UAE, Kosovo sign two agreements on avoidance of double taxation, protection and promotion of investment

PRISTINA, 29th May, 2016 (WAM) -- UAE, represented by the Ministry of Finance (MoF), signed two final agreements on avoidance of double taxation on income and the protection and promotion of investment with the Republic of Kosovo. The signing ceremony took place in the capital Pristina during an official visit of the UAE delegation headed by Younis Haji Al Khoori, Under-Secretary of MoF to the Republic of Kosovo. The two agreements were signed by Younis Haji Al Khoori on behalf of the UAE. Dr. Abdullah Hoti, Minister of Finance of the Republic of Kosovo signed the avoidance of double taxation agreement and Hykmete Bajrami, the Minister for Trade and Industry of the Republic of Kosovo signed the agreement on the protection and promotion of investment; in the presence of the UAE delegation and number of ministers and senior government officials in the Republic of Kosovo. Younis Haji Al Khoori stressed the UAE’s commitment to strengthening its international relations network to attract foreign investments and increase the trade intercontinental movement. He then said, "These agreements support in achieving the UAE’s development goals, diversifying sources of national income and supporting the growth of foreign investments as well as protecting it from any non-trade and political risks related to the transfer of profits and revenues in convertible currency. These agreements also provide full support to companies and individuals from double taxation and added value taxes whether direct or indirect." The UAE delegation headed by Younis Haji Al Khoori met with Isa Mustafa, the Prime Minister of the Republic of Kosovo and Petrit Selimi, Acting Foreign Affairs Minister of the Republic of Kosovo. The Prime Minister of the Republic of Kosovo welcomed the delegation and highlighted the UAE’s strong position as a strategic partner and access to trade and investments with the GCC and South Asia. During the meeting, Al Khoori stressed the key components and achievements of the UAE economy during the past few years, adding that the country is a trade hub and the second largest economy in the region. He also highlighted the UAE’s experience in the innovation sector, programmes for planning and implementing public budget, as well as public sector strategy and its performance indicators. "The future projects that the UAE aims to accomplish, such as Expo 2020, provide qualitative investment opportunities for private sector in various economic development fields, primarily in construction, tourism and service sectors." Al Khoori stressed the importance of both countries collaboration in various economic fields and particularly in energy and renewable energy, health, agriculture as well as tourism. The UAE official said the country has an advanced infrastructure which emphasises the country's competitiveness level in foreign trade globally. He added that the UAE banking sector one of the largest and strongest on a regional level, plays an important role in supporting investments. He stressed that the collaboration between both countries is significant in fields of agricultures and food security. He also called for consolidating joint work, exchanging expertise as well holding official meetings with senior officials in both the public and private sectors. This will enhance investments and commercial relations while taking into consideration the strategic location of both countries. Prime Minister of Kosovo Isa Mustafa highlighted investment opportunities of the Republic of Kosovo particularly in areas of tourism, roads, agriculture, energy and renewable energy. "The Republic of Kosovo has reinforced its legislative and legal structure through conducting several economic reforms, with a main aim to attract foreign investments across all economic sectors and particularly that of water and agriculture which has long attracted European and Asian investors," he said. Mustafa called for the public and private institutions of the Republic of Kosovo to benefit from the UAE’s advanced infrastructure and its outstanding experience in organising elite conferences as well as commercial and investments exhibitions in the region. "We look forward to signing more collaborative agreements with the UAE in fields of studies and research, consolidating joint work, and exploring future investments opportunities in retail and construction fields," he said. UAE, represented by MoF, has signed 97 final agreements on avoidance of double taxation on income and 58 agreements on protection and promotion of investment with key economic and trading partners. This is in line with the country efforts to consolidate its position on regional and international levels and establish an attractive investment environment that attracts public and private sector investments. – Emirates News Agency, WAM – http://www.wam.ae/en/news/economics-international/1395296020795.html http://www.wam.ae/en/news/economics-international/1395296021817.html