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Thu 23 Jan 2003 04:00 AM

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UAE-Ukraine Reach mutual understanding

The states hope to enhance economic, trade and investment ties through two new initiatives.

Dr. Mohammed Khalfan bin Kharbash, minister of state for finance, has signed two agreements for the UAE with the Ukraine last night (Jan 22). This agreement will ensure investment protection and avoid double taxation, in the hope of boosting bilateral economic and investment ties, as well as trade exchange.“The agreements will provide investments with the required umbrella and protect them against non-commercial risks,” said Kharbash.Ukrainian president, Leonid Kuchma, who was on a state visit to the UAE, hoped that this would bolster relations between the two countries and that the Ukraine would learn from the economic progress made by the UAE.“We should study the experience of the United Arab Emirates on how to work and draw investments,” said Kuchma.According to Kharbash, these accords allow for regional and international change and, as such are aimed at helping investment flow in both directions.“There are new avenues of co-operation in industrial, tourism and investment sectors which should encourage the private and public sectors in the two countries to enter into joint ventures,” said Sheikh Hamdan bin Zayed Al Nahyan, minister of state for foreign affairs.

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