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Korea-Zimbabwe Bilateral Investment Treaty (BIT) Enters into Force

  • Date : 2021-04-06 18:14:16
  • Hit : 650

1. The Agreement between the government of the Republic of Korea and the government of the Republic of Zimbabwe for the Promotion and Protection of Investments will officially enter into force on April 7, 2021 (Wed).

※ On March 8, 2021, domestic procedures of both Korea and Zimbabwe were completed, and the Agreement will officially enter into force 30 days later.

2. With the entry into force of the Korea-Zimbabwe Bilateral Investment Treaty (BIT), Korean companies entering Zimbabwe will be treated equally with Zimbabwean citizens for their investment activities, and if their investment is expropriated, they will receive prompt and sufficient compensation from the Zimbabwean government. Korean companies are guaranteed free transfer of investment assets and profits.

※ Korea-Zimbabwe economic relations

 o Bilateral Trade Volume : $26.89 million('20, Korea International Trade Association)

 o ROK’s Investments in Zimbabwe : $4.08 million(accumulated amount '09-'20, Export-Import Bank of Korea)

3. With the entry into force of this agreement, the institutional foundation for investment promotion and protection has been laid, and people-to-people and material exchanges between the two countries are expected to further expand in the future.