Investment protection agreement signed with Canada

Serbian Minister of Trade Rasim Ljajić and Canadian Foreign Minister John Baird an investment promotion and protection agreement between the two countries.

Izvor: Tanjug

Monday, 01.09.2014.

15:54

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Investment protection agreement signed with Canada

Ljajić noted that the agreement constitutes a continuation of excellent economic cooperation between Serbia and Canada, and a step forward in completing the legal framework for improving economic, trade relations between the two countries.

The agreement sends a clear message to Canadian investors that Serbia adheres to international legal standards when it comes to investors' rights and is a safe investment destination.

The minister noted that 50 Canadian companies are doing business in Serbia, 13 of which are engaged in geological exploration. “Canadian companies secured 80 percent out of a total of 126 licenses for various kinds of exploration that Serbia has issued. They have so far invested 125 million dollars in explorations, and we expect that the sum will go up in the coming period,” he said.

Ljajić mentioned that, two years ago, Serbia and Canada signed an agreement on strategic economic cooperation which covers all fields of interest, primarily the energy, mining sectors, manufacturing industry, fields of infrastructure, agriculture and food production.

The Serbian trade minister noted that, on January 1, a double taxation avoidance agreement between Serbia and Canada came into force, and signaled that a social security agreement will take effect on December 1, which is important for the Serbian diaspora in that country, and all future Canadian investors.

Baird said that the signed agreements are a strong message to the business community in Canada to come to Serbia in larger numbers, which will mean new firms, job creation, economic development and growth.

He added that when it comes to the mining sector, pharmaceutical industry and agriculture, economic relations with Serbia are also good.

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