АУТОР(И): Милена Галетин, Викториа Чишмадиане
Е-АДРЕСА:
DOI: 10.46793/UVP21.171G
САЖЕТАК:
The importance of foreign investment for both foreign investors and host states (i.e. the economic development of the country receiving capital) is without question. Among the motives for cross-border movement of capital are profit making, entering new markets and cheaper production1. In that sense foreign investments are suitable tools which allow companies to expand their cross-border operations and possibility to become key economic players, locally and globally. The authors deal with the impact of foreign investment on local companies/local producers in Veszprém County and the Balaton Region. The research aims to explore their attitude – advantages and obstacles they encounter due to the existence of foreign companies. There was a requirement to analyze investment disputes in which Hungary is a party, scrutinizing socio-legal aspects of foreign investment. This research consists of four parts. After the introduction, the results of the survey are shown in the second part and investment disputes in the third part. Although the survey was done just before the COVID 19 outbreak, in some parts of the paper it was necessary to address certain issues in this context. The combination of theoretical analysis and empirical research that is characteristic of social sciences is used. Finally, in the last part, concluding remarks along with recommendations are presented.
КЉУЧНЕ РЕЧИ:
foreign investment, local economy, impact of multinational/foreign companies, investment disputes
ЛИТЕРАТУРА:
Butler, N. (2012). The State of International Investment Arbitration: The Possibility of Establishing an Appeal Mechanism, PhD Thesis, The University of Leeds, School of Law.
Chvosta, O. (2014). The Potentially Applicable Systems of Law in Commercial and Investment Arbitrations: A Comparative Perspective, Willamette Journal of International Law and Dispute Resolution, vol. 22, No. 1, pp. 1-30.
Dolzer, R., Schreuer, C. (2012). Principles of International Investment Law, Oxford University Press.
Eimers, N., Toorman, J., Nouwens, J. (2004). The effects of Foreign Direct Investment on local companies, Case: The Polish construction sector, FEC685 MBA Dissertation, Kristianstad University, department of Business studies.
Galetin, M. (2019). Merodavno pravo u međunarodnim investicionim sporovima [Applicable Law in International Investment Disputes], doktorska disertacija, Pravni fakultet, Univerzitet u Novom Sadu.
Korom, V. (2019). Chapter 6 – Hungary in Investment Arbitration in Central and Eastern Europe: Law and Practice (Csongor Nagy ed.), Edward Elgar Publishing.
Moura, R., Forte, R. (2013). The effects of foreign direct investment on the host country economic growth – theory and empirical evidence, The Singapore Economic Review 58(3), available at: https://www.researchgate.net/publication/228770811_The_effects_of_foreign_ direct_investment_on_the_host_country’s_economic_growth_Theory_and_empirical_evidence.
Musabegović, I., Galetin, M., Mitić, P. (2015). Foreign Direct Investments – the Standard of Fair and Equitable Treatment of Investments on the Example of a Case of the International Center for Settlement of Investment Disputes (ICSID), Economic Analysis, Vol. 48, No. 1-2, pp. 86-97.
Nagy, C.I. (2017). Hungarian cases before ICSID tribunals: the Hungarian experience with investment arbitration, Hungarian Journal of Legal Studies 58, No 3, p. 291-310.
Nagy, C.I. (2019). Intra-EU BITs after Achmea: A Cross-Cutting Issue in Investment Arbitration in Central and Eastern Europe: Law and Practice (Csongor Nagy ed.), Edward Elgar Publishing, pp. 1-13.
Ristovska, N., Stoilkovska, A., Ravlikj I. (2017). The Influence of Foreign Direct Investment on the Economic Development, UTMS Journal of Economics 8 (2), 2017, pp. 141-150.
Salacuse, J. (2013). The Three Laws of International Investment: National, Contractual and International Frameworks for Foreign Capital, Oxford University Press.
Schill, S., Tams, C., Hofmann, R. (2018). ‘International Investment Law and History: An Introduction’ in Schill, S., Tams, C., Hofmann, R. (eds) (2018). International Investment Law and History, Edward Elgar, Amsterdam Law School Research Paper No. 2019-16, Amsterdam Center for International Law No. 2019-05, Available at SSRN: https://ssrn.com/abstract=3400697.
Schreuer, C. (2009). The ICSID Convention: A Commentary, Cambridge University Press.
Stanivuković, M. (2019). Okončanje arbitražnog postupka po pravilima ICSID-a [Discontinuance of Arbitration Proceedings under the ICSID Rules], Pravni zapisi, 2/2019, pp. 332-357.
Thompson, P., Zang, W. (2018). The foreign business and domestic enterprise relationship: Its implications for local entrepreneurial resilience, Local Economy, Vol. 33(1), pp. 10-39.
Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention), 575 UNTS 159, 4 ILM 524 (1965).
UNCTAD World Investment Report 2020, International Production beyond the Pandemic, Key Messages and Overview, p.1; available at: https://unctad.org/system/files/official- document/wir2020_overview_en.pdf.
The ICSID Caseload – Statistics, Issue 2021-1, International Centre for Settlement of Investment Disputes, World Bank Group; available at: https://icsid.worldbank.org/sites/default/files/publications/The%20ICSID%20Caseload%20S tatistics%20%282021-1%20Edition%29%20ENG.pdf.
http://investinveszprem.com/ https://ec.europa.eu/eures/printLMIText.jsp?lmiLang=en®ionId=HU2&catId=2771 https://globalarbitrationreview.com/insight/know-how/investment-treaty-
arbitration/report/hungary.
https://hipa.hu/thyssenkrupp-is-building-an-engineering-service-centre-in-veszprem; https://moneybuzzeuropa.com/thyssenkrupp-to-invest-6-2-million-euros-in-veszprem-hungary/ https://icsid.worldbank.org/about/member-states/database-of-member-states. https://icsid.worldbank.org/cases/case-database. https://investmentpolicy.unctad.org/international-investment-agreements/countries/94/hungary. https://santandertrade.com/en/portal/establish-overseas/hungary/foreign-investment. https://tradingeconomics.com/hungary/foreign-direct-investment.
ICSID CASES
Accession Mezzanine Capital L.P. and Danubius Kereskedöház Vagyonkezelö Zrt. v. Hungary, ICSID Case No. ARB/12/3, Award, 17 April 2015.
ADC Affiliate Limited and ADC & ADMC Management Limited v. Republic of Hungary, ICSID Case No. ARB/03/16, Award, 2 October 2006.
AES Summit Generation Limited and AES-Tisza Erömü Kft. v. Hungary, ICSID Case No. ARB/07/22, Award, 23 September 2010 (Decision on annulment, 29 June 2012).
AES Summit Generation Limited v. Republic of Hungary, ICSID Case No. ARB/01/4.
Dan Cake (Portugal) S.A. v. Hungary, ICSID Case No. ARB/12/9, Award, 21 November 2017.
Edenred S.A. v. Hungary, ICSID Case No. ARB/13/21, Award, 13 December 2016 (Decision on annulment, 9 March 2020).
Electrabel S.A. v. Hungary, ICSID Case No. ARB/07/19, Award, 25 November 2015.
Emmis International Holding, B.V., Emmis Radio Operating, B.V., and MEM Magyar Electronic Media Kereskedelmi és Szolgáltató Kft. v. Hungary, ICSID Case No. ARB/12/2, Award, 16 April 2014.
ENGIE SA, GDF International SAS and ENGIE International Holdings BV v. Hungary, ICSID Case No. ARB/16/14.
Magyar Farming Company Ltd, Kintyre Kft and Inicia Zrt v. Hungary, ICSID Case No. ARB/17/27, Award, 13 November 2019.
Mazen Al Ramahi v. Hungary, ICSID Case No. ARB/17/45.
MOL Hungarian Oil and Gas Company Plc v. Republic of Croatia, ICSID Case No. ARB/13/32.
Separate Opinion on the issues at the quantum phases of CME v. Czech Republic by Ian Brownlie, C.B.E., Q.C., 14 March 2003.
Sodexo Pass International SAS v. Hungary, ICSID Case No. ARB/14/20, Award, 28 January 2019.
Telenor Mobile Communications AS v. Republic of Hungary, ICSID Case No. ARB/04/15, Award, 13 September 2006.
UP and C.D Holding Internationale v. Hungary, ICSID Case No. ARB/13/35, Award, 9 October 2018.
Vigotop Limited v. Hungary, ICSID Case No. ARB/11/22, Award, 1 October 2014.