UAE signs agreement with Mauritius

9/22/2015 6:57:38 AM

(MENAFN- Emirates News Agency (WAM))

DUBAI 22nd September 2015 (WAM) -- The Ministry of Finance MoF on behalf of the UAE yesterday signed 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 specifically in fields related to the UAE's economic development foreign investment network and providing the necessary means of protecting them.

The agreement was signed by Obaid bin Humaid Al Tayer Minister of State for Financial Affairs and Vishnu Lutchmeenaraidoo Minister of Finance and Economic Development of Mauritius in the presence of Saeed Rashid Al Yateem Assistant Under-Secretary of Resources and Budget Sector and Majid Ali Omran Director of International Financial Relations Department along with members of 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 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.

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 trade volume between the two countries.

WAM/Esraa/Moran

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