Kazakhstan, UAE bolster investment cooperation

By Trend

Members of the Senate of the Parliament of Kazakhstan ratified the treaty on investment protection with the United Arab Emirates, Trend reports, citing Kazakh media.

The agreement provides for the creation of a legal framework for cooperation by guaranteeing the rights of investors in their investment activities.

According to the agreement, investments of a side cannot be nationalized, expropriated, or requisitioned on the territory of the other side, with exceptions being the measures taken for public purposes, in a non-discriminatory manner, in accordance with due process of law, with adequate, prompt and effective compensation.

The agreement is concluded for 10 years, with an optional extension for additional 10-year periods. The sides can terminate the Agreement by notifying in writing the other party 1 year before the end of a 10-year period.