An investment agreement signed between Hong Kong and Türkiye in October 2023 will enter into force on Feb 4, following the fulfilment of relevant internal requirements by both sides, according to the city’s Trade and Industry Department.
Under the Investment Promotion and Protection Agreement (IPPA), both governments commit to providing investors from the other side with fair, equitable and non-discriminatory treatment, compensation for expropriated investments, and the right to freely transfer investments and returns abroad.
The agreement also provides for the settlement of investment disputes under internationally accepted rules, including arbitration, the special administrative region government said in a statement on Wednesday.
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“By giving additional assurance of the protection of investment, the IPPA will enhance the confidence of investors and expand investment flows between Hong Kong and Türkiye, benefitting the economic development of the two places,” said Secretary for Commerce and Economic Development Algernon Yau Ying-wah.
The SAR government is dedicated to expanding Hong Kong's global economic and trade networks, he said, adding that the government has been actively seeking to sign IPPAs or free trade agreements with emerging markets, including potential partners in the Middle East and other regions under the Belt and Road Initiative.
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“We have largely concluded the IPPA negotiations with Qatar, and good progress has been made for the one with Peru. Meanwhile, we are exploring the signing of IPPAs with Bangladesh, Egypt and Saudi Arabia,” he added.
Hong Kong has so far signed 24 IPPAs with 33 foreign economies. Among them are 10 member states of the Association of Southeast Asian Nations – Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
The other foreign economies are: Australia, Austria, Bahrain, Belgium, Canada, Chile, Denmark, Finland, France, Germany, Italy, Japan, Kuwait, Luxembourg, Mexico, the Netherlands, New Zealand, Sweden, Switzerland, the Republic of Korea, the United Arab Emirates, the United Kingdom and Türkiye.
