DUBAI: Colombia and the United Arab Emirates signed on Sunday two agreements on double taxation and investment promotion in the framework of the visit of the Colombian President Juan Manuel Santos to the Arab country.
The reciprocal investment protection and promotion agreement aim at providing a stable legal environment for the investment of UAE companies in the South American country, protecting the investor, his investment and the flows of money.
The agreement to avoid double taxation seeks to encourage investment by UAE companies in Colombia, reducing the tax burden, so that it would not be necessary to make the payment of the same taxes in both countries. After the signing, Santos said that it “means a step forward to facilitate the investments of the Arab Emirates in Colombia, a purpose in which both countries are interested.”
Meanwhile, the UAE formalized the contribution of US$ 45 million for the post-conflict in Colombia. According to the Director of the Presidential Agency for International Cooperation, Sergio Londoño, the UAE contribution the post-conflict is the largest of a Middle Eastern country to Colombia.
