Baghdad The United Arab Emirates signed, today, Tuesday, an agreement with Iraq on the protection and promotion of investment.
The agreement, which was signed at the headquarters of the Ministry of Finance in the Emirate of Abu Dhabi, in the presence of the Undersecretary of the Ministry of Finance, Younis Haji Al-Khoury, and Chairman of the National Investment Authority, Suha Al-Najjar, aims to stimulate foreign investment by protecting economic cooperation between the two countries, providing and developing the appropriate atmosphere for investment, and ensuring a comprehensive balance between the obligations and rights between the investors and the host country, thus stimulating business initiatives for sustainable economic development.
The terms of the agreement stipulate facilitating the establishment of mutual investments and granting licenses for these investments, and protecting the investments of both sides from all non-commercial risks, such as nationalization, confiscation, judicial seizure and freezing.
The agreement also includes fair and immediate compensation to the investor for his investment in the event of its appropriation for the public interest, in accordance with the law and without discrimination, provided that the value of the compensation is according to the market value of the investment before it was seized.
The undersecretary of the UAE Ministry of Finance stressed the importance of signing an agreement to protect and encourage investment between his country and the Republic of Iraq, which emphasizes building investment partnerships in various economic and financial fields, in a way that encourages the growth of investments and achieves mutual benefits for the two countries, and also emphasizes the two countries’ efforts to deepen and strengthen bilateral relations between them.
Source: National Iraqi News Agency