TNAG-2826-FCO40-4079-Investment-Protection-and-Promotion-Agreements-(IPPA)-betwee-1993 — Page 162

CONFIDENTIAL

Annex B

Agreement

between the Government of Hong Kong and

the Government of the Italian Republic for the Promotion and Protection of Investments

Article-by-Article Comparison between the

Initialled Text and the Text of

the Hong Kong Model Agreement

PREAMBLE

paragraph

A phrase

to

define

was added to

"Contracting

first the

preambular

Parties" as referred to

later in the text.

ARTICLE 1

2.

Article 1 18

substantively the same as Article 1

of the Hong Kong model.

at the request of the Italian side to

particular concerns, as follows:

However, a few changes were made

(a) the definition of "companies"

Italian

reflect

their

in respect of the

Republic (Article

the 1 (2) (b) of

initialled text and Article 1(b) (ii) of the Hong Kong model text) was elaborated to refer expressly to "foundations" and "public institutions" which, under Italian laws, would cover companies which are publicly funded through which much of Italian

channelled.

overseas

investment

is

It

was

understood, however, that these terms are implicit

within the general definition adopted for Hong

Kong

'companies'

ensured;

and full

3

CONFIDENTIAL

reciprocity

is

thus