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Tuesday, June 24, 2008 - 7.40 GMT |
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Iran to support investments in Sri Lanka |
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The President of Iran Mahmoud Ahmadinejad
has directed authorities to encourage and
support investments between Iran and Sri
Lanka, Tehran Times reported today.
According to a report released by the
Government's public relations office, based
on an agreement reached between the Islamic
Republic of Iran and Sri Lanka, both sides
based on their will to expand economic
relations, and in line with their interests,
have agreed to encourage and support mutual
investments with the aim of utilizing their
economic resources and potential facilities
in investment and also in
creating and maintaining proper conditions
for investors to invest.
This agreement obliges both sides to support
all investments made by the other side's
investors and issue required licenses for
the investments in accordance to their own
regulations.
The investments made will be supported by
each sides legal systems and will enjoy a
fair and reasonable conduct in such a way
that their will be no difference between
local and foreign investors.
All disagreements caused by the
implementation of this bill will be
initially solved through negotiations. In
case the disagreement is not resolved
through talks the complainant may
communicate its complaint to the other side
and take its complaint to a three member
arbitration including one juror for each
side and an elected arbitrator by both
sides.
This agreement will become operational for
10 years, 30 days after both sides have
announced that it has become obligatory in
their country.
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