| The last two decades have witnessed a fundamental change in the attitudes and policies of developing countries towards foreign investment. Openness and not suspicion now inspires the policies adopted by these countries. For the first time in decades, the discourse on foreign investment is not entangled in ideological differences between developing and developed countries. On the contrary, developing countries now welcome and promote foreign investment in their territories.; Foreign investment has three main facets: political, economic, and legal. The legal aspect of foreign investment is critical to both the host State and the foreign investor. The law allows both parties, the host State and the investor, to establish a constructive relationship whereby their interests and objectives are preserved through an effective legal machinery. There is a rich literature on the political/social and economic dimensions of foreign investment. The legal literature on this topic lags behind. Much of the legal research focuses on bilateral investment treaties (BITs) and multilateral instruments on foreign investments. Research on the national laws on foreign investment is scarce with the exception of few isolated articles dealing with individual countries. This dissertation aims to fill the gap in the legal literature by conducting a comprehensive examination of national laws of host States. It studies the investment codes of more than fifty (50) developing countries across regions and continents. The purpose of the research is to determine the effect of investment codes in facilitating, or in hindering, the flow of foreign investment in developing countries. The objective of this research is to illuminate the current legal standards on investments as adopted by developing countries. This research will be valuable, to both host States and foreign investors, as a source of information on the various rules adopted by competing countries. This study will also support the efforts of policy makers in international organizations and research institutions in laying the groundwork for a binding international treaty on investment. Finally, this dissertation contributes to the development of international investment law, an evolving field of international law. |
