Iran-Cyprus Investment Accord Binding

Tehran, Oct 9, IRNA – Legal Advisor of head of the Iran Investment Organization, Abolqassem Shahbazian, said on Monday that an agreement signed by Iran and Cyprus for mutual support for investment is binding. Shahbazian said the agreement applies to Iranian and Cypriot investment in the territories of the other signatory. He said that each of the signatories would encourage their investors to go ahead with implementing investment projects, preparing the ground for investment by nationals of the other country. The agreement has been binding since May 2012 and would be in force for a period of 10 years. It has envisaged extension as per a new accord to be signed. The entrepreneurs would enjoy legal support in the period of investment./end