Agreement on setting up of Pak-Libya bank in both countries: Pak-Libya Holding Company to be re-energised

Pakistan and Libya on Saturday reiterated the need for resolving conflicts and disputes of region through peaceful means and reaffirmed their denunciation for efforts to link Islam and Muslims with terrorism. In a joint statement issued at the end of President Asif Ali Zardari''s three-day official visit to Libya.
The two countries underscored the importance of respect for sovereignty, political independence and territorial integrity of states, besides supporting the principles of non-intervention and non-interference in the internal affairs of states.
Pakistan and Libya agreed to attach special importance to their co-operation in the fields of economy, trade and in this context agreed to establish mechanism for financial and banking sector co-operation including setting up of a Pak-Libya bank in both countries. It was agreed to reenergize the Pak-Libya Holding Company through establishing a Joint Investment Company and forming various subsidiaries in the oil and gas, agriculture, banking and finance and infrastructure projects.
It was decided to finalise the agreements on protection of investments and the avoidance of double taxation between the two countries. The Pak-Libya Joint Ministerial Commission will be held in Islamabad later this year. The statement said both sides attached great importance to establishing frameworks of co-operation in fields of energy and minerals, for which framework will be finalised shortly.
It was agreed to establish Pak-Libya Joint Company for investment in the field of energy and to take practical steps for enhancing mutually beneficial co-operation in oil and gas sectors. Both sides agreed that there was considerable potential for mutually beneficial co-operation in the agriculture sector including ago-based industry.
The two sides agreed to share expertise and undertake investment in building water reservoirs, dams and undertaking joint projects for integrated agricultural projects to ensure food security in both countries.
The statement said it was agreed to collaborate closely in infrastructure development projects, establish public private partnership and facilitate joint ventures between their respective small, medium and large enterprises.
Both sides agreed to mandate their respective Commerce Ministries to initiate a joint study on comprehensive economic partnership including prospects for establishing preferential tariff arrangements leading to Free trade Agreement. It was agreed to establish direct air links between the two countries. The two sides renewed their commitment to the principle of UN Charter and to intensify their mutual consultation and co-operation on issues of mutual interest and concern at various international forums.
The Pakistani side expressed its deep appreciation for the efforts of Libyan Leader for the progress and prosperity of the people of Libya and lauded his pioneer role in strengthening the basis for the reconciliation, peace and stability in Africa and in the world.
The two countries condemned terrorism in all its forms and manifestation and underscored the need to eliminate the root causes of this menace. The Libyan leader expressed his full support to the efforts of Pakistan government to promote regional peace and stability.
The two leaders reiterated the need for resolving the conflicts and disputes through peaceful means and upholding the fundamental rights including the right to self-determination of the people subjected to colonial or alien domination and foreign occupation. Both sides agreed to uphold the cause of extending support to resolve the issues of Muslim the rights self-determination to the people of Kashmir and Palestine.
The leaders underscored the need for peaceful, just and durable solution to the long festering issue of Jammu and Kashmir according to the aspirations of the Kashmiri people in accordance with the UN resolutions.
The two nations expressed their grave concern at grave tense situation witnessed by the Middle East region due to repeated violations of the UN Resolution and continued aggressions against the Palestinian people.
The two sides called for respecting the Security Council Resolutions requiring withdrawal of the Israeli forces from entire occupied lands, enabling the Palestinian people to realise self-determination and restitution of their legitimate rights.
The two leaders held a wide range of issues and agreed to promote further comprehensive and multidimensional partnership. They expressed complete satisfaction over identity of views on bilateral, regional and international issue of common interest. The two countries reaffirmed the need for continuation of consultation, co-ordination and co-operation for the mutual benefit of two brotherly peoples and countries.
President Zardari felicitated Libyan leader Moammar Qaddafi on the selection as chairman of the African Union. Pakistan also commended Moammar Qaddafi''s initiative in establishing the African Union and the efforts made for saving the African continent from the dangers of wars and conflicts.
The Libyan sides appreciated the role that President Asif Zardari was playing for taking Pakistan towards progress and prosperity. The Pakistani side expressed its gratitude for the warm welcome and generous hospitality extended to President and his delegation during their stay in Libya.
During the visit an agreement and six Memoranda of Understanding were signed including Extradition Agreement, and MoUs on higher education, culture and information, employment, human resource development, bilateral political consultations and abolition of visa for diplomatic and official passport holders.
President Zardari renewed his invitation to the Libyan leader Qaddafi to visit Pakistan, which was accepted, for which time and date would be arranged through diplomatic channels.