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Dubai: On behalf of the UAE, the Ministry of Finance (MoF), signed yesterday 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, foreign investment network, and providing the necessary protection.
The agreement was signed by HE 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 HE Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector; Majid Ali Omran, Director of International Financial Relations Department along with members from the Mauritius delegation.
The agreement stipulates both parties' commitment to promote and encourage investments through establishing favourable conditions to attract investors and permitting the establishment of these investments according to their laws and legislations, granting investments fair and equitable treatment, protecting investments from any arbitrary and discriminatory measures or hinder development in addition to maintaining, expanding, and selling investments in addition to liquidating investments.
Commenting on the signing of this agreement, HE Obaid Humaid Al Tayer highlighted the Ministry's expansion plan to boost the UAE's investment presence around the world. The Ministry is keen on providing legal support related to the protection and promotion of investments across various international markets.
HE 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 investments markets. The Ministry continues to communicate with concerned authorities 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, and where the two parties shall in its territory accord investments and returns of investors of other contracting party treatment not less favourable than that which it accords to investments or returns of its own investors or to investments or returns of investors of any third party, whichever is more favourable to the investor concerned.
The UAE and the Republic of Mauritius are linked with a double taxation on income agreement that was signed in 2006. This agreement played an important role in enhancing the trade volume between the two countries.
The Ministry had previously organised in May 2014 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 with various trading partners in order to expand investments.
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© Press Release 2015
