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The flexible visa regime between India and Libya will mitigate the problems being faced by the businessmen and will increase the bilateral trade and tourism between the two countries.
The Libyan side has already prepared a draft agreement regarding the flexible visa regime, which could be signed during the forthcoming meeting of the Joint Commission after concurrence by the Indian side. The Bilateral Investment Promotion Agreement (BIPA) between the two countries is also expected to be signed during the forthcoming meeting. This was indicated in the agreed minutes of the preparatory meeting of 9th Session of Indo-Libyan Joint Commission, which were signed here last evening. The Indian side was led by Shri S. Jagadeesan, Joint Secretary in the Ministry of Commerce & Industry and the Libyan side was led by Mr. Jamal El-Barag, Director General of Foreign Office.
The two sides reiterated the commitment to significantly increase the bilateral trade, since it is much below the potential. For this to achieve, it was felt that institutional mechanism would be strengthened and transaction cost of trade has to be lowered. The Libyan leader informed the meeting about the changes taking place in Libya regarding the privatisation of industries and invited the Indian companies to invest in them.
Shri Jagadeesan said that Indian companies had expertise in sectors like Information Technology, Pharma, Biotechnology and Construction and added that these sectors would be key areas for cooperation. The meeting discussed the possibilities of cooperation in the areas of infrastructure, power, hydrocarbons, health etc. Both sides agreed to sign separate agreement for cooperation in the fields of science & technology and culture.(PIB) |