COLOMBO, Feb. 13 (Xinhua) -- Sri Lanka and the United Arab Emirates (UAE) have reached an agreement on Reciprocal Promotion and Protection of Investments to strengthen economic and investment relations between the two countries, Sri Lankan President's Media Division (PMD) said on Thursday.

The agreement was signed by UAE Minister of State for Financial Affairs Mohamed Bin Hadi Al Hussaini and Sri Lankan Minister of Foreign Affairs Vijitha Herath during Sri Lankan President Anura Kumara Dissanayake's Feb. 10-13 visit to UAE.

The purpose of the agreement is to facilitate and strengthen foreign investments between the two countries by ensuring investor rights protection, promoting economic cooperation, and establishing comprehensive investment protection mechanisms, dispute resolution frameworks, and policy structures, the PMD said.

The agreement will also contribute to creating opportunities for exploring new investment prospects in Sri Lanka, the PMD said.

Furthermore, the agreement also highlights Sri Lanka's commitment to enhancing foreign direct investment and fostering a more attractive investment landscape by enhancing investor's confidence.

UAE is one of Sri Lanka's largest trading partners in the Middle East and a main destination for Sri Lankan migrant workers. Enditem

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