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SINGAPORE: Singapore and North Korea signed an Investment Guarantee Agreement (IGA) on Tuesday.
Trade and Industry Minister Lim Hng Kiang signed the document with North Korea's Minister of Foreign Trade Ri Ryong-nam in Singapore.
Singapore's Ministry of Trade and Industry said the agreement will promote bilateral investment flow by protecting investors and their investments.
Under the IGA, investors will be accorded non-discriminatory treatment and will be compensated if their investments are expropriated or nationalised.
It also promises free transfer of capital and returns from investment.
The two ministers also witnessed the signing of a Memorandum of Understanding between the Singapore Business Federation and the North Korean Chamber of Commerce.
Mr Ri, who is on an official visit to Singapore from November 30 to December 2, also called on Senior Minister Goh Chok Tong and Foreign Affairs Minister George Yeo. - CNA/vm
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