Defining Investment and Investor: Who is Entitled to Claim?

WITH THE benefit of the perspective of both sides of the table – having served both as a government official responsible for investment claims and as a private lawyer advising in this field – I can say with confidence that the definition of ‘investor’ and ‘investment’ is the key to making the most of international investment agreements. Why is it the key? From the perspective of a capital exporting country, the definition identifies who the country's constituents are for purposes of investment policy: who are the categories of persons, industries and groups that will benefit from the investment treaty programme. From the perspective of a capital importing country, the definition identifies who the country's clients are for purposes of investment policy: who are the persons, industries and groups that the country wants to attract in order to increase foreign investment. From the perspective of investors, the definition identifies how the...