YEREVAN. - Georgia and Armenia signed agreement on protection and encouragement of mutual investments.

The agreement will remain valid for ten years. However, even upon the extension of this term it will retain validity until one side informs the other about its intention to quit in written form, 12 months prior to termination, reports business Georgia.

According to the Ministry of Economy and Sustainable Development of Georgia, under the agreement each party shall encourage and create favorable conditions for investments of the other party on its territory.

In the case of investments of any party should suffer losses due to war or armed conflict, national emergency, revolution, conspiracy, disaster, accidents and other reasons on the territory of the second counterpart, they will be granted a regime not less favorable in terms of restitution, indemnification, compensation or other decisions the latter would grant to its own investments or investments of any third country.