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Published byImogene Benson Modified over 9 years ago
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THE WORLD BANK World Bank Group Multilateral Investment Guarantee Agency 1 Investment Policy, Legal Framework, & Promotion Investment Facilitation Sector targeting and promotion Investor Aftercare & Policy Reform Communications CLIENT SOLUTIONS for: Impacts Investments Jobs Reforms Benchmarking FDI Competitiveness FDI Strategy & Action plan Investment Law and Policy
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THE WORLD BANK World Bank Group Multilateral Investment Guarantee Agency Legal Framework For Investment Legal Framework is more than the Investment Law: Constitution (property rights, economic system) Core economic laws: Competition, Banking, Intellectual Property Rights Sectoral Laws (e.g., Mining, Utilities, Infrastructure) Bilateral and Multilateral International Agreements, e.g., WTO, BITs, TTs State/Provincial Local Laws [as applicable] And of course, the Investment Law
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THE WORLD BANK World Bank Group Multilateral Investment Guarantee Agency 3 Principles of Good Investment Policy Clear, transparent and predictable legal framework Equal treatment of investors Ease of entry: registration instead of screening Respect for property rights No performance requirements and few sectoral restrictions Free repatriation of profit
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THE WORLD BANK World Bank Group Multilateral Investment Guarantee Agency 4 Principles of Good Investment Policy Good dispute resolution practices Permissibility of expatriate labour Avoidance of distortive and discretionary tax incentives Avoidance of double taxation Fostering benefits of FDI to the domestic economy.
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THE WORLD BANK World Bank Group Multilateral Investment Guarantee Agency 5 Structure of Modern Investment Laws Comprehensive Definitions Section Key institutions, FDI etc Clear Entry Requirements Registration instead of licensing (which requires screening), negative lists etc Investor Guarantees National treatment of foreign investors Property rights protected; prompt, adequate and effective compensation in the event of expropriation Un-restricted repatriation (transfer) of capital and profit Access to alternative dispute resolution mechanisms (ADR) Transitional Provisions Details on how the Investment Law complements, amends or repeals previous laws and regulations.
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THE WORLD BANK World Bank Group Multilateral Investment Guarantee Agency 6 The Role of Investment Law Law as an implementation and promotional tool The Investment Law can serve as a signal to indicate that the country is “open for business”, welcomes FDI The Investment Law serves to implement the investment policy Good Investment laws provide greater certainty to both: Investors Government By: Clarifying roles and responsibilities of investors and the Government Binding them to their respective rights and obligations Reducing the scope for discretionary decision-making and increasing transparency in administrative processes Providing a basis for dispute resolution
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THE WORLD BANK World Bank Group Multilateral Investment Guarantee Agency Link to the Investment Law Handbook https://www.wbginvestmentclimate.org/uploads/Investment- Law-Reform-Handbook.pdf
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THE WORLD BANK World Bank Group Multilateral Investment Guarantee Agency 8 DISCUSSION
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