World Bank
Guidelines on the Treatment
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of Foreign Direct Investment
The Development Committee
Recognizing
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that a greater flow of foreign direct investment brings substantial benefits to bear on the world economy and on the economies of developing countries in particular, in terms of improving the long term efficiency of the host country through greater competition, transfer of capital, technology and managerial skills and enhancement of market access and in terms of the expansion of international trade;
that the promotion of private foreign investment is a common purpo of the International Bank for Reconstruction and Development, the International Finance Corporation and the Multilateral Investment Guarantee Agency;
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that the institutions have pursued this common objective through their operations, advisory rvices and rearch;
that at the request of the Development Committee, a working group established by the President of the institutions and consisting of their respective General Counl has,after reviewing existing legal instruments and literature, as well as best available practice identified by the institutions, prepared a t of guidelines reprenting a desirable overall framework which embodies esntial principles meant to promote foreign direct investment in the common interest of all members;
that the guidelines, which have benefitted from a process of broad consultation inside and outside the institutions, constitute a further step in the evolutionary process where veral international efforts aim to establish a favorable investment environment free from non-commercial risks in all countries, and thereby foster the confidence of international investors; and
that the guidelines are not ultimate standards but an important step in the evolution of generally acceptable international standards which complement,but do not substitute for,bilateral investment treaties,
therefore calls the attention of member countries to the following Guidelines as uful parameters in
the admission and treatment of private foreign investment in their territories, without prejudice to the binding rules of international law at this stage of its development.
I
SCOPE OF APPLICATION
1. The Guidelines may be applied by members of the World Bank Group institutions to private foreign investment in their respective territories, as a complement to applicable bilateral and multilateral treaties and other international instruments, to the extent that the Guidelines do not conflict with such treaties and binding instruments, and as a possible source on which national legislation governing the treatment of
private foreign investment may draw. Reference to the "State" in the Guidelines, unless the context otherwi indicates, includes the State or any constituent subdivision, agency or instrumen tality of the State and reference to "nationals" includes natural and juridical persons who enjoy the nationality of the State.
2. The application of the Guidelines extends to existing and new investments established and oper
ating at all times as bona fide private foreign investments, in full conformity with the laws and regulations of the host State.
3.The Guidelines are bad on the general premi that equal treatment of investors in similar circumstances and free competition among them are prerequisites of a positive investment environment. Nothing in the Guidelines therefore suggests that foreign investors should receive a privileged treatment denied to national investors in similar circumstances.
II
ADMISSION
1. Each State will encourage nationals of other States to invest capital, technology and managerial skill in is territory and, to that end, is expected to admit such investments in accordance with the following provisions.
2. In furtherance of the foregoing principle, each State will:
(a) facilitate the admission and establishment of investments by nationals of other States, and
(b) avoid making unduly cumbersome or complicated procedural regulations for, or imposing
unnecessary conditions on, the admission of such investments.
3.Each State maintains the right to make regulations to govern the admission of private foreign investments. In the formulation and application of such regulations, States will note that experience suggests that certain performance requirements introduced as conditions of admission are often counterproductive and that open admission, possibly subject to a restricted list of investments (which are either prohibited or require screening and licensing), is a more effective approach. Such performance requirements often discourage foreign investors from initiating investment in the State concerned or encourage evasion and corruption. Under the restricted list approach, investments in nonlisted activities, which proceed without approval, remain subject to the laws and regulations applicable to investments in the State concerned.
4. Without prejudice to the general approach of free admission recommended in Section 3 above, a State may, as an exception, refu admission to a propod investment:
(i)which is, in the considered opinion of the State, inconsistent with clearly defined
requirements of national curity; or
(ii)which belongs to ctors rerved by the law of the State to its nationals on account of the State's economic development objectives or the strict exigencies of its national
interest.
5. Restrictions applicable to national investment on account of public policy (ordre public), public health and the protection of the environment will equally apply to foreign investment.
6. Each State is encouraged to publish, in the form of a handbook or other medium easily accessible to other States and their investors,adequate and regularly updated information about its legislation, regulations and procedures relevant to foreign investment and other information relating to its investment policies including, inter alta, an indication of any class of investment which it regards as falling under Sections 4 and 5 of this Guideline.
III
TREATMENT
1. For the promotion of international economic cooperation through the medium of private foreign investment,the establishment,operation,management,control,and exerci of rights in such an invest
ment, as well as such other associated activities necessary therefor or incidental thereto, will be consistent with the following standards which are meant to apply simultaneously to all States without prejudice to the provisions of applicable international instruments, and to firmly established rules of customary international law.
2. Each State will extend to investments established in its territory by nationals of any other State fair and equitable treatment according to the standards recommended in the Guidelines.
3. (a) With respect to the protection and curity of their person, property rights and interests, and to the granting of permits, import and export licens and the authorization to employ, and the issuance of the necessary entry and stay visas to their foreign personnel, and other legal matters relevant to the treatment of foreign investors as described in Section 1 above, such treatment will, subject to the requirement of fair and equitable treatment mentioned above, be as favorable as that accorded by the State to national investors in similar circumstances. In all cas, full protection and curity will be accorded to the investor's rights regarding ownership,control and substantial benefits over his property,including intellectual property.
(b) As concerns such other matters as are not relevant to national investors, treatment under the Sta
te's legislation and regulations will not discriminate among foreign investors on grounds of nationality.
川藏线旅游4. Nothing in this Guideline will automatically entitle nationals of other States to the more favorable
standards of treatment accorded to the nationals of certain States under any customs union or free trade area agreement.弈剑加点
5. Without restricting the generality of the foregoing, each State will:
(a) promptly issue such licens and permits and grant such concessions as may be necessary for
the uninterrupted operation of the admitted investment; and
(b) to the extent necessary for the efficient operation of the investment, authorize the employment of foreign personnel. While a State may require the foreign investor to reasonably establish his inability to recruit the required personnel locally, e.g., through local advertiment, before he resorts to the recruitment of foreign personnel, labor market flexibility in this and other areas is recognized as an important element in a positive investment environment. Of particular importance in this respect is the investor's freedom to employ top managers regardless of their nationality.
6. (1) Each State will, with respect to private investment in its territory by nationals of the other States:
(a) freely allow regular periodic transfer of a reasonable part of the salaries and wages of
foreign personnel; and, on liquidation of the investment or earlier termination of the
employment, allow immediate transfer of all savings from such salaries and wages;
(b) freely allow transfer of the net revenues realized from the investment;
(c) allow the transfer of such sums as may be necessary for the payment of debts contracted, or the discharge of other contractual obligations incurred in connection with the investment as they fall due;
含铁量高的食物(d) on liquidation or sale of the investment (whether covering the investment as a whole or a part
thereof), allow the repatriation and transfer of the net proceeds of such liquidation or sale and
all accretions thereto all at once; in the exceptional cas where the State faces foreign
exchange stringencies, such transfer may as an exception be made in installments within a
period which will be as short as possible and will not in any ca exceed five years from the
date of liquidation or sale, subject to interest as provided for in Section 6 (3) of this Guideline;
and
(e) allow the transfer of any other amounts to which the investor is entitled such as tho which
become due under thc conditions provided for in Guidelines IV and V.
(2) Such transfer as provided for in Section 6 (1) of this Guideline will be made (a) in the currency brought in by the investor where it remains convertible, in another currency designated as freely usable currency by the International Monetary Fund or in any other currency accepted by the investor, and (b) at the applicable market rate of exchange at the time of the transfer.
(3) In the ca of transfers under Section 6 (1) of this Guideline, and without prejudice to Sections 7 and 8 of Guideline IV where they apply, any delay in effecting the transfers to be made through the central bank (or another authorized public authority) of the host State will be subject to interest at the normal rate applicable to the local currency involved in respect of any period intervening between the date on which such local currency has been provided to the central bank (or the other authorized
public authority) for transfer and the date on which the transfer is actually effected.
会计专业描述(4) The provisions t forth in this Guideline with regard to the transfer of capital will also apply to the transfer of any compensation for loss due to war, armed conflict, revolution or insurrection to the extent that such compensation may be due to the investor under applicable law.
7. Each State will permit and facilitate the reinvestment in its terri tory of the profits realized from existing investments and the proceeds of sale or liquidation of such investments.
8. Each State will take appropriate measures for the prevention and control of corrupt business practices and the promotion of accountability and transparency in its dealings with foreign investors, and will cooperate with other States in developing international procedures and mechanisms to ensure thc same.
9. Nothing in this Guideline suggests that a State should provide foreign investors with tax exemptions or other fiscal incentives. Where such incentives are deemed to be justified by the State, they may to the extent possible be automatically granted, directly linked to the type of activity to be encouraged and equally extended to national investors in similar circumstances. Competition among States in pro viding such incentives, especially tax exemptions, is not recommended. Reasonable an
d stable tax rates are deemed to provide a better incentive than exemptions followed by uncertain or excessive rates.
10. Developed and capital surplus States will not obstruct flows of investment from their territories to developing States and are encouraged to adopt appropriate measures to facilitate such flows, including taxation agreements, investment guarantees, technical assistance and the provision of information. Fiscal incentives provided by some investors'governments for the purpo of encouraging investment in developing States are recognized in particular as a possibly effective element in promoting such investment.
IV
EXPROPRIATION AND UNILATERAL ALTERATIONS宁波植物园
OR TERMINATION OF CONTRACTS
1. A State may not expropriate or otherwi take in whole or in part a foreign private investment in its territory, or take measures which have similar effects, except where this is done in accordance with ap-plicable legal procedures, in pursuance in good faith of a public purpo, without discrimination on the basis of nationality and against the payment of appropriate compensation.
