Belarus ratifies IPPA with Azerbaijan

Business Materials 27 April 2011 20:47 (UTC +04:00)

Azerbaijan, Baku, April 27 /Trend/
The House of Representatives of Belarus' National Assembly ratified an intergovernmental investment protection and promotion agreement with Azerbaijan at today's session, BELTA news agency reported.

"Dynamically developing economy of Azerbaijan is of considerable interest for Belarus. Once the agreement comes into force it will create an effective legal framework of bilateral relations in the field of investments and strengthen the mutual security of investments," said Deputy Foreign Minister Igor Petrishenko as he presented a draft law to ratify the agreement.
Speaking about today's volume of mutual investments, Igor Petrishenko said that the figure is not that big yet - about $1.5 million (some $280,000 worth of capital investment plus $1.245 million of loans and credits). But there are good prospects to boost the volume of investments. For instance, the Azerbaijan-based joint assembling company produced 2,000 tractors and 1,000 MAZ trucks last year.

According to the Belarusian Foreign Ministry, Azerbaijan has already completed all the necessary domestic procedures for the agreement to come into force.