Council of the Republic supported agreement between Belarus and Zimbabwe on promotion and mutual protection of investments

The senators approved the draft Law of the Republic of Belarus On Ratification of the Agreement between the Republic of Belarus and the Republic of Zimbabwe on the Promotion and Mutual Protection of Investments. This decision was made by the members of the Council of the Republic of the National Assembly of the seventh convocation at the meeting of the tenth session on June 30th.

The Agreement between the Republic of Belarus and the Republic of Zimbabwe on the Promotion and Mutual Protection of Investments (hereinafter referred to as the Agreement) was signed in Harare on January 31st, 2023. The provisions of the document create the legal basis for bilateral relations in the field of investment co-operation, enabling to provide guarantees for the protection of investments, as well as to use the existing mechanisms to protect Belarusian investors in Zimbabwe.

Investors on the territory of another state are provided with guarantees of state encouragement and the creation of favourable conditions for investment, protection against expropriation of property, guarantees for damages, and the possibility of applying to an international arbitration court to protect their rights.

Each contracting party shall accord to investors of the other contracting party and their investments treatment no less favourable than that which it grants in similar circumstances to its own investors and their investments in respect of the creation, acquisition, expansion, management, use and disposal of investments in its territory.

The ratification of the agreement establishes the necessary legal grounds for the implementation of the plans of the Republic of Belarus and the Republic of Zimbabwe to develop and expand areas and forms of economic co-operation, and attract additional financial resources to the economy of our state.