Iran and Tanzania conclude Agreement on Mutual Promotion and Protection of Investments
Nourlaw.com- Tehran- 3 January 2017- Iran and the United Republic of Tanzania has agreed to promote and protect mutual investments in their territories, the Official Gazette reported today.
In the Law of Agreement on Mutual Promotion and Protection of Investment between the Government of the Islamic Republic of Iran and the Government of the United Republic of Tanzania, approved on 24 Aban 1395 (14 November 2016) , the contacting parties have stated that the goals for signing the agreement are to consolidate economic cooperation in the best interests of both states, utilization of the economic resources and potential possibilities in the area of investment and laying the ground and safeguarding the proper conditions for investment of the nationals of the contracting parties in their territories and promoting and protecting their ventures.
The 16-article accord contains the following subjects: Definitions; Promotion and Protection of Investment; Admission of Investment; National Conduct and Most Favored Nation Status Respecting Investment; Confiscation and Compensation of Damages and Losses; Repatriation and Transfer of Capital; Substitution; Sanitary Safety and Environment Measures; Corporate Social Responsibility; Observance of Liabilities; Applicability of the Scope of the Agreement; Settlement of Disputes between Investors and the Governments; Enforcement; Duration and Termination.