Switzerland has concluded an agreement with Syria on the promotion and mutual protection of investments. The agreement was signed in Damascus on 9 May 2007 by Swiss State Secretary Jean-Daniel Gerber and Amer Lutfi, the minister of economy and trade of the Syrian Arab Republic. The investment protection agreement is intended to improve the legal status of investors from Switzerland and Syria and create a more favourable climate for investment. The most important provisions concern the treatment of foreign investment by the host country, the transfer of capital and revenues, compensation in the event of expropriation and the settlement of disputes. The agreement replaces one of a similar kind dating from 1977, which no longer meets today's requirements, particularly in terms of access to international arbitration. The new agreement forms part of Syria's ongoing efforts to make the country more attractive to foreign investment. For Switzerland, the agreement is an extension of the existing network of bilateral investment promotion agreements which covers around 120 countries.