UAE signs initial agreement for Investment Protection and Promotion with Singapore

Abu Dhabi, Jan 10, 2011 (WAM)- The Ministry of Finance (MoF) signed an initial agreement for investment protection and promotion with the Republic of Singapore. The agreement aims to support global economic openness through the free movement of products and to increase investment and trade development opportunities and it will enhance economic relations and partnership between both countries, said MoF in an emailed statement.
Khalid Ali Al Bustani, Assistant Undersecretary for International Financial Relations Sector at MoF signed the final agreement, and hailed it as an important pillar for enhanced cooperation and partnership between the two countries. The agreement includes all areas of common interest and seeks to create an investment environment to attract governmental investment, sovereign wealth funds and encourages private sector investment in both countries.
The agreement is expected increase the volume of commercial and tourist exchange leading to a more developed air transport industry. It removes all financial and economic barriers while promoting sustainable development that will create more employment opportunities in both countries. - Emirates News Agency, WAM