Qaddafi said Lukashenko's last visit to Libya eight years ago established the basis and direction for cooperation.
"Today I came to you to further promote and strengthen relations and invite you to visit Libya once again," Qaddafi said.
Lukashenko said he would visit Libya "with great satisfaction and interest."
"Before coming, we will work out specific directions of cooperation, and I will come with specific proposals," he said, adding that Qaddafi is "always a welcome guest in Belarus."
Lukashenko greeted the Libyan leader on his arrival in the country on Sunday. The Belarusian president's press service said earlier that the leaders would discuss a range of bilateral and international issues, but did not give specifics.
Lukashenko and Qaddafi signed a convention to avoid double taxation and prevent tax dodging regarding income taxes, as well as a number of other documents.
"Belarus considers Libya as a close friend and partner with whom we are ready to hold dialogue on any issue. We hope the current visit to Minsk will give a new powerful impulse to mutually beneficial cooperation," Lukashenko said.
Qaddafi traveled to Belarus after concluding his first visit to Russia since the breakup of the Soviet Union.
Qaddafi met with Russian President Dmitry Medvedev and Prime Minister Vladimir Putin on Sunday. He was widely expected to discuss arms deals, but almost no details of the discussions were released.
The meeting with Putin took place in a Bedouin tent pitched for Qaddafi in the Kremlin Palace gardens.
