Hong Kong and the United Arab Emirates today signed an Investment Promotion & Protection Agreement (IPPA).
The pact will enhance investors' confidence, expand investment flows and further strengthen economic and trade ties between the two places.
Under Secretary for Commerce & Economic Development Bernard Chan, who is leading a delegation comprising over 60 business leaders and services professionals to visit Dubai, signed the agreement with Undersecretary of the Ministry of Finance of the UAE Younis Haji Al Khoori.
Under the agreement, the two governments will provide investors of the other side with fair, equitable and non-discriminatory treatment of their investments, compensation in the event of expropriation of investments and the right to free transfers abroad of investments and returns.
“An IPPA enables investors of the two parties to enjoy corresponding protection of their investments in the host economies, and thus enhance investors’ confidence in making investments overseas," Mr Chan said.
"Hong Kong has been making dedicated efforts to expand its network of IPPAs in order to enhance two-way investment flows and boost our economy."
During his visit, Mr Chan attended a networking luncheon co-organised by the Chinese General Chamber of Commerce of Hong Kong and the Mainland China – Hong Kong Belt & Road Business & Professional Services Council to talked about Hong Kong's advantages as a global financial centre and an offshore Renminbi centre.
He also joined a briefing jointly organised by the Hong Kong Trade Development Council and the Dubai Investment Development Agency to learn about the investment opportunities arising from the latest infrastructure projects in the UAE.
Mr Chan then paid a visit to the Expo 2020 Dubai site and the Pad, a residential building designed by a Hong Kong architect combining architecture with technology, in Dubai's Business Bay district.