Armenia, UAE intensify investment ties
YEREVAN, OCTOBER 4, ARMENPRESS. The governments of Armenia and the United Arab Emirates plan to develop the bilateral economic ties through the promotion of mutual investments, reports Armenpress.
The Armenian Parliament discusses the bill on ‘Ratifying the agreement on promotion and mutual protection of investments between the Armenian and UAE governments’.
Hovhannes Azizyan – deputy minister of economic development and investments, said the agreement has been signed on July 22, 2016 in Yerevan. “The agreement aims at developing the mutually beneficial economic partnership between the two countries to create favorable conditions for investments, promoting the inflow of private capital, creating stable base for investments and effectively utilizing the economic resources”, the deputy minister said.
According to the agreement both sides assume commitments. In particular, the sides are obliged to create favorable conditions for the other side in their territories aimed at making investments, present information on the opportunities of making investments by ensuring complete protection of investments and revenues, as well as not to hinder the investors with a discriminatory attitude.
He added that the agreement defines that fair and equal regime should be ensured towards the investments or revenues of the sides.
The deputy minister said the ratification of the agreement will enable to intensify the investment ties between the two countries. In particular, as an important direction of investments for Armenia the following fields are fixed – reprocessing industry, agriculture, tourism, taking into account the UAE’s experience and interest in these fields, as well as Armenia’s opportunities.