National Assembly of Armenia committee approves bill on equal conditions for local and foreign investors

YEREVAN, April 8. /ARKA/. At a meeting on Wednesday, the Standing Committee on Economic Affairs of the National Assembly of Armenia approved the draft law "On Investments," which had been discussed in the first reading.

Deputy Minister of Economy Lilia Sirakanyan stated that the document aims to establish the legal basis for investment activity in accordance with modern requirements for both local and foreign investors.

"Currently, the Law on Foreign Investments, adopted in 1994, is in effect, but it does not fully regulate the investment process in accordance with modern requirements," Sirakanyan noted.

According to her, the provisions of the bill will apply not only to foreign but also to local investors, since the current law regulates legal relations only in the area of ​​foreign investment.

"The bill provides guarantees for the protection of investors and investments, as well as transparency and stability in the legal investment environment," the deputy minister added.

As Sirekanyan previously stated, one of the key features of the bill is the enshrinement of the principle of non-discrimination.

Specifically, it proposes granting foreign investors national treatment, under which they will have equal rights, freedoms, and obligations with local investors, as well as most-favored-nation treatment.

According to her, the bill also provides guarantees of legal and physical security, the free movement and conversion of capital and property, dispute resolution mechanisms, and access to justice.-0-