Mar 29, Prague: Sri Lanka and the Czech Republic have entered into an agreement to promote investment and to mutually provide protection of investments.
Sri Lanka’s External Affairs Minister Prof. G.L. Peiris and the Minister of Finance of the Czech Republic, Miroslav Kalousek, signed the ‘Agreement for the Promotion and Reciprocal Protection of Investment’ between the two countries yesterday 928) when they at the Ministry of Finance in Prague.
According to the External Affairs Ministry, the agreement provides for full protection of foreign investment, guarantees against expropriation, granting of Most Favoured Nation (MFN) and National Treatment to investors and their investments and also provides dispute settlement mechanisms.
During the meeting Sri Lanka has expressed interest in resuming direct flights from Prague as a measure to attract more tourists form the European nation.
“Sri Lanka is seeking the collaboration of its international partners in the extensive process of reconstruction and infrastructure development now taking place in the country,” Minister Peiris has said.
Minister Peiris has invited the Czechs to contribute to this process with their well-known expertise in several sectors such as power and energy, infrastructure, waste management and other sectors. In this regard, Sri Lanka has also welcomed concessionary export financing facilities from the Czech side.
Minister Peiris has invited the Czech Minister to visit Sri Lanka in the near future with a trade and investment delegation from the Czech Republic.
Minister Kalousek has welcomed the invitation and agreed to visit Sri Lanka at an early opportunity, the External Affairs Ministry said.