The Government of Hong Kong SAR has announced that the Investment Promotion and Protection Agreement (IPPA) between Hong Kong and Finland enters into force today (March 16).
Under the IPPA, the two sides undertake to provide equal treatment of investors, compensation for expropriation of investments, free transfer abroad of investments, and settlement of investment disputes in accordance with internationally accepted rules. The IPPA will facilitate investment and trade flows between Hong Kong and Finland, benefiting the economic development of both places.
The IPPA will be effective for an initial period of 15 years, and remain in force thereafter unless terminated by either party.
The IPPA was signed in July 2009. The two sides notified each other last month on having complied with domestic requirements for bringing the agreement into force. The IPPA enters into force on the 30th day after the completion of notification requirements.
Hong Kong has, so far, signed 17 IPPAs with other economies: the Netherlands, Australia, Denmark, Sweden, Switzerland, New Zealand, Italy, France, Germany, the Belgo-Luxembourg Economic Union, Austria, Japan, Korea, the United Kingdom, Thailand, Finland and Kuwait.
Source: Hong Kong SAR
