On Wednesday, the Majilis of the Kazakh Parliament has given its green light to the Treaty on mutual investment promotion and protection between Kazakhstan and Turkmenistan, Kazinform News Agency correspondent reports.

Signed on October 10 last year in Ashgabat, the Treaty is designed to create a favorable environment for investors, FDI flow and greater economic wellbeing of its parities.

The Majilis’ Committee for International Affairs, Defense and Security said that Article 3 of the Treaty highlights the Kazakh and Turkmen governments’ commitment to creation of favorable conditions for investors by the parties in line with the nations’ national legislations as well as ensuring fair and equitable treatment and full protection and security of investments.

Under the Treaty, the parties are to restrict or exclude investments in sectors and related entrepreneurship activities deemed highly sensitive according to the national legislation. Item 1 of Article 6 bans nationalization or expropriation or any other wrongful action if only the parties act in the public interest.

As reported earlier, the Majilis ratified the Kazakh-Kyrgyz allied relations treaty.