Karachi, 23 December 2010: The Overseas Investors Chamber of Commerce & Industry (OICCI), the national point of reference for foreign investors in Pakistan, today launched a book titled “International Law Protections for Foreign Investment in Pakistan” written by Mahnaz Malik. Mr Anisul Hassnain, Secretary Board of Investment, launched the book and praised OICCI for providing a comprehensive review of international law guarantees available to foreign investment in Pakistan under Bilateral Investment Treaties (BITs).
As the book outlines, BITs provide strong protections under international law by placing critical limits on the regulatory powers of the government. These protections include national treatment, most favored nation treatment, full protection and security, fair and equitable treatment, compensation for expropriation, and free transfer of capital and returns.
Speaking at the launch ceremony, Ms Ameena Saiyid - OBE, President of OICCI said, “In order to attract foreign investment, we need to provide a regime that is fair and equitable. The book we are launching today is therefore essential reading for foreign investors as it is an excellent, handy guide of protections offered to foreign investors through Bilateral Investment Treaties.”
The author Mahnaz Malik, an internationally renowned expert in International Investment Law, shared with the audience that it was important for the government to understand the implications of the BITs Pakistan had signed in view of the 4 known claims it has faced at ICSID, the World Bank centre of investor-state dispute settlement, and to review its BIT programme.
Analysis indicates that a majority of Pakistan’s BITs were signed in the 1990s. However, it was not until 2006 that Pakistan created its own model BIT although a text of a model is not publicly available. Further, Pakistan’s BITs have been signed by different government representatives and departments over the years suggesting a lack of central control over the process.
The key aim of the book is to review the protection BITs give to foreign investment in Pakistan as well as highlight to the government the need to review existing BITs and its model to ensure this allows it to regulate investment in its national interests, and to achieve the development benefits for its people that it is hoping to obtain from foreign investment.
The OICCI, established in 1860, is the premier body of top multinationals in the country. Its 184 members represent the single largest taxpayers unit and contribute 22 percent of the total national tax revenue and 29 percent of the total GDP of Pakistan. OICCI makes constant efforts towards shaping a new framework for the progress and development of investment in Pakistan, and actively liaises with the government to improve the overall investment climate in the country.
OICCI regularly publishes a number of books and reports aimed at serving a wider range of interests of the business community as well as the larger economy. For additional information on the book, please contact OICCI at info@oicci.org
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