Libya, Cyprus Sign Economic Cooperation Agreement

by Lorys Charalambous, Tax-News.com, Cyprus

01 June 2009

Following the completion of the work of the Joint Cyprus - Libya Committee, an important Protocol of Cooperation was signed between the two countries, which aims inter alia to enhance and further develop their bilateral relations in the fields of economy, commerce and science.

The Protocol was signed yesterday in Nicosia by the Minister of Finance Mr Charilaos Stavrakis who was head of the Cyprus delegation at the talks and by the Minister of Justice of Libya Abdel Jalil, who headed the Libyan delegation.

During the work of the Joint Intergovernmental Meeting, which was convened on the basis of the bilateral agreement for Economic and Technical Cooperation, the cooperation achieved so far between Cyprus and Libya in various fields was reviewed. In addition ways and means were examined in which the existing bonds of friendship between the two countries could be promoted and enhanced further in the fields of trade, industry, economy, investment, tourism, services, transport, health, culture and agriculture.

"Cyprus’s aim is to attract foreign investment companies in Libya, which could make their investments through Cyprus", the Cypriot Minister said in a statement after the signing, underlining in particular Cyprus’s tax regime as the lowest in Europe.

Stavrakis noted that following the meeting he had agreed with Libya to visit within the coming months to conclude an agreement for the avoidance of double taxation to further boost trade and investments between Cyprus and Libya.

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