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The Government of the Hong Kong Special Administrative Region and the Government of the Kingdom of Thailand today (November 19) signed an Agreement for the Promotion and Protection of Investments.
The Agreement was signed in the margin of the Economic Leaders' Meeting of the Asia-Pacific Economic Co-operation in Busan, Korea by the Secretary for Commerce, Industry and Technology, Mr John Tsang, for the Government of the Hong Kong Special Administrative Region and the Minister of Foreign Affairs, Dr Kantathi Suphamongkhon, for the Government of the Kingdom of Thailand.
The Chief Executive, Mr Donald Tsang, and the Prime Minister of Thailand, Mr Thaksin Shinawatra, witnessed the signing ceremony.
"Hong Kong enjoys very good bilateral trade and economic ties with Thailand and the Agreement for the Promotion and Protection of Investments would further strengthen such ties," said Mr John Tsang after the signing ceremony.
Under the Agreement, the two governments will provide for equal treatment of investors, compensation if investments are expropriated, and free transfer abroad of investments and returns. The Agreement also provides for the settlement of investment disputes in accordance with internationally accepted rules.
The Agreement is effective for 15 years in the first instance, and will remain in force indefinitely unless terminated by either party.
This is the fifteenth investment promotion and protection agreement that Hong Kong has signed. Other countries with which Hong Kong has signed a similar agreement with their governments are the Netherlands, Australia, Denmark, Sweden, Switzerland, New Zealand, Italy, France, Germany, Belgo-Luxembourg Economic Union, Austria, Japan, Korea and the United Kingdom.
Ends/Saturday, November 19, 2005
Issued at HKT 07:34
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