NATIONAL INVESTMENT BOARD NEGOTIATES BILATERAL INVESTMENT TREATY WITH HUNGARY

Sierra Leone, through its National Investment Board (NIB) and its Ministry of Foreign Affairs and International Cooperation (MFAIC), has had a maiden negotiation meeting with Hungary for a Bilateral Investment Treaty. The meeting was held from the 28^th -30^th of August 2023 in Budapest, Hungary.

The first round of negotiation on the Agreement was held in a constructive and friendly atmosphere which largely focused on inter alia the promotion and reciprocal protection of investment between the two Countries. The delegations thoroughly discussed all provisions of the twenty-one (21) Articles of the draft Agreement and provisionally reached a conclusion in principle with an understanding to continue active engagements for the preparation of the second round of negotiation. 

However, the Sierra Leone delegation requested to undertake an internal consultation to further evaluate the provisions of the Agreement and inform the Hungary delegation accordingly. 

In another development, in line with the mandate of NIB, the team from NIB engaged a few Investors in a bid to promote investment opportunities in Sierra Leone. Key among investors that showed interest in investing in Sierra Leone was Hunland Trade Kft, a leading Agribusiness company in Hungary.