ID :
39429
Thu, 01/08/2009 - 00:10
Auther :
Shortlink :
https://oananews.org//node/39429
The shortlink copeid
MALAYSIA SIGNS PACT WITH SYRIA TO BOOST ECONOMIC TIES
KUALA LUMPUR, Jan 7 (Bernama) -- Malaysia has entered into two agreements
with Syria to facilitate business activity and support small and medium
enterprises (SMEs) growth.
The agreements were part of the official visit by the Syrian's Prime
Minister, Mohammad Naji Orti, to Malaysia, the Ministry of International Trade
and Industry (MITI) said in a statement Wednesday.
MITI also approved RM6.8 million (US$1=RM3.49) under the Services Export
Fund (SEF) for two feasibility studies for infrastructure projects by Malaysian
companies in Syria through the Malaysia External Trade Development Corporation
(MATRADE).
The ministry said the two companies given the grants had completed the
feasibility studies for the Damascus Ring Highway and the multi-storey car park
and underground tunnel in Damascus.
"Malaysia and Syria can look forward to an era of greater economic
cooperation with the signing of an Investment Guarantee Agreement (IGA) and
memorandum of understanding (MoU) on SME cooperation," MITI said.
The IGA encompasses the promotion, protection and facilitation of
investments between both countries.
MITI said the IGA provides investment protection, compensation for
expropriation, nationalisation or losses in the event of armed conflicts,
revolts or a state of emergency, and the free transfer of profits, capital and
other fees.
It also outlines the rights and responsibilities of the contracting
parties and investors as well as the settlement of disputes between foreign
investors and the host country.
"This IGA should provide investors with a measure of security as the IGA is
designed to create a favourable investment climate for domestic and foreign
investors of both countries," the ministry said.
The document was signed by Minister of International Trade and Industry Tan
Sri Muhyiddin Mohd Yassin on behalf of Malaysia and Syria's Minister of Economy
and Trade (MET) Dr Amer Husni Lufti.
Under the MoU between the Small and Medium Industries Development
Corporation (SMIDEC) and MET, both countries agreed to cooperate in matters of
policies, expertise and information relating to the development of SMEs.
Other matters covered by the MoU include the establishment of business
networking, industrial linkages and other forms of technical cooperation.
-- BERNAMA
with Syria to facilitate business activity and support small and medium
enterprises (SMEs) growth.
The agreements were part of the official visit by the Syrian's Prime
Minister, Mohammad Naji Orti, to Malaysia, the Ministry of International Trade
and Industry (MITI) said in a statement Wednesday.
MITI also approved RM6.8 million (US$1=RM3.49) under the Services Export
Fund (SEF) for two feasibility studies for infrastructure projects by Malaysian
companies in Syria through the Malaysia External Trade Development Corporation
(MATRADE).
The ministry said the two companies given the grants had completed the
feasibility studies for the Damascus Ring Highway and the multi-storey car park
and underground tunnel in Damascus.
"Malaysia and Syria can look forward to an era of greater economic
cooperation with the signing of an Investment Guarantee Agreement (IGA) and
memorandum of understanding (MoU) on SME cooperation," MITI said.
The IGA encompasses the promotion, protection and facilitation of
investments between both countries.
MITI said the IGA provides investment protection, compensation for
expropriation, nationalisation or losses in the event of armed conflicts,
revolts or a state of emergency, and the free transfer of profits, capital and
other fees.
It also outlines the rights and responsibilities of the contracting
parties and investors as well as the settlement of disputes between foreign
investors and the host country.
"This IGA should provide investors with a measure of security as the IGA is
designed to create a favourable investment climate for domestic and foreign
investors of both countries," the ministry said.
The document was signed by Minister of International Trade and Industry Tan
Sri Muhyiddin Mohd Yassin on behalf of Malaysia and Syria's Minister of Economy
and Trade (MET) Dr Amer Husni Lufti.
Under the MoU between the Small and Medium Industries Development
Corporation (SMIDEC) and MET, both countries agreed to cooperate in matters of
policies, expertise and information relating to the development of SMEs.
Other matters covered by the MoU include the establishment of business
networking, industrial linkages and other forms of technical cooperation.
-- BERNAMA
