Protection Deal

Nov 05, 2009 (LBO) – Sri Lanka and Kuwait has signed an Investment Promotion & Protection Agreement (IPPA) Thursday between the island’s envoy to the country and a senior finance ministry official of the Gulf state, the foreign ministry said.

Sri Lanka’s foreign ministry quoted the undersecretary to the Kuwaiti ministry of finance Khalifa M Hamada as saying that the end of a war in Sri Lanka will open new investment opportunities in the island.

Sri Lanka envoy Sarath Dissanayake had said there was potential in tourism, hospitality, construction, infrastructure and agriculture. The foreign ministry said negotiations for the IPPA had been held until June 2009.