Eritrea Investment Proclamation No. 59/1994.

This Eritrea Investment Proclamation (1994) establishes the following objectives: to encourage investments so as to develop and utilize the natural resources of the country; to expand export and encourage competitive import-substituting businesses; to create and expand employment opportunities; to encourage the introduction of new technology in order to enhance production efficiency and thereby optimize resource exploitation; to encourage equitable regional growth and development; and to encourage small and medium scale enterprises. Without in any way limiting other provisions of this Proclamation, all areas of investment shall be open to investors. Domestic retail and wholesale trade, import and commission agency shall be allowed to foreign investors when Eritrea has bilateral agreement of reciprocity with the country of the investor. However, this precondition may be waived by the Government. The size, location, purpose, terms and conditions of allocation of land/or water shall be determined by the relevant Eritrean laws and regulations.
This text is divided in two main Parts (entitled I: Encouragement and development of investments; II: Management of investment and miscellaneous provisions) and in nine thematic Chapters: General provisions (One); Investment areas allocation of land and/or water (Two); Technology transfer agreement (Three); Incentives (Four); Settlement of disputes and grievance procedure (Five); Application for certification (Six); Investment center (Seven); Fiscal provisions (Eight); Miscellaneous (including punitive provisions) (Nine).