UAE, Mauritius ink pact for bilateral investments
Agreement is aimed at encouraging and protecting bilateral investments
The UAE Ministry of Finance (MoF) on Monday signed an agreement on mutual encouragement and protection of investments with the Republic of Mauritius. This is following the Ministry's commitment to strengthen the UAE's role and its position both locally and internationally, and specifically in fields related to the UAE's economic development and foreign investment.
The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs; and Vishnu Lutchmeenaraidoo, Minister of Finance and Economic Development of the Republic of Mauritius; in the presence of Saeed Rashid Al Yateem, assistant undersecretary of resources and budget sector; Majid Ali Omran, director of international financial relations department.
The agreement demands both parties' commitment to promote and encourage investments through establishing favourable conditions to attract investors and permitting the establishment of these investments according to laws and legislations; granting investments fair and equitable treatment; protecting investments from any arbitrary and discriminatory measures; maintaining, expanding and selling investments; and liquidating investments.
Al Tayer highlighted the ministry's expansion plan to boost the UAE's investments around the world.
The ministry is keen on providing legal support related to the protection and promotion of investments across various international markets.
Al Tayer said: "The ministry is cooperating with various stakeholders, including investors from either government institutions or private sector companies, in order to identify potential investment markets. The ministry continues to communicate with authorities concerned in these countries to facilitate the UAE's investment presence there and protect it from any risks that may affect it negatively."
The agreement also states that each party should treat each business as its own.
The two parties shall accord investments and returns of investors of other contracting party a treatment not less favourable than that which it accords to its own investors.
The UAE and the Republic of Mauritius signed a double taxation on income agreement in 2006. This agreement played an important role in enhancing trade volume between the two countries.
In May 2014, the ministry had organised a consultative meeting with key partners in fields of foreign investments at federal and local levels to discuss its future plan to sign agreements on mutual protection and encouragement of investments.
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