SINGAPORE AND LIBYA SIGN INVESTMENT GUARANTEE AGREEMENT

SINGAPORE, April 9 (Bernama) -- Singapore and Libya have signed the
Investment Guarantee Agreement (IGA) and Convention for the Avoidance of Double
Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income (DTC),
a move that signifies growing economic relations between the two countries.

Singapore's Senior Minister of State for Trade and Industry and Education,
S. Iswaran. and Libyan General People's Committee Secretary for Industry,
Economy and Trade, Dr Mohammed Ali Al Huwayeg, signed the IGA and DTC in
Tripoli, Libya, Wednesday.

In a statement here Thursday, Singapore's Trade and Industry Ministry said
the DTC is Singapore's 63rd comprehensive tax treaty and will enter into force
after it is ratified by both countries.

The IGA promotes bilateral investment flows by protecting investors and
their investments and the DTC serves to facilitate cross-flows of trade,
investment, technical know-how and expertise between Singapore and Libya.

The IGA and DTC were signed in conjunction with the 2nd Libya-Singapore
Joint Working Group.

The ministry said the signing of the agreements was a positive signal to the
business community that opportunities for business and investment existed amid
the current global economic downturn. -- BERNAMA