Trinidad and Tobago to sign investment treaty with Germany

02-15-2006

by Stephen Cummings

Caribbean Net News Trinidad Correspondent

PORT OF SPAIN, Trinidad: Trinidad and Tobago and Germany are putting measures in place to encourage investments within each other’s borders.

A statement from the Trinidad Foreign Affairs Ministry on Tuesday said the first step toward this was taken last week when representatives from both governments met in Port of Spain to conclude the negotiations for bilateral treaty, for the encouragement and mutual promotion of investments.

The statement said it is expected that once the draft Treaty is vetted by both sides it will be signed at a mutually convenient time during the course of this year 2006.

Diplomatic relations between both countries commenced in 1963, and despite the absence of this Treaty, considerable German investment followed over the years.

The Foreign Affairs Ministry says this Treaty will provide a legal framework for Germany and Trinidad and Tobago investors and it is hoped that it will encourage new German investment in the Trinidad non-oil sector, such as some seven industries that have been targeted for development in the country’s Vision 2020 policy.