International Congress on Eurasian Economies
26-28 June 2024 – Bishkek, KYRGYZSTAN
Paper properties
Paper ID : 2914
Status : Paper accepted
Language : Turkish
Topic : Law
Presenter: Prof. Dr. Ümmühan Elçin Ertuğrul
Session : 2B Çevre ekonomisi
The Settlement of the Disputes between Foreign Mining Companies and States; International Centre for Settlement Investment Disputes (ICSID) and Kyrgyzstan Case
Yabancı Maden Şirketleri ve Devletler Arasındaki Yatırım Anlaşmazlıkları Çözümü; Uluslararası Yatırım Anlaşmazlıklarının Çözüm Merkezi (ICSID) ve Kırgızistan Örneği
- Prof. Dr. Ümmühan Elçin Ertuğrul (Kırıkkale University, Türkiye)
Abstract
The Settlement of the Disputes between Foreign Mining Companies and States; International Centre for Settlement Investment Disputes (ICSID) and Kyrgyzstan Case Foreign investments are one of the fundamental methods to address capital shortages in developing countries. Currently, it is seen that developing countries make their natural resources, especially mining, available to foreign investment companies through bilateral investment agreements. This situation can cause disputes between states and foreign investors and often requires international solution mechanisms. One of the best-known of these international settlement mechanisms is the International Center for the Settlement of Investment Disputes, abbreviated in English as ICSID, under the auspices of the International Bank for Reconstruction and Development. States may have to pay significant amounts to foreign investors in order to settle their disputes. The case claimed against the State of Kyrgyzstan by International Mining Company Invest, a United States national, at ICSID on September 19, 2022, is pending. As of February 2024, ICSID has concluded 171 of 247 disputes regarding the mining sector. This study aims to predict the outcome of the dispute between Kyrgyzstan and International Mining Company Invest, taking into account the disputes concluded by ICSID regarding the mining sector. It also offers recommendations to states to prevent international investment disputes from ending unfavorably. Keywords: Kyrgyzstan, International Center for the Settlement of Investment Disputes (ICSID), International Investment Agreement, Arbitration Rules
JEL codes: K33, K12, K41
