Investment Arbitration Within the Legal Promotion and Protection Framework in Venezuela
Article from: TDM 2 (2008), in Venezuela: The battle of Contract Sanctity vs. Resource Sovereignty (Special)
Venezuelan context for the protection and promotion of foreign investment
The Venezuelan legal framework for the protection and promotion of foreign investment that provides for investment arbitration comprises 21 bilateral investment protection and promotion treaties ("BITs") currently in force, and the Law for the Promotion and Protection of Investments ("LPPI").[1] With different variations, all BITs in force for Venezuela contemplate recourse to investment arbitration, mainly under the Convention on the Settlement of Investment Disputes between States and Nationals of other States of March 18, 1965 (the "ICSID Convention").[2] A number of ...