23 June 2015
MUSCAT: An agreement has been signed between Oman and Japan for the reciprocal promotion and protection of investment, the Ministry of Foreign Affairs of Japan has announced.
The Japan-Oman Investment Agreement aims at further protection and promotion of investment between the two countries, said a press statement.
The agreement stipulates the treatments for investment activities when an investor (for instance a company) from one of the countries deploys funds in the other country, such as national and most-favoured-nation and fair and equitable treatments, observance of undertaking, free transfer facilities, conditions for expropriation and compensation and procedures for dispute settlements.
"Interest for investing in Oman has been rising among Japanese companies, given its rich reserves of oil and natural gas and ongoing large-scale infrastructure projects in the Sultanate. It is expected that this agreement, which improves legal stability of investment, will contribute to promotion of the reciprocal investment and human exchanges, and to further development of the economic relationship between the two countries," added the statement.
The agreement was signed by Yasuhide Nakayama, state minister for foreign affairs of Japan, and Khalid Al Muslahi, ambassador of the Sultanate of Oman to Japan, on June 19 in Tokyo.
The press statement added that the agreement would enter into force on the thirtieth day after the date of exchange of diplomatic notes informing each other that their legal procedures necessary for the entry into force of this agreement (in case of Japan, the Diet approval will be required) have been completed.
In an exclusive interview with Times of Oman ahead of the signing of the agreement, George Hisaeda, Japan's ambassador to the Sultanate, said that the agreement was expected to boost bilateral trade by attracting increased Japanese investment as a result of minimised conditions for investment in Oman as well as setting clear rules for cases of deterioration in the investment environment.
MUSCAT: An agreement has been signed between Oman and Japan for the reciprocal promotion and protection of investment, the Ministry of Foreign Affairs of Japan has announced.
The Japan-Oman Investment Agreement aims at further protection and promotion of investment between the two countries, said a press statement.
The agreement stipulates the treatments for investment activities when an investor (for instance a company) from one of the countries deploys funds in the other country, such as national and most-favoured-nation and fair and equitable treatments, observance of undertaking, free transfer facilities, conditions for expropriation and compensation and procedures for dispute settlements.
"Interest for investing in Oman has been rising among Japanese companies, given its rich reserves of oil and natural gas and ongoing large-scale infrastructure projects in the Sultanate. It is expected that this agreement, which improves legal stability of investment, will contribute to promotion of the reciprocal investment and human exchanges, and to further development of the economic relationship between the two countries," added the statement.
The agreement was signed by Yasuhide Nakayama, state minister for foreign affairs of Japan, and Khalid Al Muslahi, ambassador of the Sultanate of Oman to Japan, on June 19 in Tokyo.
The press statement added that the agreement would enter into force on the thirtieth day after the date of exchange of diplomatic notes informing each other that their legal procedures necessary for the entry into force of this agreement (in case of Japan, the Diet approval will be required) have been completed.
In an exclusive interview with Times of Oman ahead of the signing of the agreement, George Hisaeda, Japan's ambassador to the Sultanate, said that the agreement was expected to boost bilateral trade by attracting increased Japanese investment as a result of minimised conditions for investment in Oman as well as setting clear rules for cases of deterioration in the investment environment.
© Times of Oman 2015
