NEWS RELEASES
CANADA AND CROATIA SIGN FOREIGN INVESTMENT PROMOTION AND PROTECTION AGREEMENT
February 3, 1997 No.18
CANADA AND CROATIA SIGN FOREIGN INVESTMENT
PROMOTION AND PROTECTION AGREEMENT
Canada's Minister for International Co-operation and Minister Responsible for la
Francophonie, Don Boudria, and Croatia's Minister of Development and
Reconstruction, Dr. Jure Radic, today signed a Foreign Investment Promotion and
Protection Agreement (FIPA) in Ottawa.
"The signing of this agreement illustrates the degree of Canada's commitment to
expanding economic ties with Croatia," noted Mr. Boudria. "It confirms Canada's
support for and co-operation with Croatia in its reconstruction by fostering
increased bilateral investment flows."
The agreement is expected to reduce risk for Canadian companies investing in
Croatia. A FIPA is designed to promote and protect foreign investment through
legally binding rights and obligations. This particular FIPA is based on Canada's
new model, which incorporates key provisions from the North American Free Trade
Agreement's investment chapter. Agreements under the new model have also been
signed with Egypt, Thailand, Ukraine, Latvia, Trinadad and Tobago, the
Philippines, South Africa, Romania, Ecuador, Barbados, Panama and Venezuela.
In 1996, Canadian firms were involved in negotiations for more than US$400 million
worth of projects in Croatia in: forestry, infrastructure, power, sanitation,
finance, public sector management and structural adjustment.
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For further information, media representatives may contact:
Media Relations Office
Department of Foreign Affairs and International Trade
(613) 995-1874
This document is also available on the Department's Internet site:
http://www.dfait-maeci.gc.ca
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