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 will take effect today, Thursday, July 31.
This agreement reflects the strong ties between Bahrain and Korea that are built on solid cooperation and joint work across various domains, particularly finance, economics, and investment. This aims to advance comprehensive cooperation, enhance opportunities for economic integration and support mutual interests. The ties between the two countries benefit from a mutual commitment to developing it and capitalising on its promising potential to achieve shared goals and interests.
Nawaf Hashem Al Sada, Assistant Undersecretary for International Cooperation Affairs at the Ministry of Finance and National Economy, emphasised that the Kingdom places great importance on expanding cooperation and strengthening economic partnerships with various countries worldwide. This includes continuously developing bilateral relations and creating an attractive environment for joint investments, thereby providing new, high-quality opportunities for citizens.
He highlighted that the Ministry is keen to continue signing and activating agreements aimed at promoting and protecting investments and supporting promising sectors. This ensures a stimulating investment environment and guarantees the free transfer of capital, profits, and other returns in a freely convertible currency for investors from both countries.
Al Sada noted that the agreements include ensuring fair and prompt compensation for investors in cases where their investments are expropriated for the public interest, within the stipulated legal procedures. Additionally, they establish mechanisms for resolving disputes that may arise between a state and an investor from the other state, or those that may arise between the two contracting states, thereby enhancing confidence and ensuring a safe and stable investment environment.
Bahrain has concluded over 40 agreements on the promotion and protection of investments with various countries worldwide. To view the texts of the agreements concluded by the Kingdom, please visit the Ministry of Finance and National Economy’s website via the link: www.mofne.gov.bh.
Source: Bahrain News Agency
