***********************************************************
The Government has announced that the Investment Promotion and Protection Agreement (IPPA) between Hong Kong and Kuwait enters into force today (September 14).
Under the IPPA, the two sides undertake to provide equal treatment of investors, compensation for expropriation of investments, free transfer abroad of investments and returns, and settlement of investment disputes in accordance with internationally accepted rules. The IPPA will facilitate investment and trade flows between Hong Kong and Kuwait, benefiting the economic development of both places.
The IPPA will be effective for an initial period of 20 years, and remain in force thereafter unless terminated by either party.
The IPPA was signed in May 2010. The two sides notified each other last month on the completion of domestic procedures for bringing the agreement into force. The IPPA enters into force on the thirtieth day after the completion of notification requirements.
Hong Kong has, so far, signed IPPAs with 17 economies: Netherlands, Australia, Denmark, Sweden, Switzerland, New Zealand, Italy, France, Germany, Belgo-Luxembourg Economic Union, Austria, Japan, Korea, United Kingdom, Thailand, Finland and Kuwait.
Ends/Saturday, September 14, 2013
Issued at HKT 11:01
NNNN
