14 May 2008
Belarus ratifies investment protection agreement with Venezuela
The House of Representatives of the National Assembly of Belarus ratified an Agreement for the Promotion and Protection of Investments with Venezuela on May 14. Deputy Foreign Minister of Belarus Viktor Gaisenok said that the document was signed in December 2007 during an official visit of the Belarusian President to that country. “Venezuela is Belarus’ strategic partner in Latin America. The complementary character of the economies of the two countries offer promising prospects for building up trade and economic relations and promotion of the Belarusian export to this region” Valery Voronetsky stressed. The agreement creates the conditions for development of investment contacts. It will enable the two countries to strengthen the guarantees of investment protection. The sides undertake not to hamper management and use of investments by means of taking unjustified measures. Under the agreement the investments cannot be expropriated or nationalized. According to Viktor Gaisenok, the Venezuelan side had informed Belarus on the completion of the domestic procedures for enabling this agreement to come into force.