The Cabinet approved the opening of negotiations on a new draft agreement on the reciprocal promotion and protection of investments between the Government of Moldova and the Government of Italy, IPN reports.

The draft agreement was remitted to the Italian side given that the old agreement signed in the summer of 1997 expired. The new agreement defines the main principles designed to strengthen the investment relations, to extend them and to intensify the dialogue between the two states.

The agreement will take effect when the last written notification comes by diplomatic channels. This will be valid for a period of ten years and will be extended for another five years if the sides do not have objections.

In Moldova, there are about 1,400 enterprises with Italian capital that operate in the light and food industries, building and other sectors.