Jan. 14, 2009 -- President Bharrat Jagdeo and his Libyan counterpart Muammar al Qadhafi yesterday continued meetings with other government and private sector officials in Tripoli where the Heads of State agreed that Libya would send a committee to open the Libyan People's Bureau in Guyana. This decision aims to further relations between both countries and enhance cooperation with the Caribbean Community (CARICOM).

The two sides reviewed investment opportunities and features that were proposed by the Guyanese delegation in this regard and the parties agreed that a Libyan investment delegation will be visiting Guyana before the end of January to explore investment opportunities in the country.

During the meeting, the Secretary of the General People's Committee (GPC) of Libya and President Jagdeo discussed various areas of cooperation between Libya and Guyana and examined ways to strengthen these areas.

The meetings included among other participants the Secretary of the General People's Committee (GPC) of Libya, Acting Secretary of European Affairs of the GPC for Foreign Liaison and International Cooperation, Secretary of Arab Affairs of the Committee, Deputy Governor of Libyan Central Bank, assistant Executive Director of the Libyan Investment Association and a number of other experts and specialists.

According to the Libyan Jamahiriya Broadcasting
Corporation (LJBC), President Jagdeo stated that he was honoured to meet the Libyan Leader and emphasized that the meeting was important for the dialogue and the exchange of views on international and regional issues.       

The President is accompanied by Minister of Foreign Affairs Carolyn Rodrigues-Birkett, Minister of Tourism Industry and Commerce Manniram Prashad, Ambassador to the Middle East and Greece George Hallaq and President of the Central Islamic Organisation (CIOG) Fazeel Ferouz.

The Libyan economy was transformed since its independence in the 1950s from being characterized by the United Nations (UN) as perhaps the world's poorest country into a rapidly developing country with accumulated net gold and foreign-exchange reserves equivalent to upward of US$4 billion and an estimated annual income from oil revenues of between US$6 and US$8 billion.

Libya is unique in North Africa since it does not possess a large population, considerable agricultural potential, and well-established industrial bases as its sister countries Algeria, Egypt, Morocco, and Tunisia.

Libya's post independence economic progress began with Libya's gaining independence in 1951. In 1959 oil was discovered and this transformed the country into a wealthy monarchy.

Since Libyan Leader Muammar al Qadhafi came to power in 1969. His Government’s major economic policy has been to reduce Libya's dependence on oil.