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Preamble

Agreement on Reciprocal Promotion and Protection of Investments

between the Government of the Republic of Georgia

and the Government of the Islamic Republic of Iran

The Government of the Republic of Georgia and the Govemment of the Islamic Republic of Iran, hereinafter refelTed to as the "Contracting Parties";

Desiring to intensify economic cooperation to the mutual benefit of both States;

Intending to create and maintain favourable conditions . for investments by . investors of one Contrac . :.arty in the telTitOlY of the other Contracting· Party;

R .. J) d' fl . f ccogrusmg romote an protect lllvestrnents 0 tIe mvestors 0 one Contracting Party in the tenitolY of the other Contracting Party;

Have agreed as follows:

F or the purpose of tlus Agreement:

Article 1 Definitions

1. The term "investment'.' shall ~clude evelY kind of assets and particularly:

a) movable and immovable property as well as lights related thereto, such as mOligages, liens, pledges or usufructs; b) shares or any kind of participation in companies; c) right to claim money or to any peliormance having an economic value; d) copyrights, industrial property rights such as patent, utility models, industrial designs, trade or service marks, trade names, know how and goodwill; e) rights to search for, extract or exploit natural resources as well as other business rights, given by law, by contract or by decision of the authority in accordance with law. .

2

2. The tetm "investor" refers with regard to either Contracting Pru1y to: (a) natural persons who according to the laws of that Contracting Pru1y, are considered to be its nationals;

(b) legal entities which ru'e established under the laws of that Contracting Pru1y and have their seat together with their real economic activities in the territory of that Contracting Pruty;

who, invest in the telTitoIY of the other Contracting Pruty.

3. The tetID "returns" means the amounts legal1y yielded by an investment and in pruticulru', though not exclusively, includes profit, interest, capital gains, dividends, royalties and fees.

4. The telm "territory" means the telTitOlY of each Contracting Party, including the maritime areas adjacent to the coast of the State concemed as well as continental shelf and the exclusive economic zones, to the extent to which that State may exercise sovereign rights or jurisdiction in those ru'eas according to international law.

Article 2 Promotion of Investments

1. Either Contracting Pruty shall encourage and create favourable conditions for its natural and jwidical persons to invest in the tenitOlY of the other Contracting Party.

2. Either Contracting Pruty shall encomage and create favourable conditions for the natural and juridical persons of the other Contracting 'Party to invest in its teni.tory.

Article 3 Admission of Investments

1. Either Contracting Party shall admit investments of investors of the other Contracting Party in its teni.tory in accordance with its laws and regulations.

J

2. When a Contracting Party shall have admitted an investment in its tenitory, it shall grant all necessary pemtits for the proper realisation of such an investment.

Article 4 Protection of Investments

. ..:. .

1. Investments of investors of one Contracting Pruty effected within the telritOlY of the other Contracting Party in accordance with the laws and regulations of the latter, shall receive in the other Contracting Pruty full legal protection and fair treatment not less favourable than that accorded to its own investors or to investors of any third state which are in a compru'able situation.

2. If a Contracting Pruty accords special advantages to investors of any third state by virtue of an agreement establishing a free trade ru'ea, a customs union, a common market or a similar regional organisation or by virtue of an agreement on the avoidance of double taxation, it shall not be obliged" to accord such advantages to investors of the other Contracting Party.

Article 5 Expropriation and Compensation

.'

1. Investments of investors of one Contracting Pruty shall not be expropriated, nationalised or subject, directly or indirectly, to measures of similar effects by the other Contracting Party except for a public purpose, in a non-discriminatory manner, upon payments of prompt, effective and just compensation and in accordance with due process of law.

2. Compensation for expropriation of an investment shall be equivalent to the value of the investment expropriated immediately before the expropriatOly action was taken or became public knowledge, whichever is the earlier. Such compensation shall be made without delay, be effectively realisable and be freely transferable.

Article 6 Losses

Investors of either Contracting P'lliy whose investments suffer losses due to a war or any other armed conflict, revolution, state of emergency or rebellion or other

~--------------------------------~,j ,~ ~"'

, .

.... -.~

4

similar events in the territOlY of the other Contracting Party shall be accorded by the other Contracting Party treatment no less favourable than that accorded to its own investors or to investors of any other third country, whichever is the most favourable treatment, as regards compensation, restitution and indemnification in

relation to such losses.

Article 7 Repatriation and Transfer

1. Each Contracting Party shall pelmit in good faith all transfers related to an investment to be made freely and without unreasonable delay into and out of its

territory. Such transfers include:

(a) returns, (b) proceeds from the sale or liquidation of all or any part of an investment, (c) compensation pursuant to Articles 5 and 6, (d) reimbursements and interest payments deriving from loans in connection with

investments, (e) salaries, wages and other remunerations received by the nationals of one Contracting Party who have obtained in the territory of the other Contracting Party the cOlTesponding work permits relative to an inves~ent, (f) payments arising from a dispute relating to an investment.

2. Transfers shall be promptly effected in a conveltible currency and at the prevailing exchange rate on the day the transfer is made. .

Article 8 Subrogation

1. If an investment of an investor of one Contracting Party is insured against non­commercial risks under a system established by law, by a designated agency of that Contracting Party, any subrogation of the insurer which stems from the terms of the insw-ance agreement shall be recognised by the other Contracting Party.

2. Such insurer shall not be entitled to exercise any rights other than the rights which the investor would have been entitled to exercise.

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3, Disputes between a Contracting Party and such an insurer, being private or govemment owned, shall be settled in accordance with the provisions of Articles 11 or 12 of tIus Agreement respectively as the case be,

Article 9 More Favourable Provisions

Notwithstanding the tenns set forth in the present Agreement, more favourable provisions which have been or may be ab1reed upon by either of the Contracting Pruties with an investor of tile other Cono'acting Patty ru'e applicable.

Article 10 Observance of Commitments

Either Contracting Pruty shall constantly guarantee the observance of the commitments it has entered into with respect to investments of investors of the other Contracting Party,

Article 11 Disputes between.a Contracting Party and an Investor

1. If any dispute ruises between a Contracting Pruty and one or more investors relating to an investment, the Contracting Patty and the investor(s) shall in the frrst place try to settle it by consultation and negotiation.

2. If the Contracting Patty and the said investor( s) cannot reach an agreement within six months after the beginning of the dispute, the latter shall, upon request of either Contracting Palty, subject to their relevant laws and regulations, or the investor(s), be submitted to an ru'bitral tribunal of three members. Each of the Contracting Patty and the investor(s) shall appoint one arbitrator, and these two arbitrators shall nominate a chairmen,

3. Either of the Contracting Party or the investor(s) who initiate arbitration shall appoint its arbitrator in the Request for Arbitration, If the Contracting Party or the investbr(s) does not appoint its arbitrator within 30 days from the receipt of the request for arbitration, the said ru'bitrator shall be appointed upon the request of the Contracting Party or the investor(s), as the case may be, by the Secretary General of the Permanent Court of Arbitration.

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4. If the two arbitrators crumot reach an agreement within 60 days from the appointment of the second ru'bitrator about the choice of the chainnan, the latter shall be appointed upon request of either the Contracting Party or the investor(s) by the Secretaty General of the Pelmanent Court of Arbitration.

5. The chainnan of the at'bitral triblmal shall be always a national of a third State baving diplomatic relations with both Contracting Pruties at the time of appointment.

6. The arbitration shall be conducted according to UNCITRAL Rules.

7. The place of ru'bitration shall be detelmined by the Contracting Patties. If the Pruties do not reach an agreement about the place within one month from the appointment of the chainnan, then Patis will be the fmal place of arbitration.

8. The decisions of the tIibunal ru'e fmal and binding for the Contracting Pruty and the investor(s),

Article 12 Settlem~nt of Disputes between the Contracting Parties

I, If any dispute atises between the Contracting Pruties relating to the interpretation or application of this Agreement, the Contracting Patties shall in the ftrst place tIy to settle it by consultation and negotiation.

2. If the Contracting Pruties crumot reach an agreement within twelve months after the beginning of the dispute, the latter shall, upon request of either Contracting Pruty , subject to their relevant laws and regulations, be submitted to an arbitral tribunal of three members, Each Contracting Party shall appoint one arbitrator, and these two arbitrators shall nominate a chaitman who shall be a national of a third State having diplomatic relations with both Contracting Pruties at the time of nomination.

3. The Contracting Party who initiate arbitration shall appoint its arbitrator in the Request for Arbitration. If the other ContI'acting Party does not appoint its arbitrator within 30 days from the receipt of the Request for Arbitration, the arbitrator shall be appointed, upon request of the Contracting Party who has initiated arbitration, by the President of the Intemational Court of Justice,

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4. If the two al"bitrators Calmot reach an agreement within 60 days from the appointment of the second al'bitrator about the choice of the .chaiiman, the latter shall be appointed upon request of either Contracting Palty by the President of the International Court of Justice.

5. If in the cases specified under paragraphs (3) and (4) of this Article, the President of the Intemational COUIt of Justice is prevented from callying out the said function or if he is a national of either Contracting Palty, the appointment shall be made by the vice-president of the Intemational Cowt of Justice and if the latter is prevented or if he is also a national of either Contracting Patiy, then the appointment shall be made by the eldest member of the International Court of Justice who is not national of either Contracting Patty.

6. Unless otherwise agreed by the Contracting Parties, the tribunal shall determine its procedure atld the place of at·bitration.

7. The decisions of the tribunal al'e final and binding on the Contracting Patties.

Article 13

Entry into Force

Each Contracting Palty shall notify the other Contracting Pruiy in writing, through the diplomatic channel, of the completion procedures required for bringing this Agreement into force. TIllS Agreement shall enter into force and be binding on the date of the latter notification.

Article 14 Duration and Termination

1. This Agreement shall remain in force for a period of ten years and shall continue to stay in force unless temlinated in accordance with paragraph 2 of this Article.

2. Either Contracting Palty may, by giving one year written notice to the other Contracting Party, tenninate this Agreement at the end of the initial ten-year period or at any time thereafter.

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3. With respect to investments made or acquired prior to the date of tennination of this Agreement, the provisions of all other Alticles of this Agreement shall thereafter continue to be effective for a fluther period of ten years from such date of tennination.

In witness whereof, the undersigned, duly authorised thereto by their respective Goverrunents, have signed this Agreement.

Done in duplicate at Tbilisi this 26th day of September, 1995 (4th day of Mehr, 1374) in Georgian, Persian 311d English languages, all texts being equally authentic. In case of divergence of interpretation the En . I prevail.

F or the Government of the Republic of Georgia

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PROTOCOL

On signing the Agreement between the Government of the Republic of Georgia and the Government of the Islamic Republic of Iran on Reciprocal Promotion and Protection of Investments, the Contracting Parties willing to clarifY certain terms used in

. the Agreement also agreed on the following clauses, which shall · be deem<:d to form an integral part of the Agreement.

1. As far as the Republic of Georgia is concerned, the term "investment" referred to in Article 1-1 as well as in the other Articles of the Agreement, refers to all investments made by investors of the Islamic Republic of Iran within the territory of the Republic of Georgia in accordance with the Law on Foreign Investments of the Republic of Georgia and its implementing regulations or laws and regulations which will succeed to the mentioned law and regulations of the Republic of Georgia.

2. As far as the Islamic Republic of Iran is concerned, the term "investment" referred to in Article 1-1 and 3 -1 as well as in the other Articles of the Agreement, refers exclusively to the investments which are admitted and registered within the territory of the Islamic Republic of Iran in accordance with the Law concerning the Attraction and Protection of Foreign Investments in Iran (LAPFI) and its implementing regulations, . or laws and regulations which will succeed to LAPFI.

Admission and registration of investments of investors of the Republic of Georgia within the territory of the Islamic Republic of Iran shall be evidenced by an "Admission Certificate", which is a specific document. delivered by the Ministry of Economic Affairs and Finance, Organisation for Investment, Economic and Technical Assistance of Iran (OIET AI) or its successors, indicating that the investment has been approved under the laws and regulations of the Islamic Republic ofIran concerning foreign investments.

The "Admission Certificate" may specify certain conditions under which the investment has been admitted. Investments which do not receive "Admission Certificate" shall not receive protection or benefit from advantages provided for by the Agreement.

3. The Contracting Parties may agree on a case by case basis, that investments of investors of one Contracting Party within the territory of the other Contracting Party made prior to the entry into force of the Agreement be also covered by the provisions of the Agreement.

Done in duplicate at Tbilisi this 26th day of September, 1995 (4th day of Mehr, 1374) in Georgian, Persian and English languages, all texts being equally authentic. In case of divergence of interpretation the English text shall prevail.

For the Government F or the Government of the Republic of Georgia of the Islamic Republic of Iran