ICSID an effective platform to protect foreign investments

DOHA: Sheikh Dr. Thani bin Ali Al Thani, member of the International Court of Arbitration of the International Chamber of Commerce (ICC), stressed on the key role played by the international mechanisms in safeguarding foreign investments worldwide, noting that all international organisations and agreements are keen on setting up unified rules to provide equal treatment for all investments without discrimination between the foreign investors and the national ones.

Sheikh Dr. Thani noted that these unified rules will achieve balance between the opposed interests of the investor who is willing to functionalise his investments in a country that enjoys modern laws and attractive investment environment.

Set up since 1965, the International Centre for the Settlement of Investment Disputes (ICSID) was established by the World Bank established to settle disputes between foreign investors and the host country.

Sheikh Thani said that since its inception, the ICSID settled more than 600 different cases including cases from Arab countries such as Jordan, Morocco, Algeria, Lebanon, Oman and Yemen.

Most countries adopted policies that attract and protect foreign investments by providing more guarantees and incentives as well as implementing fair legal principles and avoiding any arbitrary measures that may hinder the economic activities, he added.

Underlining Qatar’s situation regarding these agreements, Sheikh Thani said that Qatar has signed more 50 bilateral agreements for safeguarding and protecting investments with other countries around the world.

These agreements represent a basic guarantee for all Qatari investors including the Qatar investment Authority, economic entities, government-owned corporations and private companies on establishing investments in projects which are being implemented in other countries.

ICSID adopted many investment principles such as safeguarding investors’ rights, non-discrimination between national and foreign investment, freedom of revenue transfer and avoiding any arbitrary measures.