The Government of the Hellenic Republic and the Government of the Republic of Azerbaijan hereinafter referred to as the "Contracting Parties",

Desiring to intensify their economic co-operation to the mutual benefit of both States on a long term basis,

Having as their objective to create favorable conditions for investments by investors of either Contracting Party in the territory of the other Contracting Party,

Recognizing that the promotion and protection of investments, on the basis of this Agreement will stimulate the initiative in this field,

Have agreed as follows: