Baku: In a notable development, Azerbaijan's Milli Majlis has approved a draft law allowing the state to purchase strategic investments in exceptional situations that are contrary to national interests.

According to Azeri-Press news agency, this decision comes as part of proposed amendments to the Law 'On Investment Activity,' discussed in a session of the Azerbaijani Parliament.

Currently, the legislation permits state acquisition of investments for state needs and requisition purposes, particularly in emergencies like natural disasters, technological accidents, and epidemics. In these cases, investors are compensated for their investments as outlined in the law. The newly proposed amendment adds another dimension to these grounds, allowing the state to acquire strategically important investments to safeguard the national interests of Azerbaijan.

The draft law establishes a legal framework for the state to intervene and acquire such investments to prevent situations that could harm the Azerbaijani state and its people. This acquisition will follow the standard procedure, involving compensation to the investors. After thorough discussions, the draft law was voted on and passed in its first reading, marking a significant step in the legislative process.