(LINA) – President George Manneh Weah has submitted three legal instruments to the House of Representatives for ratification.
In a communication addressed to the Speaker of the House of Representatives the first bill, which is titled “Bilateral investment treaty between the United Arab Emirates and Liberia” President Weah said it seeks to promote the flow of mutual investment in order to strengthen and intensify the economic cooperation between the Governments of the two countries and to further create and maintain favorable business conditions for their investors.
The communication, which was read during Tuesday’s session in plenary, further states that under the agreement, each party shall use reasonable efforts to enhance the foreign investment climate in its territory with due regards to its laws and regulations.
The Liberian leader also said subject to its laws and regulations, each party shall in its territory record to investors of the other party on their investment treatment no less favorable than that which it accords, in like circumstances to its own investors or their investment with respect to the management, conduct, operation, use and sale or other disposal of their investments in its territory.
At the same time, for another investment purpose, the Liberian leader submitted for ratification an “Agreement between the Government of the United Arab Emirates and Liberia for the Avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.”
President Weah said the agreement seeks to promote mutual economic relations between the governments of the United Arab Emirates and Liberia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
The Liberian leader also submitted an “Agreement on investment between the Republic of Liberia and the Government of the Kingdom of Morocco.”
President Weah stressed that the agreement seeks to promote and create favorable conditions for investments in both countries and shall admit such investments in accordance with its laws and regulations.
He further noted that under the agreement, each party shall accord in its territory to investments of investors of the other party treatment which, is not less favorable than that it accords in like circumstances, to investments of investors of its own state or to investment of investors of the most favored nation, whichever is more favorable to the investor concerned.
“Honorable Speaker as we endeavor to enhance our relationship with international and bilateral partners for a better investment climate, which will support private sector development and economic growth, I ask the legislature to ratify these legal instruments,” President Weah said.
Meanwhile, these agreements were read and sent to the following committees on Ways, Means and Finance; Judiciary; Investment and Concession; and Foreign Affairs to report in three weeks.