sides plan to carry out the contract of the railway line which will link Tobroq to Al Salloum and the construction of a land road between Gaghboub and Siwa.

He said that power linkage between the two countries has come into effect as nearly 370 megawatts are exchanged between the two countries unified grids.

"We briefed the President on the agreement we have reached on the establishment of joint residential complexes in both countries, meaning permissibility of the establishment of productive residential complexes for increasing cohesion between the two brotherly peoples," A1 Shamekh said.

He said they briefed the President on the file of trade exchange and how it could be expanded in future.

He said the meeting discussed the measures which could be taken for facilitating the flow of commodities, and citizens through checkpoints.

Meantime, Prime Minister Dr. Atef Ebeid said the two sides agreed on mechanisms for facilitating the movement of commodities and settlings rights of exporters from both countries.

He said the two sides agreed on measures for enhancing investment in the field of petroleum and agriculture where Libya wants to reclaim part of desert land which contains water.

Under this project, Egyptian and Libyan citizens will be capable of living in an integral society and invest in the field of development supporting services.

Prime Minister Dr. Atef Ebeid said the two sides reached a common understanding on ways of facilitating movement of citizens.

Ebeid said the upcoming step will be taken in the field of investment in industry, where efforts will be exerted for developing and modernizing a number of factories.

Ebeid said an agreement was reached on the participation of Libya in MIDOR oil refinery and on the establishment of joint ventures in the fields of petroleum and agriculture.

Previous Stories:
  Mubarak to review the results of the Egyptian-Libyan committee meetings   (5/18/2002)
  Egypt, Libya accords in tourism, trade, petroleum, Da'wa   (5/16/2002)
  Egyptian-Libyan cooperation agreement in fish wealth concluded   (1/26/2002)

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