(MENAFN- Kuwait News Agency (KUNA)) Kuwait and Mauritius have signed a joint agreement for the encouragement and reciprocal protection of investments, in a move aimed at strengthening bilateral economic relations.
The agreement aims to facilitate investments going in both directions and to protect the presence of exchanged capital in each of the hosting nations, Kuwait's Finance Ministry told KUNA in a statement.
With a 25-year duration and an automatic renewal, the agreement will provide investors with a sence of stability, enabling them to make long-term plans, the statement added.
It also highlights the means that could be used to attract investments and grants Kuwaiti investors the right to apply for the necessary paperwork which would enable them to practice their commercial endeavours inside Mauritius.
The means to resolve disputes between the host nation and the investing party has also been taken into account, in matters related to court rulings, whereby this would be handled by several international judiciaries.
The investor shall also have the right to exchange currency without any hindrances or delay.
Both sides reached the accord during a visit to the U.S. last Thursday, with Kuwait's Finance Ministry Undersecretary Khalifa Hamada signing on behalf of his nation and Mauritius Financial Secretary Ali Mansoor on the opposite side. Â
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