WASHINGTON, DC, February 05, 2012
/24-7PressRelease/ -- Nicaragua and Russia signed a Bilateral Investment Treaty (BIT) on Thursday, January 26th, with the purpose of promoting and protecting investments between both countries. This agreement is an important step in the strengthening of commercial and economic ties between the countries, which will boost its economies by increasing and diversifying its trade and investment opportunities.
A high-level inter-institutional delegation of the Government of Nicaragua traveled to Russia from January 23rd to the 27th, to conclude arrangements for cooperation initiatives and seek opportunities to further develop economic relations between both countries as well as to foster investment in sectors such as tourism, agribusiness, infrastructure and telecommunications. The delegation was led by Orlando Solorzano, the Minister of Development, Industry and Trade (MIFIC, for its acronym in Spanish), as well as other government officials, representatives of PRONicaragua, the official investment promotion agency, and the private sector.
The Nicaraguan mission presented a portfolio of 21 investment projects valued at approximately US$600 million, aimed at increasing productive capacity and adding value to products exported by Nicaragua.
During the mission to Russia, its National Committee for Economic Cooperation with Latin American countries (CN CEPLA, for its acronym in Spanish), represented by its General Manager, Mr. Dmitri Paniushkin, signed a collaboration agreement of mutual benefit with PRONicaragua, with the objective of promoting Nicaragua among its members so as to generate investment and trade opportunities. PRONicaragua also organized a cocktail in the Nicaraguan embassy in Russia, where approximately 25 companies interested in business opportunities in Nicaragua attended.
Although Russian investments in Nicaragua during 2010 reached US$10 million, concentrated mainly in the telecommunications and agribusiness sectors, there is still a great potential to continue attracting investment from this country. For 2011, it is estimated that Russia will be among the top ten countries of origin of foreign investment in Nicaragua. Some of Nicaragua's advantages as an investment destination include a solid legal framework, attractive investment incentives, a competitive cost structure, preferential access to the world's most important markets, high levels of personal safety and the availability of qualified human resources.
PRONicaragua is the Nicaraguan Investment Promotion Agency, established in 2002. It is a non-profit, public-private institution whose mission is to generate economic growth and job creation in Nicaragua by attracting high-quality foreign direct investment. The agency provides complimentary support services to qualified investors seeking investment opportunities in our country. For further information, please contact us at (505) 2270-6400 or
http://pronicaragua.org.
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Press Release Keywords:- nicaragua, pronicaragua, investment, trade, bit, agreement, russia, moscow, bilateral investment treaty, tourism, agribusiness, infrastructure, telecommunications
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