Damascus,

Minister of Finance Mohammed al-Hussein said on Sunday the 1st Syrian-Libyan Investment Forum represents the beginning of a series of economic activities and efforts by both countries to activate the role of private sector in investment and trade exchange.

Speaking at the opening of the forum titled "Investment, Way of Development & Integration", al-Hussein stressed the Syrian government's readiness to eliminate custom tariffs on Libyan goods and facilitate their flow into Syria.

The Minister called upon the Syrian state companies working in Libya to study Libya's investment atmosphere and make joint investments that will benefit both countries.

He underscored the importance of signing agreements on bank transfers, customs and transport, calling for using Libya's geographical location as a gate for Syria to Africa and Syria's position as a gate for Libyan businessmen to Asia.

"The volume of Syrian-Libyan trade exchange which reached USD 241 million in 2008 doesn’t meet the potentials of both countries. More efforts are needed to overcome obstacles that impede goods flow into Syrian and Libyan markets," al-Hussein added.

For his part, Libyan Secretary General of the People's Committee for Finance and Planning Abdel Hafiz el-Zelaiti called for availing from the experience of Arab Union companies to achieve economic integration between Syria and Libya.

He said "the Libyan government has taken measures to enhance the legal and legislative environment for investors, particularly through reviewing the investment and customs law and allowing lease financing to reduce financial burdens.

Investment opportunities in tourism, services, transport, health, education and industry were also discussed.