Canada and Kuwait have signed an agreement to protect and promote investment between the two countries, Prime Minister Stephen Harper said in a statement on Monday.
“This agreement will encourage two-way trade and investment by providing greater predictability and certainty for investors in both countries,” Harper said.
“Our government is committed to promoting free trade and investment which create jobs, opportunities, and economic growth,” he added.
The statement said Kuwait offers "significant investment potential for Canadians, particularly in manufacturing and infrastructure".
In 2010, bilateral trade between Canada and Kuwait reached $129 million, with exports totalling $97 million.
Harper and the Prime Minister of Kuwait, Sheikh Nasser Al-Mohammed Al-Ahmed Al-Jaber Al-Sabah, witnessed the signing of the Canada-Kuwait Foreign Investment Promotion and Protection Agreement (FIPA).
The agreement was signed in Ottawa by Canada’s Minister of International Trade and Minister for the Asia-Pacific Gateway, Ed Fast, and Kuwait’s Minister of Foreign Affairs, Muhammad Al-Sabah al-Salim Al-Sabah, during an official visit to Canada by Prime Minister Al-Sabah.
In addition to Kuwait, Canada currently has FIPAs in force with 24 other countries and is in discussions with 15 others.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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