JEDDAH, 4 September — Saudi Arabia and Libya inked here yesterday a comprehensive cooperation agreement to boost economic, investment and cultural ties between the two Arab nations.
The agreement was signed by Foreign Minister Prince Saud Al-Faisal and Libyan Minister for African Unity Dr. Ali Abdussalam Turaiki who arrived here on Monday.
The agreement aims to boost bilateral cooperation in the economic, trade, investment, technical, sport, scientific and industrial fields, including oil and petrochemicals, Saudi Press Agency reported.
It provides for promoting investments in both countries, setting up joint ventures, encouraging trade and exchanging information on health, education and agriculture. A joint committee will be set up for consultations on measures and procedures that should be taken to consolidate bilateral cooperation in all fields, the agreement stated.
Prince Saud said that with the signing of the agreement “we have taken the essential step of linking the interests of both countries and peoples ... through cooperation in the economic field.
The agreement will open up new avenues for businessmen and link Arab economies,” he added, noting that the two countries have an important role to forge an ideal Arab relationship.
He expressed hope that the agreement will help boost bilateral relations which are already developed in the sphere of economic cooperation.
Turaiki said he and Prince Saud agreed to “create the means to implement the agreement and strengthen ties between the two countries.”
The Libyan minister expressed Tripoli’s support for the Kingdom in the face of “dubious and malicious” Western media campaign against Saudi Arabia.
“We have also discussed a number of issues at the Arab and international arenas on which we hold identical views,” he said.
Saudi Arabia and Libya are both members of the Organization of Petroleum Exporting Countries (OPEC) and Organization of Arab Petroleum Exporting Countries (OAPEC).
