Kazakhstan’s Mazhilis Approves Investment Protection Agreement with Turkmenistan

Astana, The Gulf Observer: Kazakhstan’s lower house of parliament, the Mazhilis, has approved a draft law ratifying the bilateral agreement between the governments of Kazakhstan and Turkmenistan on the mutual promotion and protection of investments, the Embassy of Kazakhstan in Turkmenistan announced.

The agreement, initially signed on October 10, 2024, in Ashgabat, seeks to establish a favorable and secure environment for foreign direct investment, thereby strengthening economic cooperation and promoting sustainable growth in both countries.

Under the terms of the agreement, investors from Kazakhstan and Turkmenistan will benefit from fair and equitable treatment, full protection, and security for their investments within each other’s territories. The accord stipulates that each party will provide treatment to investors from the other party no less favorable than that accorded to its own nationals in matters related to the management, maintenance, use, or disposal of their investments.

The agreement also outlines procedures for the resolution of investment disputes. In the event of an alleged breach of obligations, the parties involved are encouraged to seek amicable settlement. If such efforts fail, the investor may choose to submit the dispute to a competent court in the host country or to recognized international arbitration institutions.

This ratification marks a significant step toward deepening economic relations between Kazakhstan and Turkmenistan and demonstrates both nations’ commitment to fostering a secure and attractive investment climate.