Canada and Burkina Faso have signed a foreign investment promotion and protection agreement (FIPA) to protect Canadian businesses and provide new investment opportunities.

Ed Fast, Canada’s Minister of International Trade, said: "Burkina Faso holds many opportunities for Canadian companies, especially in sectors such as mining, industrial machinery and equipment."

"An investment agreement will provide Canadian companies with more stability and predictability in this market," he added.

Canada is the largest foreign investor in Burkina Faso.

In 2014, two-way merchandise trade between Canada and Burkina Faso exceeded $75m, an increase of 50% from the previous year.

Canada’s Global Markets Action Plan, the government’s blueprint for jobs and economic growth through trade, identifies Burkina Faso as an emerging market with investment opportunities.

FIPAs help ensure fair treatment for investors and create a more predictable and transparent business environment through reciprocal, legally binding provisions.

FIPAs set out clear rules governing investment relations, including in the areas of dispute resolution and protection against discriminatory and arbitrary practices, giving businesses greater confidence to invest.

In Africa, Canada has FIPAs in force with Benin, Egypt and Tanzania, and signed agreements with Cameroon, Côte d'Ivoire, Mali, Nigeria and Senegal.

Canada is currently engaged in FIPA negotiations with Ghana, Kenya and Tunisia.

Sector-focused trade missions are part of the Government of Canada’s pro-trade plan to support Canadian businesses, especially SMEs, seeking to explore opportunities and penetrate new markets for their products and services.

“Our government is continuing to deliver results in order to boost investments—creating jobs, economic growth and long-term prosperity for all Canadians,” said Fast.

The Agreement was signed by Canada’s Minister of International Trade and Burkina Faso’s Minister of Industry, Commerce and Handicrafts, Hippolyte Dah.