The UAE signs an investment protection and promotion agreement with the Philippines
During the signing of the agreement at the headquarters of the Ministry of Finance in Dubai.
From the source
Yesterday, the UAE, represented by the Ministry of Finance, signed an agreement to protect and encourage investment with the Philippines, at the headquarters of the Ministry of Finance in Dubai.
The agreement was signed on behalf of the UAE government by the Minister of State for Financial Affairs, Mohammed bin Hadi Al-Husseini, and for the Philippines by the Minister of Trade and Industry, Ramon Lopez.
Al-Husseini pointed to the role of the agreement in enhancing economic and trade cooperation, providing an appropriate environment to attract capital-intensive foreign investments and providing incentives.
He said, "In the Ministry of Finance, we are keen to strengthen international relations and sign agreements that enhance the investment climate and the business incubator environment."
He added: "These agreements play an important role as a tool of international policy in terms of encouraging foreign direct investment and providing legal protection for investments from both sides in accordance with international law, which in turn stimulates business initiatives for sustainable economic development."
Investment protection and promotion agreements provide protection from all non-commercial risks such as nationalization, confiscation, and judicial seizure except for the public interest and in accordance with the provisions of the law, accompanied by immediate and effective compensation equivalent to the market value of investments before they are nationalized or confiscated, with the exception of natural resources from the provisions of the agreement.
It is noteworthy that the UAE, represented by the Ministry of Finance, has signed 107 bilateral agreements to protect and encourage investment with countries around the world.
Follow our latest local and sports news and the latest political and economic developments via Google news