Sri Lanka, Kuwait ink investment promotion agreement

Sri Lanka and Kuwait signed the Investment Promotion and Protection Agreement (IPPA) on Thursday marking Sri Lanka's first such agreement with Gulf countries which includes Saudi Arabia, United Arab Emirates, Qatar, Oman and Bahrain.

At a ceremony held at the Finance Ministry of Kuwait, Undersecretary to the Ministry Finance Khalifa M. Hamada signed the agreement on behalf of Kuwait while Sri Lanka's Ambassador to Kuwait Sarath Dissanayake signed for Sri Lanka.

The negotiations on the IPPA have been concluded in June 2009. Undersecretary to the Ministry of Finance, Khalifa M. Hamada expressed the hope that this agreement will pave the way to open new vistas of opportunities in Sri Lanka thereby enable Kuwait to become an important partner in Sri Lanka's socio-economic development.

In particular, he said that with the dawn of peace to Sri Lanka there is enormous potential for foreign investors to benefit in a variety of sectors including tourism, hospitality, construction, infrastructure, agriculture and other booming sectors which will bring fortunes to all.

Ambassador Sarath Dissanayake said under the agreement the Government of Sri Lanka will safeguard the interest of foreign investors and will offer them attractive incentives and tax benefits.

He also noted that the IPPA signed between the two countries will facilitate Kuwait investors to take advantage of the conducive atmosphere and emerging opportunities in the country.

It is expected that the investment agreement will further strengthen Sri Lanka - Kuwait mutually rewarding partnership for mutual benefit.