1. Ambassador of the Republic of Korea to the Russian Federation Woo Yoon-keun and Minister of Foreign Affairs of the Republic of Armenia Zohrab Mnatsakanyan signed the “Agreement between the Government of the Republic of Korea and the Government of the Republic of Armenia for the Promotion and Reciprocal Protection of Investments” in Yerevan, Armenia, on October 19.

2. The signed agreement is expected to help facilitate the ROK’s investments in Armenia, and increase economic cooperation between the two countries by providing a legal basis for protecting investments made by Korean people and companies in Armenia from non-commercial risks, including expropriation.

※ ROK-Armenia economic relations

o Trade volume (’17): $14 million

o Exports: $7 million (medicines, tobacco, tires and electronic devices)

o Imports: $7 million (clothes, non-metallic minerals, etc.)

o ROK’s investments in Armenia: $113,000 (accumulated amount as of late 2017)

3. The gist of the agreement is as follows.

o (Treatment of Investments) Each Contracting Party shall accord fair and equitable treatment, national treatment, and most-favored-nation treatment to investors of the other Contracting Party in its territory.

o (Expropriation and Compensation) In case investments made by investors are expropriated, adequate and effective compensation shall be provided.

o (Transfers) Each Contracting Party shall guarantee to an investor of the other Contracting Party the free transfer of all payments relating to an investment, including the amounts yielded by investments.

o (Denial of Benefits) A Contracting Party may deny the benefits of this Agreement to an investor of the other Contracting Party that is an enterprise of that other Contracting Party, if the enterprise has no substantial business activities in that other Contracting Party.

4. The agreement signed today will enter into force after the parliamentary ratification procedures are completed in both countries.

* unofficial translation