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Singapore, DPRK sign investment guarantee agreement
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21:31, December 02, 2008

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Singapore and the Democratic People's Republic of Korea (DPRK) signed an Investment Guarantee Agreement on Tuesday.

Singapore's Trade and Industry Ministry said in a statement that the agreement will help promote investment flow by protecting investors.

Under the agreement, investors will be given non-discriminatory treatment. They will also receive free transfer of capital and returns from investment.

Furthermore, compensation will be accorded to investors if their investments are expropriated or nationalized.

Singapore's Trade and Industry Minister Lim Hng Kiang and the DPRK's Minister of Foreign Trade Ri Ryong-nam signed the agreement.

Both leaders also witnessed the signing of the memorandum of understanding (MOU) between the Singapore Business Federation and the DPRK's Chamber of Commerce.

The MOU serves to promote economic and trade relations between the two countries.

Ri is on an official visit to Singapore from Nov. 30 to Dec. 2.During his visit, he also called on Singapore's Senior Minister Goh Chok Tong and Foreign Minister George Yeo.

Source:Xinhua



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