Dominican Republic signed for the first time Investment Promotion and Protection Agreement with the Fund of the Organization of Petroleum Exporting Countries (OPECfor its acronym in English) for International Development.
The signing took place on May 27, 2022, at the headquarters of the OPEC Fund in Austria, and the country was represented by the Honorable Mr. Roberto Álvarez, Minister of Foreign Affairs; by the Background OPECsigned the Mr. Abdulhamid Aikhalifa, Managing Director. At the signing ceremony, Mrs. Laura FaxasAmbassador of the Dominican Republic to Austria and senior officials of the Background OPEC.
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This Agreement will stimulate the flow of capital towards the Dominican Republic since the state members of the Organization of countries Exporters of Petroleumwho will finance public sector projects and private sector activities in various areas, guaranteeing the conservation of the environment, respect for human rights and internationally recognized norms of corporate social responsibility, thus promoting the creation of employment and the development of capacities in the Dominican Republic.
This important instrument contemplates the promotion of investments and investment opportunities, in order to identify areas of potential collaboration from the high-income countries that make up the OPEC to the Dominican territory, under a protection scheme similar to that provided to other multilateral development financial institutions that operate in the country and with the establishment of a dispute settlement scheme that may arise.
In addition, the importance of promoting that the investments derived from the Agreement apply policies of sustainability and corporate social responsibility and that they promote the economic development of the Dominican Republic.
