The aim of the project is to establish simple, transparent and predictable legal bases adapted to the modern requirements of investment relations to ensure the protection of investors’ rights, the freedom and promotion of investments, both for local and foreign investors. This was stated by RA Deputy Minister of Economy Lilya Sirakanyan, presenting the draft law “On Investments” for consideration in the first reading at the regular session of the NA Standing Committee on Economic Affairs on April 8.
It was noted that with the adoption of the project, a clear and predictable investment legal environment will be formed, which will enable Armenia to increase its international investment rating and competitiveness, investment attractiveness and promote stable and inclusive economic growth.
According to the information of the Deputy Minister, the “Foreign Investments” law, which was adopted in 1994, is currently in force, but it does not provide a complete regulation of the investment process that meets modern requirements. According to the reporter, the regulations defined by the draft will be extended not only to foreign, but also to local investors and investments.
The law will regulate the legal bases of investments in the Republic of Armenia, the freedoms and guarantees applied to investors and their investments, the rights of investors and the structures for the protection of those rights, the responsibilities of investors, the legal bases of investment incentives – privileges, the principles and administration of provision. The institutional framework of the investment policy will also be regulated.
Babken Tunyan, deputy chairman of the commission, informed that the draft law was discussed for a long time, a working discussion took place with the participation of interested businessmen.
It was noted that after the adoption of the project, the current law “On Foreign Investments” will be declared invalid.
The project was approved by the commission. It is planned to be included in the draft agenda of the upcoming regular sessions of the National Assembly.
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