UKRAINE AND SINGAPORE SIGN INVESTMENT GUARANTEE

Ukraine and Singapore signed an Investment Guarantee Agreement (IGA) today, at the sidelines of the World Bank/IMF meeting.

The IGA demonstrates the growing bilateral economic relations between the two countries. It also augurs well for the business communities, as it will lay a solid framework where investors from Ukraine and Singapore can benefit from greater certainty in clearly set out investment norms and protection when investing in the other country. The key provisions of the agreement include:

·most favored nation treatment to be accorded to investments;

·freely convertible and transferable compensation in the event of expropriation and nationalization; and

·referral of investment disputes that cannot be settled to the International Centre for Settlement of Investment Disputes, established by the Convention on the Settlement of Investment Disputes between the States and Nationals of Other States.

The agreement was signed by Mr. Volodymyr Makukha, Minister of Economy, Ukraine, and Mr. Lim Hng Kiang, Minister for Trade and Industry, Singapore.