The UAE Ministry of Finance (MoF) has signed an initial agreement for investment protection and promotion with Singapore.

The agreement supports global economic openness through the free movement of products and increases investment and trade development opportunities. It will enhance economic relations and partnership between both countries, said a statement.

Khalid Ali Al Bustani, assistant undersecretary for International Financial Relations Sector at MoF, signed the agreement and hailed it as an important pillar for enhanced cooperation and partnership between the two countries.

The agreement covers all areas of common interest and seeks to create an investment environment to attract governmental investment, sovereign wealth funds and encourages private sector investment in both countries.

The agreement is expected increase the volume of commercial and tourist exchange leading to a more developed air transport industry, it said.

It removes all financial and economic barriers while promoting sustainable development that will create more employment opportunities in both countries, the statement added. – TradeArabia News Service