Manama: The Agreement between the Government of the Kingdom of Bahrain and the Government of the Republic of Korea for the Promotion and Protection of Investments officially takes effect today, marking a significant step in the economic collaboration between the two nations. This agreement underscores the evolving partnership built on cooperation in various sectors, particularly finance, economics, and investment, and seeks to enhance opportunities for economic integration and support mutual interests.
According to Bahrain News Agency, Nawaf Hashem Al Sada, the Assistant Undersecretary for International Cooperation Affairs at the Ministry of Finance and National Economy, emphasized Bahrain's commitment to expanding its economic partnerships globally. By fostering bilateral relations and creating an attractive environment for joint investments, the Kingdom aims to provide new opportunities for its citizens.
Al Sada highlighted the Ministry's dedication to signing and implementing agreements that promote and protect investments while supporting growing sectors. These agreements are designed to ensure a favorable investment climate by guaranteeing the free transfer of capital, profits, and other returns in a freely convertible currency for investors from both countries.
Furthermore, Al Sada pointed out that the agreements provide for fair compensation in cases of investment expropriation for public interest, adhering to legal procedures. They also establish mechanisms for dispute resolution between a state and an investor from another state or between the two contracting states, thereby fostering confidence and ensuring a secure investment environment.
Bahrain has successfully concluded over 40 agreements on investment promotion and protection with countries worldwide. For more information on these agreements, the full texts are available on the Ministry of Finance and National Economy's website at www.mofne.gov.bh.