Armenia proposes new investment law

PanARMENIAN.Net - The Armenian government has introduced a new draft law on investments, granting equal rights and freedoms to both foreign and local investors. The bill was presented in the National Assembly in its first reading by Economy Minister Gevorg Papoyan.

According to 1lurer.am, the current law on foreign investments, adopted in 1994, no longer meets modern requirements, which led to the development of the new legislative proposal.

The minister noted that Armenia has not previously had a comprehensive investment law, and this draft is being introduced for the first time as a key reform within investment policy.

“One of the key features of the draft is that its regulations will apply not only to foreign investors and investments but also to local ones, whereas the existing law on foreign investments applies only to foreign investors and does not regulate relations involving local investors,” he said.

The draft defines the legal foundations of investments, the rights and obligations of investors, applicable guarantees and protection mechanisms, as well as the principles for providing investment incentives and administrative regulations.

“The draft excludes discrimination through two well-known components: the national treatment regime, under which foreign investors have equal rights, freedoms, and obligations as local investors, and the most-favored-nation regime, under which all foreign investors in Armenia enjoy equal rights under similar conditions. This means a foreign investor can expect the same favorable treatment granted to any other foreign investor in Armenia,” he noted, adding that certain exceptions are предусмотрены in sectors regulated by international agreements.