Kuwait’s Finance Minister Mustafa Jassem Al-Shimali signed here yesterday with Luxembourgs Minister of Treasury and Budget Luc Friedan a convention on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital which would promote the bilateral economic relations between the two countries.

The signing ceremony was attended by several Kuwaiti and Luxembourgian officials, including the Kuwaiti Ambassador to Belgium and the EU Nabila Al-Mulla, the assistant undersecretary for financial and taxation affairs at the Kuwait’s Ministry of Finance Fawzi Al-Qassar.

In a speech he addressed during the ceremony, Al-Shimali said that the signing of the convention “will open the door towards more bilateral conventions such as the Promotion and Protection of Investments Convention which would create and complete the legal protective frame for investments and investors of both countries.

He stressed the importance of working “very hard” for the Convention to enter into force “so the time and efforts of negotiators who succeeded in just one round of negotiations to conclude this Convention would not be wasted.”