Agreement between the Government of the Republic of Uzbekistan and Government of Turkmenistan on the basic principles of creation of financial and industrial groups

of January 16, 1996

The government of the Republic of Uzbekistan and the Government of Turkmenistan which are hereinafter referred to as by the Parties

attaching importance to use of modern forms of interaction in the field of productive, investing, business and financial and credit activity,

proceeding from need of further deepening and development of economic cooperation for the benefit of both states,

for the purpose of creation of necessary conditions for stabilization and rise of industrial production, increase in investment activity and more effective use of achievements of scientific and technical progress,

for the purpose of preserving and realization on new economic, scientific and technical and production and technological bonds between the companies and the organizations of both states,

agreed as follows:

Article 1

The parties will promote creation of financial and industrial groups based on business entities of the Republic of Uzbekistan and Turkmenistan.

Understand the group of companies, organizations, the organizations, financial institutions and investment institutes created on the basis of consolidation of the capitals of her participants for the purpose of maintaining joint productive activity, establishment and development of technological and cooperation bonds, generation of profit, development and realization socially and economically significant programs and projects as financial and industrial group of the Party.

Article 2

The parties agreed that financial and industrial groups are created by business entities according to requirements of the antitrust laws of both states, in voluntary procedure according to the mutual arrangement of founders, and also on the basis of intergovernmental agreements.

Article 3

The parties determine that forming of financial and industrial groups in voluntary procedure is made in the way:

- organizations participants of groups of joint-stock company;

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