The Notion of 'Investment' in International Investment Law
(2015) I Turkish Commercial Law Review 41
10 Pages Posted: 17 Mar 2015 Last revised: 18 Mar 2015
Date Written: February 1, 2015
This article treats main approaches to the term ‘investment’ under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention) and international investment treaties. Discussion of different trends does not only involve a purely theoretical question; it also creates practical consequences due to the role of investment in the determination of the jurisdiction of investment tribunals. After having analysed the method adopted by each approach, this article aims to find the most plausible definition for the term ‘investment’. It suggests that ‘investment’ is defined in investment arbitration as dedication of some assets (element of contribution) according to a plan (element of duration) in order to achieve some benefits (element of risk). This approach would fit to the ordinary economic meaning of the term.
Keywords: Notion of investment, jurisdiction, investment arbitration, ICSID
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