Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-09-Speech-1-201-500"
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"en.20110509.22.1-201-500"2
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"An attempt has been made at both WTO and OECD level to introduce comprehensive multinational regulations for foreign direct investment, or FDI, that would apply to all economic sectors. The legal protection offered by the bilateral investment treaties (BITs) is important in ensuring that businesses are encouraged to take the step of investing abroad, which can cost many millions. The EU is both a recipient and provider of foreign direct investment. It remains to be seen whether a move to coordinate the good 200 BITs in operation in the European Union can finally resolve the problem whereby binding BIT arbitration judgments based on international law entail commitments to investors by Member States that give rise to EU Treaty infringement proceedings. Direct investment is certainly not the miracle cure claimed during the economic transformation of Central and Eastern Europe, for example. Although greater predictability in relation to FDI opportunities for EU investors is something to be welcomed, the potential negative aspects of investment policy, for example, the fear among the local population of redundancies and wage cuts due to outsourcing and the relocation of production, should not be swept under the carpet. Likewise, we need to make it clear to developing countries that FDI can only improve living standards if the fundamental institutional requirements are met, such as clear property rights, the independence of the legal system, and political stability. I believe there is a lack of honesty in relation to this pseudo-humanitarian development aid."@en1
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