Book on International Law Protection for Foreign Investment launched

The Overseas Investors Chamber of Commerce and Industry (OICCI), on Thursday launched a book titled "International Law Protection for Foreign Investment in Pakistan" written by Mahnaz Malik. 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 favoured 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, 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 is therefore essential reading for foreign investors as it is an excellent, handy guide of protections offered to foreign investors through BITs."
Mahnaz Malik, an author and internationally renowned expert in International Investment Law, said that it was important for the government to understand the implications of the BITs.
Analysis indicates that 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, the 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.