Tue 19-10-2021 12:34 PM
ABU DHABI, 19th October, 2021 (WAM) -- The UAE, represented by the Ministry of Finance (MoF), has signed an agreement to promote and protect mutual investments with Iraq, as part of its endeavours to strengthen and activate means of economic and investment cooperation with various countries of the world.
The agreement, which was signed this morning at the ministry's headquarters in Abu Dhabi, aims to encourage foreign investment through providing an optimal investment environment, enhance economic cooperation, and secure a comprehensive balance between rights and obligations between investors and the host country, thereby stimulating business initiatives for sustainable economic development.
The agreement was signed by Younis Haji Al Khoori, Under-Secretary of Ministry of Finance, and Suha Al Najjar, President of Iraq's National Investment Commission, in the presence of senior officials from both parties.
Al Khoori stressed the importance of signing an agreement on mutual promotion and protection of investments with Iraq. He noted that this agreement reaffirms both countries' ambition to strengthen relations and build mutual investment partnerships in various economic and financial fields – to encourage the growth of investments and achieve mutual benefits for both countries.
"Signing such agreements contributes to supporting the UAE’s efforts to strengthen economic and trade ties with various countries of the world. They also reaffirm the country's keenness to protect Emirati investments abroad, and provide the appropriate environment to attract foreign investments per a legal and legislative system that is in line with best international practices. This helps enhance the UAE’s competitiveness and investment attractiveness on the global competitiveness map," he added.
The agreement protects both nations' investments from all non-commercial risks including nationalisation, confiscation, judicial seizures, and freezing; and it creates a conducive environment for mutual investments and licensing.
It also covers the transfer of profits and revenues in convertible currency and provides investors with just and immediate compensation for their investments in case of their appropriation for the public interest – following the approved law and provided that the compensation value is per the market value of the investment before its seizure.
The UAE, represented by the Ministry of Finance, has signed 103 bilateral agreements to protect and encourage investment with different countries across the world.