Nov 19 2012

Libya wants to strengthen economic, commercial ties with Saudi Arabia

Mohammed Al-Magharief, meets Saudi businessmen in Riyadh

Addressing Saudi businessmen at the Council of Saudi Chambers in Riyadh, the president of the Libyan National Congress, Mohammed Al-Magharief expressed Libya's desire to strengthen its economic and commercial ties with Saudi Arabia.

Dr Magharief, who is currently visiting the Saudi at the head of a high-level delegation including ministers and businessmen said: ?We would like to encourage Saudi investors to carry out joint projects in Libya,? adding that Libya has not only revised its regulations to facilitate and protect foreign investment in the country, but also opened new areas for foreign investment.

Thanking the Custodian of the Two Holy Mosques King Abdullah for receiving him and his delegation, he expressed his sincere feelings for the security and future of Libya.

Magharief said Libya is seeking Saudi support to rebuild the country after last year's revolution that ousted the former dictator, Muammar Gaddafi, and while welcoming the formation of the Saudi-Libyan Business Council he urged Saudi businessmen to visit his country to explore new investment opportunities.

On his part, Abdullah Al-Mubti, president of the CSC, urged Libya to facilitate issuance of visas for Saudi businessmen to visit Libya. He said bilateral trade between the two countries had not reached the expected level.

While stressing the Saudi businessmen?s desire to strengthen business and investment relations between the two countries, he said that two-way trade in 2011 was estimated at $ 51.2 million.

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