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Ditetapkan di Jakarta pada tanggal 28 Desember 1998 PRESIDEN REPUBLIK INDONESIA ttd BACHARUDDIN JUSUF HABIBIE Diundangkan di Jakarta pada tanggal 28 Desember 1998 MENTERI NEGARA SEKRETARIS NEGARA
ttd AKBAR TANDJUNG LEMBARAN NEGARA REPUBLIK INDONESIA TAHUN 1998 NOMOR 191
AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDONESIA AND THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF BANGLADESH CONCERNING THE PROMOTION AND PROTECTION OF INVESTMENT The Government of the Republic of INDONESIA and the government of the People's Republic of Bangladesh (hereinafter referred to as "Contracting Parties");
Bearing in mind the friendly and cooperative relations existing between the two countries and their peoples;
intending to create favourable conditions for investments by investors of one Contracting Party in the territory of the other Contracting Party on the basis of sovereign equality and mutual benefit; and Recognizing that the Agreement on the Promotion and Protection of such Investments will be conducive to the stimulation of investment activities in both countries;
Have agreed as follows:
ARTICLE-I Definitions For the purpose of this Agreement:
1. The term "investment "shall mean any kind of asset invested by investors of one Contracting Party in the territory of the other Contracting Party, in conformity with the laws and regulations of the latter including:
a. movable and immovable property as well as other rights such as mortgages, privileges, and guarantees and any other similar rights;
b. rights derived from shares, bonds or any other form of interest in companies or joint venture in the territory of the other Contracting Party;
c. claims to money or to any performance having a financial value;
d. intelectual property rights, technical processes, goodwill and knowhow;
e. business concessions conferred by law or under contract related to investment including concessions to search for or exploit natural resources.
2. The term "investor" means national of one Contracting Party who invests in the territory of the other Contracting Party.
The term "national" shall comprise with regard to either Contracting Party;
(i) natural person having the nationality of that Contracting Party;
(ii) Legal person constituted under the law of that Contracting Party;
3. The term "without delay" shall be deemed to be fulfilled if a transfer is made within such period as is normally required by international financial practices.
4. "Therritory" shall mean:
a) In respect of the People's Republic of Bangladesh:
The territory of the People's Republic of Bangladesh as defined in its constitution and its laws.
b) In respect of the Republic of INDONESIA:
The territory of the Republic of INDONESIA as defined in its laws.
ARTICLE-II Promotion and Protection of Investment
1. Each Contracting Party shall encourage and create favourable conditions for investors of the other Contracting Party to invest ist territory, and shall admit such capital in accordance with its laws and regulations.
2. Investments of investors of either Contracting Party shall at all times be accorded fair and equitable treatment and shall enjoy adequate protection and security in the territory of the other Contracting Party.
ARTICLE-III Most-Favoured Nation Provisions
1. Each Contracting Party shall ensure fair and equitable treatment of the investments of investors of the other Contracting Party and shall not impair by unreasonable or discriminatory measures, the operation, management, maintenance, use, enjoyment or disposal thereaf by those investors. Each Contracting Party shall accord to such investment adequate physical security and protection.
2. Mere particularly, each Contracting Party shall accord to such investment treatment which in any case shall not be less favourable than that accorded to investments of investors of any thirh state.
3. If a Contracting Party has accorded special advantages to investors of any third state by virtue of agreements establishing customs unions, economic unions, monetary unions or similar institutions, or on the basis of interim agreements leading to such unions of institutions, that Contracting Party shall not be obliged to accord such advantages to investors of the other Contracting Party.
ARTICLE-IV Expropriation Neither Contracting Party shall take any measures of expropriations, nationalization or any other dispossession, having effect equivalent, to nationalization or expropriation against the investments of an investor of the other Contracting Party and any interest relating there to except under the following conditions:
(a) the measures are taken for a lawful purpose or public purpose and under process of law;
(b) the measures are non discriminatory;
(c) the measures are accompanied by provisions for the payment of prompt adequate and effective compensation. Such compensation shall amount to the fair market value prevailing immedidately before the measure of dispossession became public knowledge.
Such market value shall be determined in accordance with internationally acknowledged practices and method or, where such fair market value cannot be determenid, it shall be such reasonable amount as may be mutually agreed between the Contracting Parties hereto, and it shall be freely transferable in freely usable currencies from the Contracting Party.
ARTICLE-V Compensation for losses
1. Investors of one Contracting Party, whose investments in the territory of the other Contracting Party suffer losses owing to war or other armed conflict, revolution, a state of national emergency, revolt, insurrection or riot in the territory of the latter Contracting Party, shall be accorded by the latter Contracting Party treatment, as regards restitutions, indemnification, compensation or other settlement.
2. The treatment shall not be less favourable than that which the latter Contracting Party accords to its own investors or investors of any third state, whichever is more favourable to the investors concerned.
ARTICLE-VI Transfer
1. Each Contracting Party shall guarantee within the scope of its aws and regulations in respect to investments by investors of the other Contracting Party to grant to those investors without delay, the transfer of:
a. profits, interests, dividends and other corrent income;
b. funds necessary;
(i) for the acquisitin of raw or auxiliary materials, semi fabricated or finished products, or (ii) to replace capital assets in order to safeguard the continuity of an investment;
c. additional funds necessary for the development of an investment;
d. funds in repayment of loans;
e. royalties or fees;
f. earnings of natural persons;
g. the proceeds of sale or liquidation of the investment;
h. compensation for losses;
i. co,pensation for expropriation.
2. Such transfer shall be made at the prevailing rate of exchange on the date of transfer with respect to current transaction in the currency to be transferred.
ARTICLE-VII Subrogation If the investments of an investor of the one Contracting Party are insured against non-commercial risks under a system established by law, any subrogation of the insurer or te-insurer to the rights of the said investor pursuant to the terms of such insurance shall be recognized by the other Contracting Party, provided, however, that the insurer of the re-insurer shall not be entitled to exercise any rights other than the rights which the investor would have been entitled to exercise.
ARTICLE-VIII Settlement of Disputes Between Investor and the Contracting Party
1. Any dispute between a Contracting Party and an innvestor of the other Contracting Party, concerning an investment of the latter in the territory of the former be settled amicably through consultations and negotiations.
2. If such a dispute cannot be settled within a period of six months from the date of a written notification either party requesting amicable settlement, the dispute shall, at the request of the investor concerned, be submitted either to the competent court of the Contracting Party accepting the investment or to international arbitration of conciliation.
3. Each Contracting Party hereby consents to submit any dispute arising between that Contracting Party and an investor of the other Contracting Party concerning an investment of that investor in the territory of the former Contracting Party to the International Center for Settlement of Investment Disputes for settlement by conciliation or arbitration under the Convention on the Settlement of Investment Disputes between States and Nationals of other States oened for signature at Washington, D.C. on 18 March 1965.
ARTICLE-IX Settlement of Disputes Between the Contracting Parties Concerning Interpretation and Application of the Agreement Disputes between the Contracting Parties concerning the interpretation or application of this Agreement should, if possible, be settled through diplomatic channels.
ARTICLE-X Applicability of this Agreement This Agreement shall apply to investments by investors of the People's Republic of Bangladesh in the territory of the Republic of INDONESIA which have been previously granted admission in accordance with the Law No.1 of 1967 on Foreign Investment and any law amending or replacing it, and to investment by investors of the Republic of
INDONESIA in the territory of the People's Republic of Bangladesh which have been granted admission in accordance with the Foreign Private Investment (Promotion and Protection) Act, 1980.
ARTICLE-XI Application of other Provisions If the provisions of law of either Contracting Party or obligations under international law existing at present or established hereafter between the Contracting Parties in addition to the present Agreement contain a regulation, whether general or specific, entitling investments by investors of the other Contracting Party to a treatment more favourable than is provided for by the present Agreement, such regulation shall to the wxtent that it is more favourable prevail over the present Agreement.
ARTICLE-XII Consultation and Amendment
1. Either Contracting Party may request that consultations be held on any matter concerning this Agreement. The other party shall accord sympathetic consideration to the proposal and shall afford adequate opportunity for such consultations.
2. This Agreement may be amended at any time, if deemed necessary, by mutual consent.
ARTICLE-XIII Entry into force, Duration and Termination
1. The present Agreement shall enter into force three months after the date of the latest notification by any Contracting Party of the accomplishment of its internal procedures of ratification. It shall remain in force for a period of then years and shall continue in force thereafter for another period of then years and so forth unless denounced in writing by either Contracting Party one year before its expiration
2. In respect of investments made prior to the date of termination of this Agreement becomes effective, the provisions of Article I to XII shall remain in force for a further period of then years from the date of termination of the present Agreement.
IN WITNESS WHEREOF, the undersigned, duly authorized thereto by their respective Governments, have signed this Agreement.
Done in duplicate on 9th February, 1998 at Dhaka in Bangladesh in English Language.
FOR THE GOVERNMENT OF FOR THE GOVERNMENT OF THE THE REPUBLIC OF INDONESIA PEOPLE'S REPUBLIC OF BANGLADESH ttd ttd (ALI ALATAS) (ABDUS SAMAD AZAD) MINISTER OF FOREIGN AFFAIRS MINISTER OF FOREIGN AFFAIRS
5. La Convention ne s'applique pas a une societe une fiducie ou une societe de personnes qui est un resident d'un Etat contractant et dont une ou plusieurs personnes qui ne sont pas des residents de cet Etat en sont les beneficiaires effectifs ou qui est controlee, directement ou indirectement, par de telles personnes, si le montant de l'impot exige par cet Etat sur le revenu de la societe fiducie ou seciete de personnes est largement intericur au montant qui serait exige par cet Etat si une ou plusicurs personnes physiques qui sont des residents de cet Etat etaient le beneficiaire effeetif de toutes les actions de capital de la societe ou de toutes les participations dans la fiducic ou la socielete de personnes selon le cas." Article XVII
1. Le CHAPITRE IV, et son tetre de la Convention sont supprimes et les CHAPITRES V a VII deviennent les CHAPITRES IV a VI.
2. Les article 23 a 30 de la Convention deviennent les articles 22 a 29.
3. Le Protocole signe a Jakarta le 16eme jour de janvier 1979 a la Convention est supprime Article XVIII
1. Le present Protocole sera ratifie et les instruments de ratification seront echanges le plus tot possible.
2. Le Protocole entrera en vigucur des l'echange des instruments de ratification et ses dispositions seront applicables a l'egard de toute periode imposable commencant a partir du premier janvier de l'annee suivant celle de son entree en vigucur.
3. Les disposition de Protocole a la Convention signe a Jakarta le 16 janvier 1979 cesseront d'etre applicables a l'egard de toute periode imposable commencant a partir de premier janvier de L'annee suivant celle de l'entree en vigucur du present Protocole.
EN FOI DE QUOI les soussignes dument autorises a cet effer ont signe le present Protocole FAIT en double exemplaire a Jakarta le 1 APril 1998 en langues indonesienne francaise et anglaise chaque version faisant egalement foi.
POUR LE GOUVERNEMENT DE LA POUR LE GOUVERNEMENT DU REPUBLIQUE DE L'INDONESIE CANADA