UAE and Sri Lanka sign deal to strengthen economic relations

Sri Lanka and the United Arab Emirates (UAE) reached an agreement on Reciprocal Promotion and Protection of Investments to strengthen economic and investment relations between the two countries.

The agreement was signed by Mohamed Bin Hadi Al Hussaini, UAE’s Minister of State for Financial Affairs, and Vijitha Herath, Sri Lanka’s Minister of Foreign Affairs.

This bilateral agreement establishes a secure legal framework to expand investment opportunities in global markets while ensuring the protection of foreign investments.

The purpose of this agreement is to facilitate and strengthen foreign investments between the two nations by ensuring investor rights protection, promoting economic cooperation, and establishing comprehensive investment protection mechanisms, dispute resolution frameworks, and policy structures.

This agreement will also contribute to strengthening global economic partnerships and creating opportunities for exploring new investment prospects in Sri Lanka.

This agreement underscores the importance of bilateral economic development and financial stability while demonstrating the commitment of both the United Arab Emirates and Sri Lanka to strengthening economic cooperation.

It aims to foster trade and business expansion in Sri Lanka while promoting a transparent and stable investment environment.

Furthermore, this agreement also highlights Sri Lanka’s commitment to enhancing Foreign Direct Investment (FDI) and fostering a more attractive investment landscape. By enhancing investor confidence, it is expected to generate new business opportunities and contribute to economic progress.

Ultimately, this agreement will reinforce the long-term partnership between the UAE and Sri Lanka, facilitating sustainable investments and advancing trade and financial collaborations between the two countries. (Colombo Gazette)