Colombia and the United Kingdom signed a Bilateral investment treaty
Dinero, 18 March 2010
The Treaty will play a role in stimulating flows of bilateral investment and allow international arbitration in the event of any violations of the standards offered to investors by the countries, among other aspects.
Colombia and the United Kingdom signed a Bilateral Investment Treaty (BIT) in Bogotá this Wednesday; this Agreement establishes the legal framework to guarantee equal treatment for the investors of both countries and stimulates flows of bilateral investment.
“There is an obligation to provide foreign investors with the same treatment as nationals, so Colombian investors in the United Kingdom will receive the same treatment as the UK's own nationals", explained the Minister of Commerce, Industry and Tourism, Luis Guillermo Plata.
Among other points, the initiative prohibits expropriation without fair compensation and guarantees the freedom of transfers for investors to be able to forward their profits.
The Minister said the agreement will play a role in stimulating flows of bilateral investment between Colombia and the United Kingdom and allow international arbitration in the event of any violations of the standards offered to investors by the countries.
In 2008, the Colombian economy received US $199.7 million in net revenue on Foreign Direct Investment (FDI) from the United Kingdom, which represents a growth of 472% compared to the same period in the year 2007.
Plata said the Appri signed with the United Kingdom is a part of an international agreement network developed by Colombia as part of the strategy to attract Foreign Direct Investment (FDI).
