Emirates, Angola sign investment protection pact

UAE’s Ministry of Finance (MoF) has signed an agreement for the protection and promotion of investment with Angola, at the Ministry’s premises in Dubai, UAE.

The agreement comes in line with the Ministry’s strategy to expand its network of international relations and protect investments abroad.

The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs; and Abrahao Pio dos Santos, Minister of Economy of Angola, in the presence of Younis Haji Al Khoori, Undersecretary of the Ministry of Finance.

Al Tayer said: “The agreement will work on protecting UAE investments from any non-commercial risk that may influence their performance, or any risks related to the transfer of profits and revenues in the conversion of currency. The agreement also specifies special conditions to grant UAE investors with fair and immediate compensation in the case of expropriation of investments based on their market value. A move which will help boost investment activities between the two countries and increase movement of capital.”

MoF signed more than67 agreements for the encouragement and protection of investments with countries across the world. These agreements provide a legal framework for tax authorities to practice cross-border cooperation without violating the sovereignty of other states or the rights of taxpayers.

Source: Trade Arabia

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