Welcome!

News Feed Item

Ecuadorian Embassy Forum Seeks To Modernize Foreign Direct Investment System

Leading Economists, Academics, and Attorneys Come Together To Find Common Ground, Policy Solutions

WASHINGTON, April 8, 2014 /PRNewswire/ -- On April 8, the Embassy of Ecuador and Vale Columbia Center on Sustainable International Investment convened a forum titled "Development, FDI and Investment Treaties" at the Cultural Center of the Inter-American Development Bank in Washington, DC. The forum brought together leading economists, attorneys, and academics in an open discussion to find policy solutions on foreign investment and the international frameworks that govern it.

"We firmly believe that foreign direct investment (FDI) has the potential to contribute significantly to sustainable economic development but we must have trade policies that work in a 21st century world," said Ecuadorian Ambassador to the United States Nathalie Cely. "Today's conference brought together stakeholders from around the world to help establish a global set of firm standards and regulations that meet the needs of not just the industrialized world, but also developing economies. The government of Ecuador fully supports the principle that all investment risk should be rewarded, but we must balance corporate interests with public interests. Our experience in Ecuador shows that profitable and responsible investments are not mutually exclusive."

Among participants in the conference were leading economics professor Ha-Joon Chang of University of Cambridge; Richard Kozul-Wright, director of the Unit on Economic Cooperation at the United Nations Conference on Trade and Development; Julian Arato, a fellow at the Vale Columbia Center on Sustainable Development at Columbia University; legal expert José Daniel Amado; and law professor Gus van Harten of York University and previously the London School of Economics. The panelists discussed the role of FDI in the sustainable economic diversification of developing countries and the roles of investment treaties in shaping international investment.

In her remarks, Ambassador Cely argued that reform should address the legitimacy, consistency, and predictability of the system by instituting: 1) a transparent selection of arbitrators who only exercise this role and do not defend companies in other venues, which can result in obvious conflicts of interest, 2) the establishment of an appellate body within the arbitration system, 3) the incorporation in investment treaties investors' obligation to file claims only after local legal avenues have been exhausted, and 4) the incorporation of the right of States to exercise their regulatory capacity on issues related to health, environment and industrial policy, among others.

"It is entirely possible to reverse these rules," Professor Chang said. "They are entirely man-made. The only reason that these rules exist is because powerful countries wrote them that way, not because they are some inevitable consequence of economic development."

"Through creative treaty-shopping, multinational corporations can today attach robust property-style protections for their contracts with foreign sovereigns," said Fellow Arato. "I thus argue that corporations must today be understood as international lawmakers whose agreements with states yield major consequences for domestic public law."

"What makes foreign direct investment treaties unique is that unlike other international treaties, when it comes to systems of arbitration, there's no requirement to exhaust reasonably available local remedies," Professor van Harten said.

To see the full list of presenters and read the presentations from today's conference, please see: http://www.ecuador.org/blog/?p=3596.

Materials disseminated by Ketchum Inc. on behalf of the Embassy of the Republic of Ecuador. Additional information regarding the dissemination of these materials can be obtained at the Department of Justice, Washington, District of Columbia.

Contact: Embassy of Ecuador, Gustavo Dominguez, 202-234-7200, [email protected]

SOURCE Embassy of the Republic of Ecuador

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let's say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.