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Middle East and North Africa: Foreign Investment

Question for Foreign and Commonwealth Office

UIN HL1186, tabled on 7 July 2015

To ask Her Majesty’s Government what discussions, if any, they are having with the governments of Lebanon, Jordan and Tunisia about increasing the flow of inward investment to those countries, and in particular about the possible positive influence of investment guarantees and assurances about the repatriation of profits.

Answered on

15 July 2015

We have regular discussions with all three countries over the importance of increasing inward investment into their economies, and strengthening the business environment. In Lebanon, the UK funded ‘Tech Hub’ is helping to attract greater investment in the knowledge and technology sector. In Jordan, we are working with the government, the World Bank and the International Monetary Fund on a range of projects to help improve the business environment. The Parliamentary Under-Secretary of State for Foreign and Commonwealth Affairs, my hon. Friend the Member for Bournemouth East (Mr Ellwood), raised the importance of creating the right conditions for foreign investment in Tunisia during his visit in May. The Tunisian government is currently drafting a new investment code, and the Investment Promotion and Protection Agreement signed between our two countries in 1989 remains in force.

Lebanon, Tunisia, and Jordan all provide assurances about repatriation of profits.