Yushchenko told journalists the two discussed Ukrainian involvement in developing Libyan oil fields, which had been mooted in 2001, when negotiations were interrupted.
"We are ready for the renewal of such talks," the president said at a press conference after the meeting, adding that Libyan involvement in a Ukrainian oil refinery was also discussed.
As for military-technical ties, Yushchenko said there were four main strands to the countries' cooperation. Although he would not go into detail, the president did identify the aviation sector as a focus of the leaders' discussions.
"The list of opportunities is enormous," he said, adding that they included a possible joint venture to repair helicopters, and cooperation in aircraft construction. The national delegations are expected to discuss the details on Wednesday.
The delegations signed an agreement on Tuesday on the avoidance of double taxation.
The Libyan leader is in Kiev on the third leg of a Slavic tour, following talks in Russia with President Dmitry Medvedev and Prime Minister Vladimir Putin, and in Belarus with President Alexander Lukashenko.
