MANILA — President Gloria Macapagal-Arroyo and Lao Peoples Democratic Republic Prime Minister Bouasone Bouphavanh witnessed today the signing of an agreement on the promotion and protection of investments to create favorable conditions for investments by nationals of both countries based on sovereign equality and mutual benefit.
The signing ceremony took place early this evening at Malaca?angs Reception Hall following the expanded bilateral meeting of the two leaders.
Signing the agreement were Trade and Industry Secretary Peter Favila for the Philippines and Soulivong Daravong, president of the Planning and Investment Committee of Lao PDR.
The bilateral agreement, a milestone in the more than 50 years of friendly relations between the Philippines and Laos, provides for conditions conducive to investments, and accords fair and equitable treatment of nationals of both countries in the field of investment.
The agreement also contains provisions on expropriation, compensation for losses, fund transfers, subrogation, and dispute settlement, among others.
At the start of their expanded bilateral meeting, the President said Prime Minister Bouasones visit here would advance bilateral relations and promote shared interests “in terms of social justice, economic development, and common security.”
“Your Excellencys visit will surely advance our bilateral relations,” the President said.
Prime Minister Bouasone, who is in Manila on a three-day official trip, arrived at 5 p.m. in Malaca?ang and was accorded arrival honors as a visiting head of state.
After the signing ceremony, the President hosted an official banquet in honor of the visiting Lao Prime Minister at the State Dining Hall of Malaca?ang.
