Macedonia inked an agreement to avoid double taxation and to protect investments with the State of Kuwait. The document was signed Tuesday in Skopje by Vice PM and Finance Minister Zoran Stavreski and Kuwait's ambassador Abdullah Abdulaziz Al-Duwaikh.

The agreement represents a door for investors from the two countries and an opportunity for strengthening the cooperation between Macedonia and Kuwait, according to them.

Stavreski said it was an opportunity for markets in the Arab world to opened and an increasing investments from Kuwait to be launched in Macedonia. Investments and cooperation can be established in the field of real estate, tourism, agro-business, export of water and realization of other infrastructural projects within Kuwait's five-year plan in amount of over $135 billion.

Ambassador Abdullah Abdulaziz Al-Duwaikh stated that in addition to the agreement defining a legal framework for investors in both countries, an additional incentive for enhancing the bilateral cooperation was an upcoming visit by Kuwait's PM to Macedonia.

"Macedonia is offering many opportunities and Kuwait will endorse the development through investments in tourism, banking sector and other areas. We will encourage both the government and the private sector to invest in Macedonia," the ambassador stated after signing the agreement.