The Cabinet of Ministers has granted approval to sign the proposed agreement on mutual investment promotion and security between Sri Lanka and the United Arab Emirates (UAE).
Sri Lanka and the United Arab Emirates have come to a consensus to sign an agreement on mutual investment, promotion and security to compile a legal mechanism for the regulation of direct foreign investment through ensuring a conducive institutional environment for the investors and their investments.
It will be able to attract direct foreign investment from the United Arab Emirates to Sri Lanka as well as strengthen the bilateral relationships between both countries in the fields of investment and trading. The clearance of the Attorney General has been received for the proposed agreement, the government said in a statement.
Accordingly, the Cabinet of Ministers has approved the proposal presented by the Minister of Foreign Affairs, Foreign Employment, and Tourism to sign the aforesaid agreement during the official visit of the President to the United Arab Emirates to participate in the World Government Summit in 2025.
