Bahrain, Bulgaria sign key accords
Manama, June 28, 2009
Bahrain has signed two major economic treaties and a MoU with Bulgaria during a two-day official visit by Bahrain's finance minister Shaikh Ahmed bin Mohammed Al Khalifa to the country.
Shaikh Ahmed met deputy prime minister and foreign affairs minister Ivallo Kalfin, deputy finance minister Dimitar Ivanovski and deputy minister of economy and energy Nina Radeva, during which they discussed bilateral financial and economic issues.
Two bilateral economic treaties and a memorandum of understanding were signed at the Bulgarian Foreign Affairs Ministry premises in Sofia.
An agreement for the promotion and protection of investments, a convention for the avoidance of double taxation with respect to taxes on income and capital and a memorandum of understanding on economic and technical co-operation were signed.
The agreement for the promotion and protection of investments and the convention for the avoidance of double taxation were signed by Shaikh Ahmed and Mrs Radeva.
The investments agreement aims to create favourable conditions for greater investment between the two countries.
The double taxation convention aims to eliminate double taxation and allows exchange of tax information in accordance with the standards set down by the Organisation for Economic Co-operation and Development.
The memorandum reflects the shared desire of the two countries to strengthen friendly ties and promote and encourage economic and technical co-operation on the basis of mutual advantage and reciprocal benefits.
Both sides agreed that the signed documents would help stimulate economic relations and bilateral investment between Bahrain and Bulgaria by providing a suitable environment to promote banking and financial services, training, tourism and exchange of tax information.
The signing ceremony was attended by Finance Ministry assistant under-secretary for economic affairs Yousif A Humood.-TradeArabia News Service