Amendments Made to the Law “On Investment Activity”
Amendments have been introduced to the Law “On Investment Activity” to establish a legal basis for the state acquisition of strategically important investments in exceptional cases that contradict national interests.
According to Startup.az, the issue was included in the agenda of the parliamentary session held on February 24.
It was noted that, under current legislation, investments can be acquired by the state from investors on two main grounds: for state needs and through requisition (in cases of natural disasters, technological accidents, epidemics, or other extraordinary situations, based on decisions of relevant state authorities in the public interest). In both cases, compensation is paid to the investor in accordance with Articles 13.3 and 13.4 of the law.
The proposed amendment introduces a new basis for state acquisition of investments. This applies to strategically important investments in exceptional circumstances where they may harm the interests of the Azerbaijani state and people or contradict national interests.
Thus, the draft law establishes a legal framework for the state to acquire such investments in order to prevent potential risks to national interests. As in other cases, compensation will be provided to investors for the acquired investments.
It was also noted that the acquisition of strategically important investments for this purpose will be carried out in accordance with the laws of the Republic of Azerbaijan.
The draft law has been approved in its third reading.