President Mahinda Rajapaksa said that Libya could explore investment opportunities in the spheres of highways, housing , oil exploration, hotel industry, development of ports and airports.

Expressing interest in pursuing investment opportunities in Sri Lanka , Libya asked Sri Lanka to submit a list of viable economic projects that are already in the pipeline for their consideration. 

The Libyan government pledged US $ 500 million as a financial co-operation package for development projects in Sri Lanka. The Libyan government will also assist in granting development assistance for the Hambantota Airport , infrastructure development projects in the North and Eastern Provinces , development of highways, communications and tourism.  

President Mahinda Rajapaksa who was on a State visit to Libya last week was accompanied by a high level delegation including Foreign Minister Rohitha Bogollagama, Chief Minister Central Province Sarath Ekanayake, Advisor to the President A. H. M. Azwer, Ambassador for Libya Ibrahim Ansar, Rear Admiral Tisara Samarasinghe of the Sri Lanka Navy , General G. A. Chandrasiri of the Sri Lanka Army and senior officials.

A 12 - member business delegation is also accompanied the Presidential delegation. 

The President  was warmly received by the Revolutionary Leader of the Libyan Arab Gamahiriya, Muammar Al Gathafi in his home town Serte. Following a meeting with the officials, the two leaders had a one to one meeting. On the first day of the visit President Rajakapsa and the Sri Lanka delegation were hosted to a Banquet. The Libyan Leader honoured President Rajapakasa by inviting him to another one to one farewell luncheon which was a special gesture accorded to the President.  

The Libyan Leader recalled his visit to Sri Lanka in 1976 to attend the Non Alignment Summit in Colombo and said that he had pleasant memories of this visit. The Sri Lanka President in response mentioned that the people in Sri Lanka too still remember him and the President extended an invitation to the Libyan Leader to visit Sri Lanka on mutually convenient dates.  

President Rajapakasa also informed the Libyan leader that Sri Lanka will be opening a Sri Lanka Embassy in Tripoli this year.  

During the meetings the two sides reviewed the strong relationship maintained by the two countries dating back many decades. While emphasizing that Sri Lanka is not a stranger to Libya , the Libyan side noted that the visits exchanged between the two countries especially over the last two to three years is a manifestation of the goodwill that exists between the two countries. 

It was noted that after the establishment of diplomatic relations in 1972 the two countries had extraordinary links especially, in the field of agriculture and trade, with tea taking an important place. 

The two leaders identified areas for greater cooperation in the economic sphere. Measures will be taken on expanding trade ties which would include exchange of visits, participation in trade fairs and exhibitions, and other promotional activities. It was noted that the Memorandum of Understanding signed between the Chambers of Commerce of Sri Lanka and Libya during the visit would give an impetus for greater collaboration between the two sides. 

President Rajapakasa spoke of the treasury bonds being issued by the Central Bank of Sri Lanka which would be of interest to Libyan investors. Responding to this proposal Libya suggested that a representative be sent to Libya to discuss details with the banking sector. 

Libya needs around 2000 doctors and para-medical staff and as a first step, Libya will send a delegation to discuss and agree on a structural arrangement to implement this scheme.  

On the subject of foreign relations the two sides reviewed current developments in the global arena. In this context both countries expressed appreciation for the solidarity and friendship extended to each other over the years. The Libyan leader gave an overview of the future vision of the African Union and the issues that confront the Union at the present time.

President Rajapakasa spoke of SAARC and Sri Lanka ’s role as Chair of SAARC to promote closer integration within the group.