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Tuesday, March 29, 2011 - 09.42 GMT

SL, Czech Republic sign agreement on promotion and mutual protection of investments

 

Minister of External Affairs Prof. G.L. Peiris and Minister of Finance of the Czech Republic Miroslav Kalousek signed Investment Protection and Promotion Agreement at Ministry of Finance in Prague yesterday.

The agreement provides for full protection of foreign investment, guarantees against expropriation, granting of Most Favoured Nation (MFN) and National Treatment to investors and their investments and also provides dispute settlement mechanisms, the Ministry of External Affairs said.

The positive post–conflict economic growth of Sri Lanka was an appropriate moment to initiate greater economic cooperation between the two countries said Minister Kalousek expressing confidence that the Agreement signed by the two sides will add impetus to this process.

Minister Peiris stated that his visit to Prague was taking place at an appropriate moment, as post-conflict Sri Lanka is now reaping the full benefits of its many advantages in the economic sphere. Furthermore, Sri Lanka is seeking the collaboration of its international partners in the extensive process of reconstruction and infrastructure development now taking place in the country. Minister Peiris invited the Czech side to contribute to this process with their well-known expertise in several sectors such as power and energy, infrastructure, waste management and other sectors. In this regard, Sri Lanka also welcomed concessionary export financing facilities from the Czech side. The Agreement signed today by the two sides would serve as a strong foundation for embarking on a future programme of economic and financial cooperation between the two countries.



 






 

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Last modified: March 29, 2011.

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