“Amendments are being made to the Law on Investment Activity.”
A legal basis is being established for the acquisition by the state of strategically significant investments in order to prevent exceptional cases that contradict national interests. For this purpose, amendments are being made to the Law “On Investment Activity.”
Startup.az reports that this issue has been included in the agenda of the meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship held on February 10.
It was noted that currently investments can be taken from the investor by the state on two main grounds — for state needs and for requisition purposes (in cases of natural disasters, technological accidents, epidemics, and other extraordinary situations by decision of relevant state bodies in the interests of society). In both cases, the value of the investment is paid to the investor as compensation in accordance with Articles 13.3 and 13.4 of this Law.
The proposed amendment establishes a new ground for the acquisition of investments by the state. This is the acquisition of strategically significant investments by the state in order to prevent exceptional cases that harm the interests of the Azerbaijani state and people or contradict the national interests of the Republic of Azerbaijan.
Thus, the draft law creates a legal basis for the acquisition by the state of strategically significant investments in order to prevent exceptional cases that harm the interests of the Azerbaijani state and people or contradict the national interests of the Republic of Azerbaijan. For this purpose, the acquisition of investments may be carried out in the general manner — that is, by paying compensation to investors in exchange for the state acquisition of their investments.
It is also noted that for this purpose, the acquisition of strategically significant investments by the state may be carried out in accordance with the laws of the Republic of Azerbaijan.