Cyprus and Libya sign Protocol of Cooperation

Cyprus and Libya have signed a Protocol of Cooperation, which provides for the enhancement of their relations in the fields of economy, commerce and science.

The Protocol was signed Wednesday by Cypriot Minister of Finance Charilaos Stavrakis and Minister of Justice of Libya Abdel Jalil.

In statements to the press, Stavrakis said that in addition to the cooperation described in the Protocol, an effort is being made to sign an agreement with Libya on the avoidance of double taxation.

''Our aim is to attract foreign companies which invest in Libya, which could make their investments through Cyprus'', the Cypriot Minister said, pointing out that ''Cyprus has the lowest taxation in Europe”.

Stavrakis said he accepted an invitation extended to him by the Libyan Minister to visit Libya, in order to sign there the agreement on the avoidance of double taxation.

Referring to Libya, Stavrakis said the country has been for many years now an important commercial partner of Cyprus, adding that “many Cypriot companies are active there”.

Cyprus, he noted, could exploit more business opportunities in Libya, like in the fields of tourism and investments.

“There are many issues to discuss with Libya in the coming months, with a view to further increase investments between our countries”, he concluded.