TNAG-2826-FCO40-4079-Investment-Protection-and-Promotion-Agreements-(IPPA)-betwee-1993 — Page 81

PREAMBLE

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

A phrase

paragraph to define

later in the text.

was added to the first preambular

"Contracting

Parties" as referred to

ARTICLE 1

2.

Article 1 is

of the Hong Kong model.

substantively the same as Article 1

However, a few changes were made

at the request of the Italian side to reflect their

particular concerns, as follows:

(a)

the definition of "companies"

Italian

in respect of the

Republic (Article 1 (2) (b) of the

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

overseas investment is channelled.

It was

understood, however, that these terms are implicit

within the general definition adopted for Hong

Kong 'companies' and full reciprocity is thus

ensured;