India-Myanmar bilateral investment pacts approved (Lead)June 6th, 2008 - 1:02 am ICT by IANS
New Delhi, June 5 (IANS) The government Thursday approved the signing and ratification of bilateral investment promotion and protection agreements with Myanmar to protect the interests of investors in each other’s countries. “The agreements will increase investment flow between India and Myanmar,” Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters here after a meeting of the cabinet presided over by Prime Minister Manmohan Singh.
“The objective of the agreements is to promote and protect the interests of investors of either country in the territory of the other country,” the minister said.
The agreements will initially remain in force for 10 years.
“To protect existing investments, it has been provided that in respect of investments made before the termination of the agreements, their provisions shall continue for 15 years after the date of termination,” Dasmunsi pointed out.