ORDER OF THE PRESIDENT OF THE AZERBAIJAN REPUBLIC

of March 30, 2006 No. 1395

About additional measures for encouragement of investing activities

Deepening in recent years of social and economic reforms in the Azerbaijan Republic and the measures performed in the field of enhancement of system of public administration, having provided creating favorable conditions for free economic activity, stimulated development of entrepreneurship in all industries and played important role in increase in economic power of the country in general.

Intensive growth of currency resources of the country as a result of consecutive implementation of oil strategy which foundation was laid by the national leader of the Azerbaijani people Heydar Aliyev opens new opportunities for use of these means in development of not oil industries and bigger attraction of foreign investments in these industries. And it, in turn, providing opening of new workplaces, serves all-round development of economy and further improvement of living conditions of the population.

For the purpose of encouragement of investment of investments into development of not oil industries of economy according to the Law of the Azerbaijan Republic "About the government budget of the Azerbaijan Republic for 2006" and the Azerbaijan Republic approved by the Presidential decree "Long-term strategy for management of oil and gas revenues" of September 27, 2004 128, in updating of material and technological resources of the companies functioning in these industries I decide No.:

1. Create Azerbaijani Investment Company Open joint stock company (further - the Company).

2. Determine that:

2.1. the original authorized capital of the Company is created at the expense of means of the State oil fund of the Azerbaijan Republic;

2.2. The purpose of activities of the company is mainly investment into the projects providing development of not oil industries of economy and performed in or outside the country including long-term investment by purchase of shares (shares) in the authorized capital. the economic societies and other commercial organizations operating in these spheres;

2.3. the investing activities of the Company rely on the following principles:

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