The Trade & Industry Department announced today that the Investment Promotion & Protection Agreement (IPPA) signed between Hong Kong and Türkiye will enter into force on February 4.

Secretary for Commerce & Economic Development Algernon Yau said the IPPA will enhance investor confidence and expand investment flows between Hong Kong and Türkiye by providing additional assurance for investment protection, which will benefit the economic development of both places.

Under the IPPA, both governments commit to providing investors from the other side with fair, equitable and non-discriminatory treatment, compensation for expropriated investments, and the right to freely transfer investments and returns abroad.

The agreement also provides for the settlement of investment disputes under internationally accepted rules, including arbitration.

Mr Yau said the Government is dedicated to expanding Hong Kong's global economic and trade networks. It has been actively seeking to sign IPPAs or free trade agreements with emerging markets including potential partners in the Middle East and other regions under the Belt & Road Initiative.

“We have largely concluded the IPPA negotiations with Qatar, and good progress has been made for the one with Peru. Meanwhile, we are exploring the signing of IPPAs with Bangladesh, Egypt and Saudi Arabia," he added.

Hong Kong has so far signed 24 IPPAs with 33 foreign economies.