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UAE and Belgium sign initial investment draft agreement

posted on 18/11/2003: 548 views


UAE and Belgium yesterday signed the initial draft of an investment protection agreement with the final draft of the agreement to be signed in March at the official visit of the Belgium Crown Prince to the UAE, said Khamis Nasser Al Suwaidi, Director, Investment Department, Ministry of Industry and Finance. He said: "The main objective of the agreement is to further strengthen the trade and commercial relation with friendly countries and exchange expertise and know-how and encourage investments and joint ventures between businessmen in the two countries.



"The signing of the agreement has come following the second round negotiations and deliberations between the UAE representatives and the Belgium delegation in the Ministry of Finance and Industry premises, according to a report in +Khaleej Times.+ "The agreement will help boosting trade and investments between the UAE and Belgium for it protect private and public investments in both countries and allow smooth flow of revenues without any restrictions."



He continued: "The UAE has chalked up an interesting Investments law to facilitate investors' job and help them to operate in a comfortable business environment to achieve their goals. The UAE has done so well in relaxing norms for foreign direct investments to ensure growth in all economic sectors. "In the last ten years UAE has attracted huge number of investors and foreign capitals in several sectors of business and is working hard to facilitate investments to allow more direct investments into the country." He added: The two countries have earlier on, in 1997 signed a Double Taxation Avoidance Agreement to draw up the first line on the legal framework between the two countries. (The Emirates News Agency, WAM)

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