THE REPUBLIC OF AUSTRIA AND THE Great Socialist People’s Libyan Arab Jamahiriya hereinafter referred to as Contracting Parties, 

DESIRING to create favourable conditions for greater economic co-operation between the Contracting Parties, 

RECOGNIZING that the promotion and protection of investments may strengthen the readiness for such investments and hereby make an important contribution to the development of economic relations, 

HAVE AGREED AS FOLLOWS: