Kazakhstan’s lower house of parliament, the Mazhilis, has approved a draft law ratifying an agreement between the governments of Kazakhstan and Turkmenistan on the mutual promotion and protection of investments, according to the Embassy of Kazakhstan in Turkmenistan.
The agreement, signed on October 10, 2024, in Ashgabat, aims to foster a favorable investment climate, encourage the inflow of foreign direct investment, and enhance the economic well-being of both nations.
Under the agreement, investments made by investors from either country will be granted fair and equitable treatment, full protection, and security within the territory of the other country.
Each party pledges to provide investors from the other country treatment no less favorable than it gives its own investors regarding the management, maintenance, use or disposal of their investments.
Any dispute between investors of the two parties regarding an alleged breach of obligation should, wherever possible, be resolved amicably. If an amicable settlement cannot be reached, the concerned investor may, at their discretion, submit the dispute to a competent court in the country where the investment was made or to other international arbitration institutions.
