Sri Lanka – Kuwait concluded Investment Promotion and Protection Agreement

8th July 2009, Asiantribune.com

Sri Lanka and Kuwait has successfully concluded Investment Promotion and Protection Agreement (IPPA). This will be Sri Lanka’s first ever IPPA with a Gulf Country (GCC) which includes Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Bahrain and Oman.

It is recalled that earlier, discussions held by Sri Lanka President Mahinda Rajapaksa with Kuwait leaders during his official visit to Kuwait in May 2007, paved the way for the commencement of negotiations on the proposed Agreement.

At a time when Sri Lanka is poised to take off, economically, having defeated terrorism that held back its true foreign investors and in a situation where the entrepreneurs have shown great interest in establishing their foothold in the country establishing the IPPA will provide the necessary impetus to promote trade, investment, tourism and other economic ventures. In this context Sri Lanka looks forward to attract large scale investments from Kuwait to develop its infrastructure and industrial sectors for which Sri Lanka offers attractive fiscal incentives and other benefits as well.

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