AGREEMENT BETWEEN THE INDUSTRIAL DEVELOPMENT & INVESTMENT CENTER IN TAIPEI AND THE ECONOMIC DEVELOPMENT BOARD IN SINGAPORE ON THE PROMOTION & PROTECTION OF INVESTIMENTS (AD.1990.4.9)-1

1 The Industrial DeveIopment and Investment Center (IDIC) in Ta- ipei and the Economic Development Board (EDB) in Singapore (e- ach hereinafter referred to as a’Contracting Party’) ;2 DESIRING to create favourable conditions for greater economic dooperation and investments based on the principles of equali- ty and mutual benefit;3 RECOGNISING that the encouragement and reciprocal protection of such investments will be conducive to stimulating business initiative and increasing prosperity;HAVE AGREED AS FOLLOWS :ARTICLE 1DEFINITIONSFor the purposes of this Agreement :”relevant places” means the places of operation designated by t-he IDIC and EDB;”resident” means in respect of any relevant place, a person whois a resident of that relevant place ;”company” means in respect of any relevant place, a company orother juridical person properly incorporated or constituted inthat relevant place ;”investment” means every kind of asset legally permitted by therelevant places including, but not limited to, any :(a) movable and immovable property ; (b) title to money or to any contract having an economic value ; and(c) intellectual property rights ; “returns” means capital gains , earnings, interests, dividends, royalties or any other mo- netary returns yielded by an investment ;”inconvertibility” means a situation where residents and / or c-ompanies are unable to convert into foreign exchange remittancesand repatriate their original investment or returns within sixtydays due to foreign exchange control, prevention or restrictionby the relevant authorities of the relevant places or an agencyor instrumentality thereof; or residents and/or companies sufferdamages in repatriating their original investment or returns dueto discriminatory exchange rates imposed by the relevant author-ities of the relevant places or an agency or instrumentality th-ereof.”expropriation” means compulsory acquisition or confiscation ofinvestments of residents and/or companies or taking of propertyby the relevant authorities of the relevant places without prop-er compensation which cauese residents and / or companies to su-ffer damages therefrom, or arbitrary seizure of any property bythe relevant authorities of the relevant palces or an agency orinstrumentality thereof,or any action by the relevant authoriti-es of the relevant places or an agency or instrumentality there-of that deprives residents and/or companies of any rights in orin connection with their investments.ARTICLE 2APPLICABILITY OF THIS AGREEMENT1 This Agreement shall only apply to investments in either rele- vant place made by residents and companies of the other relev- ant place which are approved by the Contracting Party or any agency, institution, statutory body or corporation designated by it as the case may be, and upon such conditions, if any, as it shall deem fit.2 This Article shall apply to all investments made in the relev- ant places before or after the coming into force of this Agre- ement.ARTICLE 3PROMOTION AND PROTECITON OF INVESTMENT1 The IDIC and EDB shall encourage and create favourable condit- ions for residents and companies to make investments in the r- elevant places that are in accordance with their respective g- eneral economic policies.2 Investments approved under Article 2 shall be accorded fair a- nd equitable treatment and protection in accordance with this Agreement.ARTICLE 4PROVISION FOR NON-DISCRIMINATIONSubject to Articles 5 and 6, neither Contracting Party shall su-bject investments approved in accordance with the provisions ofArtcle 2 to treatment less favourable than that which it accordsto investments or returns of residents and companies elsewhereother than the relevant places (hereinafter referred to as ‘oth-er foreign residents or companies’).ARTICLE 5EXCEPTIONS 1 The provisions of this Agreement relating to the grant of tre- atment not less favourable than that accorded to other foreign residents and companies shall not be construed so as to oblige the IDIC and EDB to extend to residents and companies in the relevant places the benefit of any treatment, preference or p- rivilege resulting from any regional or multilateral arrangem- ents.2 The provisions of this Agreement shall not apply to matters of taxation in the relevant places.ARTICLE 6EXPROPRIATONWhere any measure of expropriation is taken against the investm-ents of residents and companies approved under Article 2, the m-easures shall be taken for lawful purpose, on non–discriminato-ry basis, and against compensation which shall be effectively r-ealisable and shall be made without unreasonable delay, Such co-mpensation shall be the value immediately before the expropriat-ion. The compensation shall be freely convertible and transfera-ble.ARTICLE 7COMPENSATION FOR LOSSESWhere investments of residents and companies approved under Art-icle 2 suffer losses owing to war, armed conflict, emergency, r-evolt, insurrection or riot, they shall be accorded treatment,as regards restitution, indemnification, compensation or othersettlements, on terms no less favourable than that which the re-levant palce accords to other foreign residents or companies.ARTICLE 8REPATRIATION 1 Residents and companies of either relevant place shall be acc- orded free transfer on a non-discriminatory basis, of their c- apital, earnings, and returns from any investments and assets in the other relevant place.2 In the event of the occurrence of inconvertibility in either relevant place, residents and / or companies of the other rel- evant palce may invoke the convertibility rights and transfer their blocked local currencies to the account of the Contr- acting Party or any other account designated by the Contrac- ting Party in the other relevant place and request the said Contracting Party or an agency or instrumentality thereof to compensate the damages resulting therefrom. The said Contra- cting Party may then present those local currencies to the other Contracting Party for remittance in the form of a con- vertible foreign currency as compensation.ARTICLE 9SUBROGATION 1 In the event that either the IDIC or EDB (or any agency, inst- itution, statutory body or corporation designated by it) as a result of an indemnity it has given in respect of an investme- nt or any part thereof makes payment to residents and compani- es in the relevant places in respect of any of their claims u- nder this Agreement, the IDIC or EDB acknowledges that the EDB or IDIC (or any agency, institution, statutory body or corpor- ation designated by it) is entitled by virtue of subrogation to exercise the rights and assert the claims of the residents and companies of the relevant palces respectively. The subrog- ated right or claim shall not be greater than the original ri- ght or claim of the said investor.2 Any payment made by the IDIC and EDB (or any agency, institut- ion, statutory body or corporation designated by it) shall not affect the right of such residents and companies to make their claims against the IDIC and EDB respectively in accordance wi- th Article 10.ARTICLE 10INVESTMENT DISPUTES Any dispute : (a) between a resident or company and the IDIC or EDB in connec- tion with an investment approved under Article2; or(b) between the Contracting Parties concerning the interpretati- on or application of this Agreement; shall as far as possib- le, be settled amicably through negotiations between the pa- rties to the dispute, and failing which shall be referred to arbitration on such terms and conditions as the parties may agree.ARTICLE 11ENTRY INTO FORCE, DURATION AND TERMINATION1 This agreement shall enter into force on the date of signature . It shall remain in force for a period of ten years and shall continue in force thereafter unless, after the expiry of the initial period of nine years, either Contracting Party notifi- es in writing the other Contracting Party of its intention to terminate this Agreement. The notice of termination shall bec- ome effective one year after it has been received by the other Contracting Party.2 In respect ofinvestments made prior to the date when the noti- ce of termination of this Agreement be. comes effective, the provisions of Articles 1 to 10 shall remain in force for a fu- rther period of ten years from that date.IN WITNESS WHEREOF the undersigned representatives, duly author-ised thereto by the Industrial Development & Investment Centerand the Economic Development Board have signed the Agreement.Done in Taipei on 9th April. 1990 [Signed]John C.I.Ni For Industrial Development & Investment Center in Taipei[Signed] Tan Chin Nam For Economic Development Board in Singapore