Investment treaties and FDI
PHOTO:FILE
ISLAMABAD:
A recurring question in contemporary economic literature is the relationship between bilateral investment treaties (BITs) and foreign investment.
Is it necessary for a country seeking foreign direct investment (FDI) to conclude BITs with capital exporting economies? What is the role of BITs in attracting FDI? What are their potential costs?
Such questions are exceedingly important for Pakistan as well for at least two reasons.
One, over the years Pakistan has concluded a large number of BITs, but received only meagre FDI inflows. Two, from time to time international tribunals have invoked provisions of some of those BITs to slap the country with hefty penalties.
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Italy: Rockhopper provides update on Ombrina Mare arbitration
17 May 2021
AIM-listed
Rockhopper Exploration has provided an update on its international arbitration against the Republic of Italy in relation to the
Ombrina Mare field.
Further to the Company s announcement of 31 March 2021, the Tribunal has today provided the following update: The Tribunal anticipates that it should be in a position to render its award in the course of July. The Tribunal will revert to the Parties towards the end of June to confirm this timeframe.
Rockhopper continues to believe it has strong prospects of recovering very significant monetary damages - on the basis of lost profits - as a result of the Republic of Italy s breaches of the Energy Charter Treaty. All costs associated with the arbitration are funded on a non-recourse ( no win - no fee ) basis from a specialist arbitration funder.
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