Tripoli, 8 August:
Libyan authorities plan to begin investment in the Egyptian stock exchange, as part of a programme of measures to . . .[restrict]revive commercial relations between the two countries, it has been announced.
During the official visit to Egypt this week the Libyan delegation met with Osama Saleh, the Egyptian Minister for Investment, to discuss Libyan commercial interests in the country. Also on the agenda were projects including a residential scheme in New Cairo and a 33,000-acre farming project.
The establishment of joint fishing companies, announced in May, was also discussed. It is hoped that this venture will end disputes about Egyptian vessels encroaching in Libyan waters, as have occurred on several occasions in recent months.
There are also plans to create a common economic zone to allow increased cooperation between energy companies in the two countries, according to a statement from Ayman Musharefah, the Egyptian Ambassador in Tripoli. The ambassador also said that an Egyptian business delegation is set to visit Libya in September.
On Monday, Al-Kib announced there would be nearly one million job opportunities in Libya for Egyptian migrant workers in the near future. The comments provoked controversy, given the high levels of unemployment that continue to plague Libya.
The Libyan delegation has now left Egypt for Morocco, where Prime Minister Abderrahim Al-Kib was received by His Majesty King Mohammed VI yesterday. They plan to return to Tripoli for the first meeting of the National Congress this evening. [/restrict]