The UAE's Ministry of Finance (MoF) has signed a deal on mutual encouragement and protection of investments with Mauritius.

 

It follows the Ministry's commitment to strengthen the UAE’s role and its position both locally and internationally, and specifically in fields related to the country's economic development, foreign investment network, and providing the necessary protection, said a statement.

 

The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and Vishnu Lutchmeenaraidoo, Minister of Finance and Economic Development of the Republic of Mauritius; in the presence of Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector; Majid Ali Omran, director of International Financial Relations Department along with members from the Mauritius delegation, it said.

 

It stipulated 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.

 

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.

 

“The Ministry is co-operating with various stakeholders including investors from either government institutions or private sector companies in order to identify potential investments markets," said Al Tayer.

 

"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,” it said.

 

Under the agreement, 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, said the statement.

 

The UAE and Mauritius have been linked with a double taxation on income agreement that was signed in 2006. This agreement played an important role in enhancing the trade volume between the two countries, it added. - TradeArabia News Service