In exceptional cases that are contrary to national interests, strategic investments will be purchased by the state, APA reports.
This is reflected in proposed amendments to the Law “On Investment Activity,” which were put up for discussion at today’s meeting of the Milli Majlis (Azerbaijani Parliament).Currently, investments may be acquired by the state from investors on two main grounds: for state needs and for requisition purposes (for the benefit of society, by decision of the relevant state authorities, in cases of natural disasters, technological accidents, epidemics, and other situations of an emergency nature). In both cases, the value of the investment is paid to the investor through 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 state's acquisition of investments of strategic importance in order to prevent exceptional circumstances 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 the legal basis for the state acquisition of strategically important investments to prevent exceptional circumstances that harm the interests of the Azerbaijani state and people or contradict the national interests of the Republic of Azerbaijan. For the mentioned purpose, the acquisition of investments may be carried out in the general manner, that is, through the payment of compensation to investors in exchange for the acquisition of investments by the state.
Following discussions, the draft law was put to a vote and adopted on third reading.
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