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The agreement on cooperation in the field of investing activities

of December 24, 1993

The State Parties of this agreement which are hereinafter referred to as the Party

recognizing importance of deepening of mutually beneficial economic cooperation,

accepting attention common interests and benefits of the approved approaches in case of development and carrying out investment policy,

agreed as follows:

Article 1

The parties cooperate in development and implementation of investment policy for the business entities, and also the business entities of the states who are not participants of this agreement, and the international organizations for the purpose of ensuring mutual protection of interests of the Parties in this area.

Article 2

Investors of each Party in other states participating in this agreement (further - investors of the Parties), are:

the legal entities created according to the legislation of one of the Parties and competent to perform investments;

physical persons - citizens of the Parties and citizens of other states who are constantly living in their territory, and also stateless persons;

the State Parties of this agreement and state located within their territory and it is administrative - territorial educations on behalf of the legal entities and physical persons authorized by them according to the legislation of the Parties.

Article 3

Investments of the Parties are all types of property, financial, intellectual values put by investors of the Parties in objects entrepreneurial and other types of activity for the purpose of profit earning (income), achievement of social effect.

Article 4

Investors of the Parties perform investment in the territory of other Parties in the way:

creations of the companies which are completely belonging to investors of the Parties, and also branches of such companies;

equity in the companies created together with legal entities and physical persons in the place of investment;

acquisitions of the companies, buildings, constructions, shares in the companies, shares, shares, bonds, and also securities according to the national legal system;

other activities for implementation of investments which are not contradicting the legislation existing in the territory of the state in the place of investment.

The company with investments of the Parties can perform the any kinds of activities answering to the purposes provided in the charter of the company, except for prohibited by the legislation of the state in the place of investment.

Article 5

The parties authorize the relevant state bodies to hold consultations and exchange of information concerning investing activities in case of development of measures of state regulation of investment processes and the mechanism of their realization, and also consultation in other necessary cases.

Article 6

The relations connected with investments of the Parties are regulated by the relevant provisions of the legislation of the state in the place of investment established for investors of this state, this agreement and other agreements between his participants, and also international agreements in which the Parties participate. At the same time, during further enhancement of the legislation, the Parties will recognize that legal regime of investments of the Parties, and also activities of investors for their implementation cannot be less favorable, than the mode for investing activities of legal entities and physical persons of the state in the place of investment.

Article 7

The investments made by the investors specified in Article 2 of this agreement not of the territory of the Parties use complete and unconditional legal protection of the state in the place of investment, are not subject to nationalization and requisitions, except as in the exclusive, provided by the laws cases cannot be subjected. Decisions on nationalization and requisition are accepted according to the procedure, established by the legislation of the state in the place of investment. In such cases the state in the place of investment pays to investors of the Parties bystry, adequate and effective compensation. Decisions on satisfaction of claims of the investor in case of nationalization and requisition can be permitted by agreement of the parties or appealed in courts of the state in the place of investment.

Investors of the Parties have the right to indemnification, including lost profit, caused to them as a result of actions of the state bodies or officials contradicting the legislation of the state in the place of investment and also owing to inadequate implementation by such bodies or officials of stipulated by the legislation obligations in relation to investors of the Parties or the companies with these investments.

Article 8

Free transfer to the State Parties of this agreement, and also to other states of profit and other amounts received in connection with the investments performed by them including the amounts, stipulated in Article the 7th this agreement is guaranteed to investors of the Parties after payment of the corresponding taxes and fees.

Import and currency export of the Parties and currency of other states, payment documents, securities is regulated by the legislation on currency control of the state in the place of investment.

Deposits to authorized fund of the company with investments of the Parties are estimated under approval between participants, and in case of creation of the company which is completely belonging to the investor (investors) of gosudarstvauchastnik of this agreement, it independently.

If necessary justification of the made assessment is confirmed by the conclusion of the auditing organizations which received according to the legislation of the state in the place of investment permission to carrying out such assessment.

Article 9

The profits and other amounts specified in Article 8 of this agreement, received by investors of the Parties in any currency from sources in the territory of the state in the place of investment can be reinvested or be used in its territory in other purposes according to the legislation of this state.

Article 10

The parties will take measures for the purpose of rapprochement of the legislation concerning investing activities, including concerning procedure for creation of the companies with investments of the Parties and their forms of business, to the tax matters of employment relationships, territorial and industry restrictions for investment of investments, environmental and sanitary and hygienic assessment, accounting and the reporting of their activities.

If in case of change of the legislation of the Party of the investment concerning investments, or denouncing of this agreement of condition of activities of the companies which are earlier created by the Parties in the territory of this state worsen, then within the next 5 years the regulations operating at the time of registration of this company are applied.

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