Dubai, June 9, 2022 (WAM)-As part of an effort to boost and protect investments from all non-profit risks, the UAE, represented by the Ministry of Finance (MoF), is to promote and protect mutual investment. I signed the agreement. With the Republic of the Philippines.
Signed by MoF’s headquarters in Dubai, the agreement came as part of the ministry’s enthusiasm to strengthen commercial and investment relationships with different countries around the world.
Finance Minister Mohamed Hadi al-Fusaini sang an agreement on behalf of the United Arab Emirates Government, and Philippine Trade and Industry Minister Ramon M. Lopez signed on behalf of the Philippine side.
The agreement includes Ali Sharafi, Deputy Secretary of State for International Finance, Ministry of Finance, Mohammed Obed Salem Al Zabi, Deputy Secretary of State for the Philippines, and Florderona L. Amate, Deputy Secretary of State. Signed in the presence. Minister), Ministry of Trade and Industry, and senior officials of both parties.
Al-Fusaini noted the importance of the agreement in strengthening economic and commercial cooperation and creating an investment environment to attract capital-intensive foreign investment and provide incentives. “The Treasury is keen to sign agreements to strengthen international affairs, strengthen the investment climate and improve the business incubator environment,” he said.
“These agreements are important international policy tools to encourage foreign direct investment, legally protect the investment of both parties in accordance with international law, and thereby stimulate business initiatives to achieve sustainable economic development. It works as, “Alfsaini added.
The Investment Protection and Promotion Agreement is for the public good and to protect your investment from all non-profit risks such as nationalization, expropriation and quarantine, unless it is in compliance with the law. In addition, these agreements provide investors with fair compensation for their investment. However, the amount of compensation is consistent with the market value of the investment before nationalization or expropriation, excluding natural resources from the provisions of the Agreement. The agreement also provides compensation to investors in the event that their investment is destroyed as a result of war, conflict, civil disobedience, or demonstrations.
Investors will be stripped of the terms of the contract if their goal is to profit from the contract without investing in that country. In addition, investors from third countries cannot benefit from the provisions of the agreement, as the investor’s country must have diplomatic relations with the UAE.
The agreement also aims to establish friendly solutions and dispute resolution procedures between investors and states, including local courts or the International Center for Settlement of Investment Disputes (ICSID), an international arbitration.
The conditions for the replacement of creditors must be clarified after the pre-approval of the investee state and ensure that the investment and government sovereign assets are not nationalized, expropriated, or seized directly or at the request of a third party. Is obligatory. state.
The UAE, represented by the Ministry of Finance, has signed 107 bilateral agreements to protect and encourage investment in different countries around the world.