Cape Town - Government representatives from Burkina Faso and Canada recently signed an agreement governing investment relations in the African state.
“Burkina Faso holds many opportunities for Canadian companies, especially in sectors such as mining, industrial machinery, and equipment,” said Canada’s minister of international trade, Ed Fast, on Monday.
“An investment agreement will provide Canadian companies with more stability and predictability in this market.”
Fast and his Burkina Faso counterpart - Minister of Industry and Commerce Hippolyte Dah - signed the foreign investment promotion and protection agreement (FIPA), which would protect Canadian investments in the African state and allow for further growth.
With the agreement signed, both countries would begin ratification processes.
Canada, Burkina Faso’s largest foreign investor, has FIPAs with 28 other countries, setting out clear rules for investment relations, “giving businesses greater confidence to invest”.
Canada’s Global Markets Action Plan identified Burkina Faso as “an emerging market with specific opportunities for Canadian business in sectors such as mining and industrial machinery and equipment”.
ANA