UAE – Mubasher: The UAE’s Ministry of Finance (MoF) on Monday announced the signing of an agreement with the Government of Hong Kong Special Administrative Region to promote and protect investments between the two countries.
This agreement is part of the MoF’s attempts to protect the country’s investments abroad and attract foreign investments, according to a press release.
The deal was signed by the Undersecretary of MoF Younis Al Khoori, and the Undersecretary for Commerce and Economic Development of Hong Kong Bernard Chan.
The agreement was signed align with the UAE’s national development objectives with the aim of diversifying gross national income (GNI) sources and supporting the country’s investments abroad.
Al Khoori said: “The signing of the Investment Promotion and Protection Agreement between the UAE and Hong Kong creates a conducive investment environment that provides guaranteed growth, expansion and protection of investments.”
“Additionally, this agreement will strengthen the investment partnership between the two countries, and will encourage government, semi-government and private sectors to forge mutually beneficial relationships,” he added.
The UAE is Hong Kong’s largest economic partner in the Middle East with Emirati exports worth $4.3 billion to Hong Kong in 2018, and imports from Hong Kong valued at $6 billion between 2014 and 2018.
In December 2014, the UAE signed an agreement on the avoidance of double taxation with Hong Kong.
