The Government of Zimbabwe has ratified the bilateral investment promotion and protection agreement with the Republic of Korea.
In a statement, the Acting Secretary for Foreign Affairs and International Trade, Ambassador Lovemore Mazemo said the signing of the pact signals a new dawn for Zim-Korea economic relations.
“There is a new dawn in the relations between the Republic of Zimbabwe and the Republic of Korea as the Government of Zimbabwe ratified the Bilateral Investment Promotion and Protection Agreement (BIPPA) with the Government of the Republic of Korea on 28 November 2020.
“The Agreement entered into force on 7 April 2021. This milestone development is a clear demonstration of Zimbabwe’s commitment to the rule of law and respect for property rights,” he said.
Ambassador Mazemo said the ratification of the Agreement will afford investors from the two countries full protection and security of property rights through non-discriminatory treatment and compensation in case of expropriation or nationalisation.
The Agreement also paves the way for mutual flow of capital by intensifying the co-operation between private enterprises in both countries with the view of stimulating the productive use of resources, he said.
“The ratification of this Agreement therefore reaffirms Zimbabwe’s “open for business” thrust and amplifies the new dispensation’s engagement and re-engagement drive.
“Furthermore, the Government of the Republic of Zimbabwe reiterates its commitment in safeguarding foreign investment and honouring its commitment under this BIPPA and any other international agreement.”
The Republic of Korea and the Republic of Zimbabwe established their diplomatic relations in 1994 and the Korean government opened its embassy in Harare, Zimbabwe in 1995.