The “Investment Promotion and Protection Agreement” signed to support investments and increase economic cooperation between Turkey and Georgia was approved and published in the Official Gazette dated 01.06.2021.
With the agreement, it is stated that the contracting parties will facilitate the entry and transit procedures for one party to invest in their own country, and all transfers related to the investment made by the investor will be made freely and without delay.
If a dispute arises between the contracting parties, if the parties fail to resolve this situation within 6 months, an application will be made to the court of the Contracting Party in whose country the investment was made, or to the international arbitration centers of ICSID or UNCITRAL. The agreement states that the arbitration awards are binding.
This agreement was made for a period of 10 years and abolished the "Agreement on the Promotion and Protection of Investments between Turkey and Georgia" signed before it.
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