UAE, Bangladesh sign investment pact

The UAE has signed an initial agreement with the Republic of Bangladesh for investment protection and promotion, according to the Ministry of Finance (MoF).

The agreement aims at encouraging the movement of capital between the two countries. It creates a positive investment climate that will enhance the flow of investments while protecting them from the risk of nationalization and confiscation. It also outlines the process of transfer of profits, interest and returns from investments via any currency that can be converted immediately without delay. These returns include revenues and profits of national air carriers.

The agreement includes provisions for the settlement of disputes and for application of investment conventions. The provisions do not apply to disputes that arose before the signing of the agreement or to conflicts resolved at a previous date.

The agreement, part of MoF efforts to improve financial relations with other countries, was signed by Khalid Ali Al Bustani, Executive Director of International Financial Relations Sector at MoF, on behalf of the UAE, and Ms. Ovruza Khan, Deputy Secretary in the Bangladesh Ministry of Industry in the presence of Younis Haji Al Khoori, Director General of the Ministry of Finance.

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