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S 2016

sajaro politikis dokumentebi

saqarTvelos sajaro moxeleTa profesiuli SesaZleblobebis zrda gadawyvetilebis miRebasa da molaparakebebis warmarTvis teqnikaSi

CAPACITY-BUILDING OF THE GEORGIAN LEADERSHIP COMMUNITY FOR IMPROVED DECISION-MAKING AND NEGOTIATION SKILLS

winamdebare gamocemaSi warmodgenili politikis dokumentebi Seiqmna

proeqtis _ `saqarTvelos sajaro moxeleTa profesiuli

SesaZleblobebis zrda gadawyvetilebis miRebasa da molaparakebebis

warmarTvis teqnikaSi~ _ farglebSi

The Public Policy Paper Series includes policy documents developed within the Capacity-Building of the Georgian Leadership Community (CBGL) project

proeqti xorcieldeba SvedeTis saerTaSoriso ganviTarebisa da TanamSromlobis saagentos finansuri mxardaWeriT

The Project is funded by the Swedish International Development Cooperation Agency

samecniero xelmZRvanelebi: ekaterine metrevelikaxa gogolaSvilimerab kakulia

Mentors: Ekaterine MetreveliKakha GogolashviliMerab Kakulia

redaqtori: rusudan margiSvili

Editor: Rusudan Margishvili

teqnikuri redaqtori: artem meliq-nubarovi

Technical Editor: Artem Melik-Nubarov

saavtoro uflebebi daculia da ekuTvnis saqarTvelos strategiisa da saerTaSoriso urTierTobebis kvlevis fonds. werilobiTi nebarTvis gareSe wignis arc erTi nawili ar SeiZleba gadaibeWdos nebismieri,

maT Soris, eleqtronuli an meqanikuri formiT.

© saqarTvelos strategiisa da saerTaSoriso urTierTobaTa kvlevis fondi 2016 weli

All rights reserved and belong to Georgian Foundation for Strategic and International Studies. No part of this publication may be reproduced in any form, including electronic and mechanical, without the prior written permission of the publisher

Copyright © 2016 Georgian Foundation for Strategic and International Studies

proeqtis Sesaxeb

programa `saqarTvelos sajaro moxeleTa profesiuli SesaZleblobebis zrda gadawyvetilebis miRebasa da molaparakebebis warmarTvis teqnikaSi~ miznad isaxavs daexmaros saqarTvelos mTavrobas marTvis sferoSi arsebuli proble-mebis daZlevaSi. proeqti iTvaliswinebs saSualo rgolis sajaro moxeleTa da samoqalaqo sazogadoebis warmomadgenelTa CarTvas politikis SemuSavebisa da molaparakebis warmarTvis teqnikis dasaxvew praqtikul mecadineobebSi. es meca-dineobebi moicavs ara marto Tanamedrove midgomebis danergvas qarTul sajaro administraciasa da sajaro politikaSi, aramed saxelmwifoebrivi mniSvnelobis sakiTxebze sajaro politikis dokumentebis SemuSavebas. proeqti aseve xels Seuw-yobs qarTvel sajaro moxeleTaTvis marTvis Tanamedrove midgomebis Sesaxeb cod-nis, praqtikisa da unarebis gacnobas.

programas afinansebs SvedeTis saerTaSoriso ganviTarebisa da TanamSrom-lobis saagento (SIDA) da axorcielebs saqarTvelos strategiisa da saerTaSoriso urTierTobebis kvlevis fondi (rondelis fondi) estoneTis diplomatiis skolas-Tan (ESD) partniorobiT.

programa xels uwyobs sajaro mmarTvelobis iseTi kulturis Camoyalibe-bas, romelic iqneba angariSvaldebuli da gaiTvaliswinebs qarTuli sazogadoebis saWiroebebs. garda amisa, programa miznad isaxavs gadawyvetilebis miRebis sfer-oSi qarTuli mmarTvelobis SesaZleblobebis gaZlierebas, rom gadawyvetilebis miRebis procesi gaxdes ufro gamWvirvale da iyos moqnili garemoebaTa cvli-lebis Sesabamisad. programa aseve moicavs saqarTvelos saxelmwifo seqtorebsa da organizaciebs Soris TanamSromlobis gaumjobesebas da saxelmwifo moxeleTa SesaZleblobebis gazrdas, raTa saqarTvelo ukeT warmoCndes saerTaSoriso don-eze sxva saxelmwifoebTan Tu saerTaSoriso organizaciebTan urTierTobisas.

programa xorcieldeba rva wlis manZilze (2009-2016 ww.).

ABOUT THE PROJECT

“Capacity-building of the Georgian Leadership Community for Improved Decision-making and Negotiation Skills” is designed to assist the Georgian government in addressing its governance challenges. This multi-component initiative aims to introduce and reinforce modern management skill sets, proficiency and practice among Georgian public officials. The project engages directly with middle level public servants and civil-society representatives through practical in-service training in policy development and negotiation techniques. Apart modernization of the Georgian public administration and public policymaking, the project activities seek to deliver actionable policy documents on the issues of national importance. The project activities and the policy initiatives will be consistent with and supportive of principles of gender and diversity equality.

The program is funded by the Swedish International Development Cooperation Agency (SIDA) and is implemented by the Georgian Foundation for Strategic and International Studies (Rondeli Foundation) in partnership with the Estonian School of Diplomacy (ESD).

The program will promote a likeminded leadership culture that is accountable and oriented to meeting the needs of the Georgian society. Furthermore, the program aims at strengthening the Georgian government capacity in decision-making, as well as increasing its transparency and flexibility in responding to the changing circumstances. In addition, this initiative intends to improve organizational cooperation among the Georgian public sectors and the country’s interaction with other states and international organizations.

The program is implemented during eight years (2009 – 2016).

7

sainvesticio davebis riskis Semcireba

nino jajaniZe

reziume

ormxrivi sainvesticio SeTanxmebis debulebaTa darRveva investorisaTvis

saxelmwifos winaaRmdeg saerTaSoriso sainvesticio davis aRZvris safuZvelia.

saqarTvelom, pirdapiri ucxouri investiciebis mozidvis mizniT, 1990 wlidan

dRemde 33 xelSemkvrel saxelmwifosTan gaaforma ormxrivi sainvesticio SeTanx-

meba da momavalSi amgvari SeTanxmebebis gaformeba sxva qveynebTanac igegmeba.

beneficiari saxelmwifosa da xelSemkvreli saxelmwifos investoris interesTa

balansis gaTvaliswinebiT da saqarTvelos mier gaformebuli yvela ormxri-

vi SeTanxmebis debulebaTa analizis safuZvelze Cvens politikis dokumentSi,

romelsac ewodeba `sainvesticio davebis riskis Semcireba~, identificirebulia

sainvesticio davis maRali riskis Semcveli debulebebi da momzadebulia mo-

laparakebis procesSi xelSemkvreli saxelmwifosaTvis SesaTavazebeli alterna-

tivebis ori paketi. alternativebis TiToeuli paketi _ SeTavazebis absoluturi

da relatiuri (fardobiTi) modelebi _ damyarebulia im debulebebze, romlebic

xSir SemTxvevaSi warmoadgens davis aRZvris safuZvels investorTa mxridan da

dajgufebulia imgvarad, rom absoluturi modeli asaxavs molaparakebis pro-

cesSi saxelmwifosaTvis yvelaze xelsayrel strategias, romelic moicavs yvela

sakvanZo debulebas, xolo relatiuri modeli warmoadgens SeTavazebis kompromi-

sul alternativas. naSromis bolos SedarebiTi analizis safuZvelze ganxilulia

upiratesi alternativa da saxelmwifo interesis gaTvaliswinebiT warmodgenilia

sakvanZo debulebaTa gaumjobesebuli formulireba, rac xels Seuwyobs sainves-

ticio davebis riskis Semcirebas.

Sesavali

politikuri da, Sesabamisad, ekonomikuri damoukideblobis mopovebis Semdeg

saqarTvelos sainvesticio politika orientirebulia swraf ekonomikur zrdaze.

pirdapiri ucxouri investiciebis mozidvis mizniT 90-iani wlebidan dRemde

saqarT velom partnior qveynebTan 33 ormxrivi sainvesticio SeTanxmeba1 gaaforma

da uaxloes wlebSi miznad isaxavs am raodenobis gaormagebas. amasTan, 2014 wlis

27 ivniss saqarTvelosa da evrokavSirs Soris `asocirebis Sesaxeb~ SeTanxmebis

xelmoweriT saqarTvelosaTvis xelmisawvdomi gaxda erTiani evropuli bazari.

grZelvadian perspeqtivaSi amgvari integraciisaTvis aucilebeli iqneba sainves-

1 saqarTvelos mier xelmowerilia 33 ormxrivi sainvesticio SeTanxmeba, Tumca ZalaSi ar Sesula estoneT-Tan da egviptesTan xelmowerili SeTanxmebebi.

8

ticio bazarze saqarTvelos dadebiTi reputaciis Seqmna da poziciis gamyareba,

risi miRwevac mxolod saxelmwifo-sainvesticio politikis srulyofis gziT aris

SesaZlebeli.

zogadad, ganviTarebad qveynebSi, romelTac politikuri arastabiluroba

da ekonomikuri aramdgradoba axasiaTebT, ormxrivi sainvesticio SeTanxmebebi

pirdapiri ucxouri investiciebis Semodinebis gazrdis mniSvnelovan instruments

warmoadgens.2 gasaTvaliswinebelia, rom gardamavali ekonomikis mqone qveynebSi

mzardi raodenobis ormxrivi sainvesticio SeTanxmebebis dadeba ar warmoadgens

pirdapiri ucxouri investiciebis mozidvis aucilebel garantias.3 Tu davuSvebT,

rom ormxrivi sainvesticio SeTanxmebebis dadeba pirdapiri ucxouri investici-

ebis zrdas ganapirobebs, am ukanasknelis zrdasTan erTad proporciulad izrde-

ba saxelmwifos winaaRmdeg aRZruli davebis raodenoba; sxva SemTxvevaSi, saxelm-

wifos mier ormxrivi sainvesticio SeTanxmebebidan gamomdinare valdebulebebiT

Tavis datvirTva aramizanSewonilia, radgan sainvesticio davisas igi SesaZloa

wagebul poziciaSi aRmoCndes.4 wagebuli dava finansur zarals ayenebs saxelm-

wifos, romelsac ekisreba davis warmoebaze gaweuli xarjebisa da sakompensacio

Tanxis dafarva.5 nebismier SemTxvevaSi, saerTaSoriso davis arseboba azianebs

qveynis sainvesticio reputacias.6 Selaxuli reputacia ki ganapirobebs ucxouri

investiciebis Semodinebis Semcirebas da sabolood ormxrivi sainvesticio Se-

Tanxmebis dadebis sargeblianobis ukuefeqts viRebT.

nebismier zemoaRniSnul SemTxvevaSi sainvesticio davis winaSe mdgari

qveynisaTvis gadamwyveti xdeba ormxrivi sainvesticio SeTanxmebis debulebebi.

rogorc wesi, rac ufro dakvirvebiT SeimuSavebs da Camoayalibebs beneficiari

saxelmwifo debulebebs ormxrivi sainvesticio SeTanxmebis samuSao modelSi, miT

2 Jan Peter Sasse, An Economic Analysis of Bilateral Investment Treaties, Okonomische Analyse des Rechts, Gabler Verlag / Springer Fachmedien Weisbaden GmbH, the Netherlands, 1st Ed., 2011, p.69-72.

See also, The Role of International Investment Agreements in Attracting Foreign Direct Investment to Developing Countries, UNC-TAD (United Nations Conference on Trade and Development) Series on International Investment Policies for Development, United Nations, New York and Geneva, 2009.

Andrew Paul Newcombe, Lluis Paradell, Law and Practice of Investment Treaties: Standards of Treatment, Kluwer Law Interna-tional, Alphen aan den Rijn, The Netherlands, 2009, pg. 62-63.

3 Johathan Bonnitcha, Investment Treaty Arbitration as Global Administrative Law: What this might mean in practice in Chester Brown (ed.) Kate Miles (ed.), Evolution in Investment Treaty Law and Arbitration, Cambridge University Press, 2011, pg. 131-133;

See also, Susan Rose-Ackerman and Jennifer L. Tobin, Do Bits Benefit Developing Countries? in Catherine A. Rogers, Roger P. Al-ford, The Future of Investment Arbitration, Institute for Transnational Arbitration, The Center for American and International Law, Oxford University Press, New York, 2009, pg. 141-142;

4 `ganviTarebadi qveynebisaTvis sainvesticio davebis efeqturi menejmenti gamowvevas warmoadgens~ (avto-ris Targmani) - Karl P. Sauvant (ed.), Appeals mechanism in International Investment Disputes, Columbia Program on In-ternational Investment, Columbia Law School, The Earth Institute Columbia University with Michael Chiswick-Patterson, Oxford University press, New York, 2008, pg. 387;

5 United Nations Conference on Trade and Development, Investor-state Dispute Settlement and Impact on Investment Rulemaking, UN, New York and Geneva, 2007, pg. 8;

See also, OECD Investment Policy Reviews, OECD Publishing, Malaysia, 2013, pg. 93;6 `am mizniT ormxrivi sainvesticio SeTanxmebaTa umetesoba Seicavs e.w. megobruli gziT davis mogvarebis

“Cooling-off” periods, raTa saxelmwifom daicvas Tavisi prosainvesticio reputacia~ (avtoris Targmani) - Lucy Reed, Jan Paulsson, Nigel Blackaby, Guide to ICSID Arbitration, Kluwer Law International, 2nd edition, Alphen aan den Rijn, 2011, pg. 97.

9

ufro mcirea mis winaaRmdeg sainvesticio davis aRZvris riski.7 vinaidan umetes

SemTxvevaSi saerTaSoriso sainvesticio davis aRZvris samarTlebrivi safuZveli

momdinareobs swored ormxrivi sainvesticio SeTanxmebidan, mizanSewonilia gaum-

jobeseba swored aqedan daiwyos. miuxedavad imisa, rom sainvesticio davebis riskis

Semcireba SesaZlebelia sakanonmdeblo CarCosa Tu instituciur meqanizmze zemo-

qmedebiT8, winamdebare politikis dokumenti amgvari riskis Semcirebas ganixi lavs

mxolod saqarTvelos ormxrivi sainvesticio SeTanxmebis, rogorc beneficiar sax-

elmwifosa da xelSemkvreli saxelmwifos investors Soris samarTlebrivi urTi-

erTobis sawyisis modeluri regulirebis debulebaTa analizis kuTxiT.

winamdebare kvlevis mizans warmoadgens saqarTvelos ormxrivi sainvesticio

SeTanxmebis proeqtis formulirebaTa gaumjobeseba sainvesticio davebis riskis

Semcirebis mizniT. imis gaTvaliswinebiT, rom saqarTvelo gardamavali ekonomi-

kis qveyanaa, saxelmwifosTvis prioritetulia pirdapiri ucxouri investiciebis

zrda, ormxriv sainvesticio SeTanxmebebTan dakavSirebiT ukve dagrovilia gamoc-

dileba da saxelmwifo gegmavs ormxrivi sainvesticio SeTanxmebebis gaformebas

met qveyanasTan, mniSvnelovania arsebuli debulebebis gaanalizebis safuZvelze

Sefasdes sainvesticio davaTa riskebi da SemuSavdes rekomendacia.

Sesabamisad, analitikuri dokumentis amocanaa amgvari SeTanxmebis proeqtSi

moaxdinos:

• sakvanZo debulebaTa identificireba, rac xSir SemTxvevaSi investoris mier

davis aRZvris safuZveli xdeba;

• saxelmwifo interesis gaTvaliswinebiT SeimuSaos maTi gaumjobesebuli for-

mulireba;

• Seadaros da warmodgenili formulirebebis mixedviT aarCios saukeTeso al-

ternativa sainvesticio davebis riskis Semcirebis miznebisaTvis.

Cveni kvleva ZiriTadad emyareba saqarTvelos mier dadebuli ormxrivi

sainvesticio SeTanxmebebis debulebaTa SedarebiT analizs. kvlevisas gamoyene-

buli iqneba saqarTvelos mier dadebuli ormxrivi sainvesticio SeTanxmebebi,

saqarTvelos winaaRmdeg aRZruli sainvesticio davebi, am sferoSi arsebuli li-

teratura da saerTaSoriso organizaciebis mier momzadebuli rekomendaciebi.

kvlevaSi mxedvelobaSi miviReT ormxrivi sainvesticio SeTanxmebebis speci-

fikuri buneba. miuxedavad imisa, rom amgvari SeTanxmeba samarTlebrivi xasiaTis

saerTaSoriso instrumentia, mis dadebaze gadawyvetilebis miReba saxelmwifo-

TaSorisi politikis nawilia. Sesabamisad, alternativebis SemuSavebisas kvleva

7 J.W. Salacuse Towards a Global Treaty on Foreign Investment: The Search for a Grand Bargain in Prof. dr. Norbert Horn (ed.), Ar-bitrating Foreign Investment Disputes - Procedural and Substantive Legal Aspects, Studies in Transnational Economic Law, Kluwer Law International, Vol. 19, The Hague, The Netherlands, 2004, pg. 72.

8 Arthur W. Rovine (ed.), Contemporary Issues in International Arbitration and Mediation: The Fordham papers 2013, Koninklijke Brill NV, Leiden, The Netherlands, 2015, pg. 272-273.

10

iTvaliswinebs ormxrivi sainvesticio SeTanxmebebis, rogorc saxelmwifoTa Soris

davebis depolitizaciis samarTlebrivi meqanizmis,9 strategiul da politikur

aspeqtebs.

problemis aRwera

ormxrivi sainvesticio SeTaxmebebi, saqarTvelos ekonomikuri ganviTarebis

miznebidan gamomdinare, umniSvnelovanes prioritets warmoadgens. qveyanaSi sta-

biluri sainvesticio garemos Seqmnis mizniT ki mniSvnelovania moxdes SeTanxmebis

debulebaTa srulyofa imgvarad, rom Semcirdes sainvesticio davaTa aRZvris ris-

ki.

saerTaSoriso sainvesticio samarTalSi damkvidrebuli praqtikis Tanaxmad,

qveyanaTa mier xdeba ormxrivi sainvesticio SeTanxmebis debulebaTa modeluri

proeqtis winaswari momzadeba, romelsac molaparakebis monawile erTi saxelmwi-

fo meore mxares samuSao variantis saxiT sTavazobs.10 amgvari modeluri reguli-

rebis proeqti ara mxolod investirebis dacvis samarTlebriv reJims qmnis, aramed

naTlad asaxavs saxelmwifos sainvesticio politikas.11

ganviTarebadi qveynebisaTvis ormxrivi sainvesticio SeTanxmebis modelu-

ri regulireba sainvesticio sferoSi arsebul saukeTeso saerTaSoriso praqti-

kas asaxavs.12 mniSvnelovania, rom modeluri regulireba ar gulisxmobs mxolod

teqnikur-formalur regulirebas da amgvari normebis Sinaarsobrivi regulireba

gadamwyvetia; erTi mxriv, ̀ standartuli~ da TiTqmis yvela ormxrivi sainvesticio

SeTanxmebisaTvis saerTo normebi investorisa Tu investiciis cnebaTa ganmarte-

baze an investiciebis dacvis ZiriTad standartebze (upiratesi xelSewyobis reJi-

mi, eqspropriacia, diskriminaciis akrZalva, Tanaswori da samarTliani mopyrobis

principi, investiciis sruli dacva da usafrTxoeba, likviduri saxsrebis Tavi-

sufali transferis ufleba) davis SemTxvevaSi xSirad aRmoCenila beneficiari

saxelmwifosaTvis saziano.

saqarTvelos aqvs ormxrivi sainvesticio SeTanxmebis samuSao varianti, ro-

melic warmoadgens konfidencialuri xasiaTis dokuments da misi mravaljeradi

gamoyeneba SeTanxmebulia uflebamosil uwyebebs Soris13. es samuSao varianti ar

warmoadgens oficialurad gamoqveynebul ormxrivi sainvesticio SeTanxmebis mo-

dels. am mxriv saqarTvelos gamocdileba msgavsia latviis gamocdilebisa, ro-

9 Jose E. Alvarez (ed.), Karl P. Sauvant (ed.); with Kamil Gerard Ahmed and Gabriela del P. Vizcaino, The Evolving International Invest-ment Regime: Expectations, Realities, Options, Oxford University Press, 2011, pg. 20.

10 Johan Billiet, International Investment Arbitration: A Practical Handbook, Maklu-Publishers, Antwerpen-Apeldoorn-Portland, 2016, pg. 44-46.

11 Chester Brown (ed.), Commentaries on Selected Model Investment Treaties, Oxford University Press, 2013, pg. 11.12 Armand De Mestral (ed.), Celine Levesque(ed.), Improving International Investment Agreements, Routledge Research in Interna-

tional Economic Law, Routledge, Oxon, 2013, pg. 20.13 amgvar uwyebebs warmoadgenen saqarTvelos iusticiis saministro, saqarTvelos ekonomikisa da mdgradi

ganviTarebis saministro, saqarTvelos finansTa saministro da saqarTvelos sagareo saqmeTa saministro.

11

melsac aqvs dokumenti, romelic araformalurad cnobilia, rogorc modeluri

da gamoiyeneba, rogorc molaparakebebis sastarto dokumenti.14 TiToeul xel-

Semkvrel saxelmwifosTan molaparakeba xdeba damoukideblad, msgavsi an axali

Sinaarsis mqone debulebebis Semcveli dokumentis gaformebiT. samuSao modelis

araformaluri formatiT arseboba SesaZloa Seicavdes Semdeg riskebs: yovel

jerze debulebaTa molaparakebiT ver Camoyalibdeba saxelmwifo midgoma da arse-

bobs safrTxe, rom qveynis interesebi Seewiros TiToeuli investoris moTxovnas

Tu ultimatums. amasTan, rac ufro unificirebulia regulireba, miT ufro mka-

fiod asaxavs igi saxelmwifos sainvesticio politikas da, Sesabamisad, miT ufro

kargad icis saxelmwifom ra CarCoebSi imoqmedos molaparakebebis dros sakuTari

poziciis SeTanxmebisas.

amrigad, saqarTvelos mier ormxrivi sainvesticio SeTanxmebis sakvanZo de-

bulebebze oficialuri modeluri proeqtis SemuSavebas aqvs politikur-samarT-

lebrivi da praqtikuli mniSvneloba. politikur-samarTlebrivi TvalsazrisiT

ormxrivi sainvesticio SeTanxmebaTa kompleqsuri analizi da modeluri proeqtis

arseboba amkvidrebs investiciis regulirebis Sidasaxelmwifoebriv standarts.

amgvari unificirebuli regulireba dadebiTad aisaxeba ganviTarebadi qveynis

sainvesticio politikasa da reputaciaze.15 praqtikuli TvalsazrisiT, xelSek-

rulebis oficialuri modelis arseboba xels uwyobs molaparakebis procesis

moq nilobas.16 maSin, rodesac saerTaSoriso SeTanxmebaTa dadeba xangrZlivi mola-

parakebis Sedegad miiRweva da am SemTxvevaSi saqme gvaqvs mudmivad cvalebad sa-

erTaSoriso biznessferosTan, oficialuri modeli xels Seuwyobs molaparakebis

swrafad da efeqturad warmoebas, zogavs ra molaparakebis mxareTa resursebsa

da xarjebs. mniSvnelovania, rom ormxrivi sainvesticio SeTanxmebis modelSi nor-

mis erTi versiis arseboba ar gamoricxavs saxelmwifos mier ama Tu im debulebis

alternativis saxiT SeTavazebas an formulirebis Secvlis (araarsebiTad) SesaZ-

leblobas. am SemTxvevaSi beneficiari saxelmwifos mxridan formulirebis Secvla

fiqsirdeba, rogorc saxelmwifo kompromisi, Tumca kvlav winaswar gansazRvruli

sainvesticio politikis CarCos farglebSi. gasaTvaliswinebelia Semdegi garemoe-

bebic: dRevandeli praqtikis mixedviT, instituciurad ar xorcieldeba monito-

ringi, Tu romeli debuleba aRmoCnda wina praqtikidan gamomdinare saziano an

sasargeblo saxelmwifoebrivi poziciisaTvis.17 ormxrivi sainvesticio SeTanxmeba-

Ta modeluri proeqti iZleva riskebis Sefasebis SesaZleblobas. amgvari Sefase-

bisas siRrmiseulad xdeba debulebaTa winaswari Seswavla da saxelmwifo poziciis

14 Brown, supra note 10 at pg. 431.15 Mestral (ed.), Levesque (ed.), supra note 11, at pg. 21.16 Stephan W. Schill, The Multilateralization of International Investment Law, International Trade and Economic Law, Cambridge

University Press, UK, 2009, pg. 91.17 `aRniSnuli aucilebelia samuSao modelis axleburi formulirebisaTvis, raTa amaRldes mode luri regu-

lirebis standarti~. (avtoris Targmani) - M. Sornarajah, The International Law on Foreign Investment, 3rd ed. Cam-bridge University Press, NY, 2010, pg. 182.

12

strategiulad gaTvla, rac amcirebs saxelmwifos winaaRmdeg sainvesticio davaTa

aRZvris risks.

ormxrivi sainvesticio SeTanxmebebis debulebaTa SemuSavebisa Tu molapara-

kebis etapze gasaTvaliswinebelia ori mniSvnelovani aspeqti:

- saqarTvelo, rogorc ganviTarebadi ekonomikis mqone qveyana, xelSekrulebebs

debs rogorc ganviTarebul, aseve ganviTarebadi ekonomikis mqone qveynebTan.

ganviTarebuli ekonomikis mqone qveynebTan xelSekrulebis Sesaxeb molapara-

kebisas xSirad upiratesoba eniWeba maT interesebs da sabolood beneficia-

ri saxelmwifosaTvis amgvari kompromisi araTu sasargeblo, sazianocaa, rad-

gan molaparakebuli SeTanxmeba erTmniSvnelovnad warmoadgens ganviTarebuli

ekonomikis mqone saxelmwifos interesebis amsaxvel instruments. beneficiari

qveynis kompromisi gamoixateba misi, rogorc saxelmwifos Sida maregulirebe-

li funqciis SezRudvaSi. amgvari SezRudva suverenuli uflebamosilebis gan-

xorcielebaSi ki iwvevs saxelmwifos kontrolis Sesustebas miiRos gadawyve-

tileba Sida ekonomikuri ganviTarebisa Tu sajaro interesebis dacvis mizniT.

Sesabamisad, beneficiari saxelmwifo swevs aramizanSewonil risks, vinaidan amg-

vari suverenuli funqciis kompromisi araproporciulia im ekonomikuri sar-

geblisa, rac man SeiZleba miiRos SeTanxmebis dadebis Sedegad.18 ganviTarebul

Tu ganviTarebadi ekonomikis mqone qveynebTan xelSekrulebebze molaparake-

bisas orive saxelmwifos aqvs mkveTrad gamoxatuli interesi da mizanSewoni-

lia SeTanxmeba maqsimalurad asaxavdes molaparakebaSi monawile saxelmwifoTa

molodins. Tumca xSiria, rodesac beneficiari saxelmwifo, ekonomikuri au-

cileblobidan gamomdinare, araTu saerTaSoriso SeTanxmebas, aramed sakuTar

sainvesticio politikasac ki usadagebs dainteresebuli saxelmwifos moTxov-

nebs. zemoaRniSnulis gaTvaliswinebiT aucilebelia ormxrivi saerTaSoriso

SeTanxmebis debulebaTa molaparakebisas dacul iqnes balansi beneficiari

saxelmwifos maregulirebel funqciasa da potenciuri investoris uflebaTa

dacvis interess Soris.19

- ormxrivi sainvesticio SeTanxmebebis molaparakebisas, iseve, rogorc nebis-

mieri saerTaSoriso SeTanxmebaTa momzadebisas mniSvnelovania siRrmiseulad

iqnes gaazrebuli TiToeuli debuleba da misi Sedegi saxelmwifos winaaRm-

deg davis SemTxvevaSi.20 xSirad ormxrivi sainvesticio xelSekrulebebis dadeba

qveynis politikur-strategiuli interesebiTaa nakarnaxevi da davis aRZvris

18 swored saxelmwifos, rogorc Sida maregulireblis, funqciis dacvis mizniT Secvala norvegi am Tavisi ormxrivi sainvesticio SeTanxmebis modeli 2008 wels – Kate Miles, The Origins of International Investment law: Empire, Environment and the Safeguarding of Capital, Cambridge Studies in International and Comparative Law, Cambridge Uni-versity Press, 2013, pg. 204.

19 David E. Caron (9ed.), Stephan W. Schill (ed.), Abby Cohen Smutny (ed.), Epaminontas E. Triantafilou (ed.) Practising Virtue: Inside International Arbitration, Oxford University Press, 1ed., US, 2015, pg. 207.

20 Zeynep Akgul, The Development of International Arbitration on Bilateral Investment Treaties, Zeynep Akgul, USA, 2008, pg. 21.

13

SemTxvevaSi ar xdeba am diplomatiuri nabijis miRma samarTlebrivi riskebis

gaazreba.21 orazrovani debulebebi gzas uxsnis investors sainvesticio arbit-

raJSi idavos sakiTxebze, romlebic debulebaSi pirdapir araa gaTvaliswinebu-

li, Tumca saerTaSoriso saarbitraJo procesSi iZleva farTo interpretaciis

saSualebas.22 saukeTeso SemTxvevaSi _ Tuki saxelmwifo davas moigebs an mo-

rigebiT daasrulebs, igi xarjavs resursebs da gaswevs procesis warmoebis

xarjebs, xolo davis wagebis SemTxvevaSi mas adgeba finansuri zarali.23 nebis-

mier SemTxvevaSi, Tavad davis arsebobis faqtic ki uaryofiTad aisaxeba qveynis

sainvesticio reputaciaze. zemoaRniSnulis gaTvaliswinebiT, mizanSewonilia

TiToeuli normis Camoyalibeba moxdes naTlad da araorazrovnad, rac qmnis

investiciebis dacvis stabilur reJims investorisTvis da aseve ayalibebs in-

vesticiis regulirebis erovnul standarts. normis prognozirebadoba emsaxu-

reba ara mxolod erT konkretul investorTan davis riskis Semcirebas, aramed

zogadad qveynis dadebiTi sainvesticio reputaciis SenarCunebas, xolo Ti-

Toeul debulebaze modeluri regulirebis arseboba _ qveynis sainvesticio

politikaSi Sejerebuli da erTgvarovani sistemis Camoyalibebas.

beneficiar saxelmwifosa da investoris interesTa balansis gaTvalis-

winebiT, aseve saqarTvelos mier gaformebuli yvela ormxrivi SeTanxmebis ana-

lizis safuZvelze, winamdebare politikis dokumentSi movaxdineT sainvesticio

davis maRali riskis Semcvel debulebaTa identificireba da movamzadeT molapa-

rakebis procesSi SesaTavazebeli alternativebis ori paketi.

problemis gadaWris gzebi(alternativebi)

beneficiari saxelmwifos mier investori saxelmwifosaTvis molaparakebis

procesSi SesaTavazebeli alternativebis momzadebisas gaTvaliswinebulia Semde-

gi ori garemoeba: a) alternativebis TiToeuli paketi dafuZnebulia im debu-

lebebze, romlebic yvelaze xSir SemTxvevaSi warmoadgens davis aRZvris safuZ-

vels investorTa mxridan da b) alternativebis urTierTgamomricxav Sinaarss

ganapirobebs is garemoeba, rom molaparakebis procesSi xelSemkvreli saxelmwi-

fo beneficiari qveynisaTvis yvela xelsayrel, Tanac sakvanZo debulebas ar da-

Tanxmdeba.24 aqedan gamomdinare, warmovadgenT or alternativas _ SeTavazebis

absolutur modelsa da relatiur (fardobiTi) models, romelTaganac pirveli

21 Nitya Nanda, Multilateral Framework on Investment, Expanding Frontiers of Global Trade Rules: The Political Economy Dynamics of the International Trading System, Routledge (Taylor & Francis Group), London and New York, 2008, pg. 110.

22 Caroline Henckels, Proportionality and Deference in Investor-State Arbitration, Balancing Investment Protection and Regular Au-tonomy, Cambridge Studies in International and Comparative Law, Cambridge University Press, UK, 2015, pg. 1.

23 Leon Trakman, Nicola Ranieri, Regionalism in International Investment Law, Oxford University Press, US, 2013, pg. 309.24 Zachary Douglas (ed.), Joost Pauwelyn (ed.), Jorge E. Vinuales (ed.), The Foundations of International Investment Law: Bringing

Theory into Practice, Oxford University Press, US, 1 ed., 2014, pg. 441.

14

asaxavs saxelmwifosaTvis yvelaze xelsayrel strategias, romelic moicavs yvela

sakvanZo debulebas, xolo meore warmoadgens SeTavazebis kompromisul models

im SemTxvevaSi, Tu pirvel alternativaze investorTan molaparakeba ver moxdeba.

I alternativa: SeTavazebis absoluturi modeli

investiciis cnebis amomwuravi da `droSi SezRuduli~ ganmarteba _ umetes

SemTxvevaSi, investorsa da beneficiar qveyanas Soris warmoqmnili davis mogvare-

ba xdeba sainvesticio davebis mogvarebis saerTaSoriso centrSi (“ICSID”, SemdegSi

`centri~) an saerTaSoriso vaWrobis kanonis Sesaxeb gaerTianebuli erebis komisi-

is (UNCITRAL) saarbitraJo wesebis Tanaxmad Camoyalibebul specialur saarbitra-

Jo sasamarTloSi. centri iurisdiqciis dadgenisas xelmZRvanelobs vaSingtonis

konvenciis25 25-e muxlis mixedviT, romelic vrceldeba `investiciebTan uSualod

dakavSirebul samarTlebriv davebze~, romelic warmoiSoba xelSemkvrel saxelm-

wifosa da meore xelSemkvrel saxelmwifos Soris da romlis centrisaTvis ga-

dacemis Sesaxeb mxareebi werilobiT SeTanxmdnen. orive mxaris mier gamoxatuli

Tanxmobis arsebobis SemTxvevaSi, calmxrivad Tanxmobis Secvla dauSvebelia~. cen-

tris tribunalebis mier damkvidrebuli praqtikis Tanaxmad, investiciis cnebis

zusti Sinaarsis dadgena xorcieldeba vaSingtonis konvenciis Sesabamisi Canawer-

isa da xelSemkvrel mxareTa Soris gaformebul ormxriv sainvesticio SeTanxmebaSi

miTiTebuli ganmartebis Tanaxmad.26 nebismier ormxriv sainvesticio SeTanxmebaSi

sawyis wertils warmoadgens investiciis cnebis ganmarteba, swored misi definici-

idan gamomdinare ganisazRvreba mxareTa mier xelSekrulebiT nakisri valdebuleb-

ebi da masTan uSualod dakavSirebuli davis samarTlebrivi buneba. imisaTvis, rom

dava ganixilos centrma, davis sagani konvenciisa da xelSekrulebis Tanaxmad unda

miiCneodes investiciad. ra Tqma unda, investiciis konvenciiseul ganmartebaze

zemoqmedeba ararealisturia, Tumca sasurvelia moxdes zemoqmedeba saxelmwifos

mier dadebuli ormxrivi sainvesticio xelSekrulebiT gaTvaliswinebul investi-

ciis cnebaze.27

Tuki swored investiciis cnebis ganmarteba gansazRvravs centris sagnobriv

iurisdiqcias (e.w. the jurisdiction ratione materie),28 amave cnebis viwrod Camoyalibeba

SezRudavs centris iurisdiqcias da Sesabamisad, SesaZloa, Seamciros sainvesti-

cio davaTa riski.

25 vaSingtonis konvencia saxelmwifosa da ucxo saxelwifos rezidentebs Soris sainvesticio dave bis gadawyvetis Sesaxeb, Convention on the Settlement of Investment Disputes between States and Nationals of other States, entered into force on 14 October, 1966.

26 Christoph H. Schreuer (with Loretta Malintoppi, August Reinisch, Anthony Sinclair), The ICSID Convention: A Commentary, Cam-bridge University Press, NY, 2ed, 2009, pg.117.

See also, Thomas Pollan, Legal Framework for the Admission of FDI, Eleven International Publishing, Utrecht, the Netherlands, 2006, pg. 32.

27 Jean E. Kalicki (ed.), Anna Joubin-Bret (ed.), Reshaping the Investor-State Dispute Settlement System: Journeys for the 21st Century, Nijhoff International Investment Law Series, Koninklinjke Brill NV, Leiden, The Netherlands, 2015 pg. 269.

28 Natalie Klein, Litigating International Law Disputes: Weighing the Balance, Cambridge University Press, UK, 2014, pg. 408.

15

mniSvnelovania, rom saqarTvelos mier xelmowerili 33 ormxrivi sainvesti-

cio SeTanxmebidan 30 SeTanxmebaSi investiciis cneba farTodaa gansazRvruli.29

amgvari `Ria~ definicia ki riskis Semcvelia, radgan am SemTxvevaSi ormxrivma

sainvesticio SeTanxmebam SesaZloa iseTi tipis investiciebi moicvas, romlebic

araTu xelSekrulebiT ar ganisazRvreba, aramed romelzec beneficiar saxelmwi-

fos molaparakebis procesSic ki ar gamouTqvams Tanxmoba.30 Sesabamisad, mizan-

Sewonilia saqarTvelos ormxriv sainvesticio SeTanxmebebSi investiciis cneba

ganisazRvros viwrod31, saukeTeso SemTxvevaSi ki _ amomwuravad32.

aqve mniSvnelovania aRiniSnos, rom saerTSoriso sainvesticio samarTalSi

damkvidrebuli saukeTeso praqtikis Tanaxmad, saxelmwifoebi Tavs ikaveben or-

mxriv sainvesticio SeTanxmebas mianiWon gamoyenebis retroaqtiuri efeqti.33 yov-

el ormxriv sainvesticio SeTanxmebas aqvs xelmowerisa da ZalaSi Sesvlis TariRi.

SesaZlebelia xelmoweridan ZalaSi Sesvlamde investiciebis momcvelobis gaT-

valiswineba, Tumca yvela im investiciis momcveloba, romlebic ganxorcielda am

xelSekrulebis ZalaSi Sesvlamde, saxelmwifos daayenebs gazrdili da gauTvle-

li sainvesticio riskis winaSe. saqarTvelos mier dadebuli zogierTi SeTanxmeba

pirdapir miuTiTebs im investiciebis momcvelobaze, romlebic moqmedebdnen mis

ZalaSi Sesvlamde.34 im SemTxvevaSiac ki, Tu am CanawerSi igulisxmeba, rom mom-

cveloba vrceldeba im investiciebze, romlebic arsebobda SeTanxmebis ZalaSi

Sesvlis dros, sasurvelia Canaweri ufro garkveviT Camoyalibdes. mizanSewoni-

lia riskebis Semcirebis ori meTodis gamoyeneba: pirdapiri miTiTeba, Tu romel

wlamde ganxorcielebul investiciebze ar gavrceldeba SeTanxmeba35 da/an SeTanx-

mebis gamoyenebis gamoricxva im davebis mimarT, romlebic warmoiSva an SeiZleba

warmoSobiliyo ZalaSi Sesvlamde.36

amrigad, molaparakebis procesSi saqarTvelosaTvis prioritetulia inves-

ticiis cneba ganimartos amomwuravad da `droSi SezRudulad~, rac ganapirobebs

29 magaliTad, termini `investicia moicavs aqtivebis nebismier saxes ...moicavs, magram ar Semoifargleba~ (saqarTvelo-somxeTis, saqarTvelo-azerbaijanis ormxrivi sainvesticio SeTanxmebebi), termini investicia gulisxmobs `yvela saxis qonebriv faseulobas~ (saqarTvelo-CineTis ormxrivi sainvesticio SeTanxmeba), termini investicia niSnavs `nebismieri saxis qonebasa da uflebas~ (saqarTvelo-fineTis ormxrivi sainves-ticio SeTanxmeba), termini investicia gamoiye neba `yvela saxis faseulobis aRsaniSnavad, rogoricaa: nebi-smieri saxis qoneba, uflebebi Tu sargebeli~ (saqarTvelo-safrangeTis ormxrivi sainvesticio SeTanxmeba), termini investicia moicavs `yvela saxis aqtivs, saxeldobr moZrav da uZrav qonebas, aseve maTTan daka-vSirebul uflebebs~ (saqarTvelo-iranis ormxrivi sainvesticio SeTanxmeba), termini investicia moicavs `nebismier fulad an materialur Senatans~ (saqarTvelo-yirgizeTis ormxrivi sainvesticio SeTanxmeba), investicia moicavs `qonebis nebismier formas~ (saqarTvelo-estoneTis ormxrivi sainvesticio SeTanxmeba), investicia gulisxmobs yvela saxis qonebas, romelsac pirdapiri an arapirdapiri saxiT flobs an akontro-lebs investori~ (saqarTvelo-avstriis ormxrivi sainvesticio SeTanxmeba).

30 Trinh Hai Yen, The Interpretation of Investment Treaties, Koninklijke Brill NV, Nijhoff, Leiden, the Netherlands, 2014, pg. 9.31 magaliTad, saqarTvelo-aSS-is ormxrivi sainvesticio SeTanxmeba, muxli 1.32 magaliTad, saqarTvelo-bulgareTis ormxrivi sainvesticio SeTanxmeba, muxli 1.1. 1.2.33 Guiguo Wang, International Investment Law: A chinese Perspective, Routledge, NY, 2015, pg. 231.34 magaliTad, `am SeTanxmebis pirobebi gamoiyeneba yvela im investiciebis mimarT, romlebic gan xor-

cielebulia erTi mxaris investoris mier meore mxaris teritoriaze, rogorc am SeTanxmebis ZalaSi Sesv-lamde, ise mas Semdeg~, saqarTvelo somxeTis ormxrivi sainvesticio SeTanxmeba, muxli 2.

35 magaliTad, saqarTvelo-yazaxeTis ormxrivi sainvesticio SeTanxmeba, muxli 2. 36 magaliTad, saqarTvelo-litvis ormxrivi sainvesticio SeTanxmeba, muxli 12. saqarTvelo-SvedeTis or-

mxrivi sainvesticio SeTanxmeba, muxli 10.1.

16

sainvesticio davaTa riskebis prognozirebadobas, xolo saukeTeso SemTxvevaSi _

maT Semcirebas.

arapirdapiri eqspropriaciis debulebis amoReba _ zogadad, eqspropriacia

legaluria, Tuki ganxorcielda sajaro mizniT, romlis miRwevac eqspropriaci-

is gareSe SeuZlebeli iqneboda (1), aradiskriminaciulad (2), kanonis moTxovnebis

dacviT (“due process of law”) (3) da adekvaturi da efeqturi kompensaciiT (4)37.

romelime zemoaRniSnuli komponentis ararseboba avtomaturad gulisxmobs sax-

elmwifos winaaRmdeg aRZrul davas sainvesticio arbitraJSi. maSin, rodesac

pirdapiri eqspropriaciis dros investoris sakuTrebis ufleba qonebaze faqto-

brivad da samarTlebrivad saxelmwifos xelSi gadadis, arapirdapiri eqspropria-

cia gulisxmobs saxelmwifos mxridan iseTi mdgomareobis Seqmnas, ra drosac in-

vestori faqtobrivad ver sargeblobs qonebiT.38 orive tipis eqspropriaciis or-

mxriv saerTaSoriso SeTanxmebaSi arseboba saarbitraJo tribunalebs gzas uxsnis,

rom eqspropriaciis kvalifikacia miscen saxelmwifos nebismier maregulirebel

qmedebas.39

saqarTvelos mier gaformebuli 33 ormxrivi sainvesticio SeTanxmebidan 32

Seicavs arapirdapiri eqspropriaciis debulebebs. zogierT SeTanxmebaSi, eqspro-

priaciis debulebaSi ar aris mkveTrad gamijnuli pirdapiri da arapirdapiri eqs-

propriaciis SemTxveva da miTiTeba xdeba ekvivalentul zomebze40, xolo zogierT

SemTxvevaSi eqspropriaciad ganixileba ara mxolod pirdapiri da arapirdapiri

eqspropricaciis SemTxvevebi, aramed `sxva nebismieri RonisZieba, romelsac aqvs

igive xasiaTi da imave saxis gavlena~.41 aseve, saqarTvelos mier gaformebuli or-

mxrivi sainvesticio SeTanxmebebis analizis Sedegad dgindeba, rom arsebobs riski,

zusti ganmartebis gareSe nebismieri saxelmwifo regulirebis zomas, Tundac is

emsaxurebodes sajaro mizans (garemo, sazogadoebrivi janmrTeloba), arapirda-

piri eqspropriaciis kvalifikacia mieces.

investorTan molaparakebis miznebisaTvis rekomendebulia SeTanxmebebidan

arapirdapiri eqspropriaciis amoReba42 an, zogadad, eqspropriaciis gamamarTle-

beli safuZvlebis gazrda.43 es SeunarCunebs saxelmwifos maregulireblis fun-

37 R. Doak Bishop, James Crawford, William Michael Reisman, Foreign Investment Disputes: Cases, Materials and Commentary, Klu-wer Law International, The Hague, The Netherlands, 2005, pg. 10.

John O’Brien, International Law, Cavendish Publishing Limited, UK, 2001, pg. 383.38 Organization for Economic Co-operation and Development (OECD), International Investment Law: A Changing Landscape, A Com-

panion Volume to International Investment Perspectives, OECD Publishing, 2005, pg. 46-47.39 Federico Ortino on Transparency of International Awards in Junji Nakagawa (editor), Transparency in International Trade and

Investment Dispute Settlement, Routledge taylor & Francis Group, Oxon, 2013, pg. 141.40 magaliTad, saqarTvelo-somxeTis ormxrivi sainvesticio SeTanxmeba iTvaliswinebs ara mxolod investici-

ebis nacionalizaciisa da eqspropriaciis akrZalvas, aramed investiciebis mimarT `nacionalizaciis an eqspropriaciis ekvivalenturi efeqtis mqone zomebis~ gamoyenebas (muxli 6.1.).

41 magaliTad, saqarTvelo-rumineTis ormxrivi sainvesticio SeTanxmeba, muxli 5.42 magaliTad, saqarTvelo-avstriis ormxrivi sainvesticio SeTanxmeba, muxli 5 moicavs pirdapir da arapir-

dapir eqspropriacias. 43 magaliTad, saqarTvelo-italiis ormxrivi sainvesticio SeTanxmeba, muxli 5, sadac ara mxolod sazogado

miznebze, aramed erovnul interesebzec xdeba miTiTeba. aseve, saqarTvelo-yirgizeTis ormxrivi sain-vesticio SeTanxmeba, muxli 6, sadac arapirdapir eqspropriaciad ar ganixileba imgvari zoma, romelic ganxorcielda `pasuxad moqmedebisadmi, romlebic ganxorcielebul iqna meore mxaris mier~.

17

qcias, Seamcirebs sainvesticio davebs eqspropriaciis legalurobaze (rac xSir

SemTxvevaSi davis aRZvris safuZveli xdeba) maSin, rodesac samarTlebrivad qoneba

xelSeuxebelia44 an rodesac saxelmwifo suverenuli Zalis gamoyenebas axdens.

mxareTa Soris davis gadawyvetis debulebis daviwroeba _ saqarTvelos mier

gaformebuli ormxrivi sainvesticio SeTanxmebebidan 31 Seicavs davis gadawyve-

tis zogad debulebebs. amgvar debulebebSi ganmsazRvrelia ori aspeqti: xdeba

Tu ara yvela davis momcveloba da rogor ukavSirdeba aRniSnuli dava investi-

cias. orive aspeqtis gaTvaliswinebiT saqarTvelos mier gaformebul SeTanxme-

bebSi mxaresa da investors Soris davis mogvarebis debulebebi farToa. umetes

SemTxvevaSi, amgvari debuleba moicavs `nebismier~45 an `yvela~ davas46, romelic

`ukavSirdeba~ investicias47 an `gamomdinareobs~ investiciidan, an zogadad davas

`kapitaldabandebaTa Sesaxeb,48 davas `investiciis Taobaze~.49

aseve, saqarTvelos mier dadebuli zogierTi ormxrivi sainvesticio SeTanx-

meba Seicavs formulirebas, ra drosac sainvesticio xelSekrulebis darRveva

SesaZloa gauTanabrdes ormxrivi saerTaSoriso SeTanxmebis darRvevas (e.w. ̀ qolga

klauzula debuleba~).50 sainvesticio davis gadawyvetis amgvari farTo formuli-

reba iwvevs saarbitraJo iurisdiqciis gafarToebas da saSualebas aZlevs inves-

tors arbitraJSi waradginos dasabuTebuli moTxovna beneficiari saxelmwifos

winaaRmdeg, maSinac ki, rodesac es konkretuli valdebuleba sainvesticio kon-

traqtidan an ormxrivi sainvesticio SeTanxmebidan pirdapir ar gamomdinareobs.51

rac ufro farToa amgvari debulebis formulirebis diapazoni, miT ufro meti

SesaZlebloba iqmneba investorisaTvis daayenos moTxovna saarbitraJo tribuna-

lis winaSe. Sesabamisad, molaparakebis procesSi rekomendebulia amgvari formu-

lirebis daviwroveba.

sainvesticio davis aRZvris xandazmulobis vadis SemoReba _ saerTaSoriso

sainvesticio samarTlis saukeTeso praqtika iTvaliswinebs moTxovnis xandazmu-

lobis vadas ormxriv saerTaSoriso xelSekrulebebSi.52 aRniSnul vadas saqa-

44 Andrea K. Bjorklund (ed), Yearbook on International Investment Law and Policy 2012-2013, Oxford University Press, 2014, NY, pg. 469.

45 magaliTad, saqarTvelo-somxeTis ormxrivi sainvesticio SeTanxmeba, muxli 6. 46 magaliTad, saqarTvelo-safrangeTis ormxrivi sainvesticio SeTanxmeba, muxli 7. 47 magaliTad, saqarTvelo-CineTis ormxrivi sainvesticio SeTanxmeba, kari 9.48 magaliTad, saqarTvelo-germaniis ormxrivi sainvesticio SeTanxmeba, muxli 11. 49 magaliTad, saqarTvelo-italiis ormxrivi sainvesticio SeTanxmeba, muxli 9.50 magaliTad, saqarTvelo-avstriis ormxrivi sainvesticio SeTanxmeba (muxli 9) `TiToeuli mxare Seasru-

lebs nebismier sxva valdebulebas, romelic mas aq ekisreba mis teritoriaze meore xelSemkvreli mxaris investorTa investiciebTan dakavSirebiT~. saqarTvelo-belgo-luqsemburgis ormxrivi sainvesticio Se-Tanxmeba (muxli 9), “Each contracting party undertakes to ensure at all times that the commitments it has entered into vis-vis investors of the other contracting party shall be observed”. saqarTvelo-germaniis ormxrivi sainvesticio SeTanxmeba (muxli 8), `yovelma xelmomwerma mxarem unda Seasrulos yoveli sxva valdebuleba, romelic man Tavis teritoriaze meore mxaris moqalaqeebisa an sazogadoebis kapitaldabandebaTa mimarT ikisra~.

51 Christopher F. Dugan, Don Wallace Jr., Noah D. Rubins, Borzu Sabahi, Investor-State Arbitration, Oxford University Press, New York, 2008, pg. 239.

52 John Anthony VanDuzer, Penelope Simons, Graham Mayeda, Integrating Sustainable Development into International Investment Agreements, A Guide for Developing Country Negotiators, Commonwealth Secretariat, 2013, UK, pg. 421.

18

rTvelos mier dadebuli ormxrivi sainvesticio SeTanxmebebidan mxolod erTi

iTvaliswinebs,53 rac niSnavs imas, rom yvela danarCen SemTxvevaSi investors SeuZ-

lia mimarTos sainvesticio arbitraJs moTxovnis yovelgvari vadis dacvis gareSe.

molaparakebis miznebisaTvis mizanSewonilia saqarTvelos ormxrivi saerTa-

Soriso SeTanxmebebi iTvaliswinebdnen moTxovnis gonivrul periods, rac sauke-

Teso praqtikiT 5 wliT an ufro mcire vadiT (3 weli) ganisazRvreba.

II alternativa: SeTavazebis relatiuri (fardobiTi) modeli

SeTavazebis relatiuri modeli miznad isaxavs pirveli alternativis mxolod

ori debulebis cvlilebis SeTavazebas molaparakebis procesSi monawile xel-

Semkvreli saxelmwifosaTvis: investiciis cnebis amomwurav da `droSi SezRudul~

ganmartebasa da arapirdapiri eqspropriaciis debulebis amoRebas. SeTavazebis

modelebis vrceli mimoxilva warmodgenilia alternativa 1-Si, Tumca mxolod am

ori debulebis arCeva ganpirobebulia Semdegi ori mizeziT: a) investiciis cnebis

amomwuravi da `droSi SezRuduli~ ganmarteba da arapirdapiri eqspropriaciis

debulebis amoReba erTgvar e.w. “ex-ante” zomas warmoadgens sainvesticio davis

asarideblad. b) aseve gasaTvaliswinebelia xelSemkvreli qveynis legitimuri in-

teresi da mosalodneli moqniloba molaparakebis procesSi _ investiciis cnebis

amomwuravi da `droSi SezRuduli~ ganmarteba investorisTvis strategiulad da

finansurad xelsayrelia saarbitraJo tribunalis winaSe moTxovnis warmatebis

gansasazRvrad, xolo arapirdapiri eqspropriaciis debulebis amoRebis SemTx-

vevaSi mas kvlav aqvs SesaZlebloba ormxrivi sainvesticio SeTanxmebiT garan-

tirebuli sxva reJimiT daicvas sakuTari interesebi.

53 saqarTvelo-Sveicariis ormxrivi sainvesticio SeTanxmeba, muxli 5.

19

efeqtianobis safuZvelze upiratesi alternativis SesarCevad vadgenT mat-

ricas:

skala 1-dan 5-mde

krit

eriu

mebi

xel

Sekm

vrel

i q

veyn

is

mosa

lo

dne

li

moqn

ilo

ba

mol

apar

akeb

is p

ro

ces

Si

sain

vest

icio

dav

is

prev

enc

iis

zr

da

sain

vest

icio

dav

ebis

sp

eqt

ris

Sem

cir

eba

saqa

rT

vel

os

sain

vest

icio

rep

ut

acii

s ga

umj

obe

seba

sul

%

Kkriteriumis wona(100%)

30% 35% 25% 10% 100%

I alternativa 2,5 5 4,5 4,5

40,75%2,5X3=7.5 5X3.5=17,5 4,5X2,5=11,25 4.5x1=4,5

II alternativa4 4 3 4

37,5%4X3=12 4X3,5=14 3X2,5=7,5 4x1=4

multifunqciuri analizidan vadgenT, rom sainvesticio davebis riskis Sem-

cirebisaTvis upirates alternativas warmoadgens I alternativa. es alternativa

moicavs yvela sakvanZo debulebas, rac SeiZleba investoris mxridan davis aRZ-

vris safuZveli gaxdes. investiciis cnebis daviwroveba da masTan erTad davis

gadawyvetis meqanizmSi sainvesticio davaTa speqtris SezRudva, aseve arapirdapiri

eqspropriaciis amoricxva da xandazmulobis vadis daweseba ayalibebs kompleqsur

midgomas sainvesticio davebis riskis Semcirebis miznebisaTvis. Tumca aRniSnuli

alternativis ganxorcielebis damabrkolebel garemoebas warmoadgenda swored

partniori qveynis moqniloba molaparakebis procesSi wavides kompromisze oTxive

sakvanZo debulebasTan mimarTebaSi. II alternativa ki miuxedavad imisa, rom zRu-

davs centris gansjadobas investiciis cnebis SezRudviT da gamoricxavs arapir-

dapiri eqspropriaciis debulebas, mainc tovebs safrTxisSemcvel riskebs: inves-

tors vadis dacviT, magram mainc SeuZlia uCivlos saxelmwifos da amasTan nebis-

mier davaze rac investiciasTanaa dakavSirebuli, aseve arapirdapiri debulebis

amoricxva ar aris sakmarisi dacvis meqanizmi saxelmwifosaTvis, radgan investors

SeuZlia dasabuTebuli moTxovna kvlav daayenos pirdapiri eqspropriaciis debu-

lebis an sxva sainvesticio reJimis qveS. savaraudoa, rom SeTavazebis relatiuri

modelis SemTxvevaSi molaparakebis procesSi xelSemkvrel saxelmwifos moqnilo-

ba iqneba ufro maRali, vidre absoluturi modelis SemTxvevaSi. Sesabamisad, II

alternativa partnior qveyanasTan konsensusis miRwevis ufro realisturi saSu-

alebaa, vidre I alternativa.

20

rekomendaciebi

sajaro politikis dokumentis miznebisaTvis Sedgenili matricidan gamoik-

veTa, rom SeTavazebis absoluturi modeli upirates alternativas warmoadgens.

SeTavazebis absoluturi modelis upiratesoba ganapiroba misma kompleq-

surobam. modeli aqcents akeTebs ra sakvanZo debulebebze, xelSemkvrel saxelmwi-

fosTan molaparakebis Tu Semdgomi urTierTobis process qmnis prognozirebads

da stabilurs. alternativa warmoadgens pirdapir gzas saerTaSoriso davebis

riskis Sesamcireblad, rac momavalSi dadebiTad unda aisaxos qveynis sainvesti-

cio reputaciaze.

mizanSewonilia alternativis gansaxorcieleblad Semdegi konkretuli

qmedebebis ganxorcieleba:

• ormxrivi sainvesticio SeTanxmebis SeTavazebis modelSi moxdes investiciis

cnebis viwro da `droSi SezRuduli~ ganmarteba. materialuri da aramateri-

aluri qonebis amomwuravi CamonaTvaliT. rekomendebulia SeTanxmebis miznebi-

saTvis ganisazRvros, rom qoneba investiciad ganixileba, im SemTxvevaSi, Tu

mas gaaCnia investiciisaTvis damaxasiaTebeli kriteriumebi, maT Soris `kapi-

talis an sxva resursebis dabandeba, sargeblis an mogebis miRebis molodini

da riski~.54 aseve, SeTanxmeba ar unda gavrceldes im moTxovnebsa da davebze,

romlebic warmoiSvnen SeTanxmebis ZalaSi Sesvlamde.

• ormxrivi sainvesticio SeTanxmebis SeTavazebis modelSi moxdes arapirdapiri

eqspropriaciis debulebis amoReba. saukeTeso SemTxvevaSi, sasurvelia saer-

Tod ar iqnas debulebis saxiT gamoyofili eqspropriaciis maregulirebeli

norma.

• ormxrivi sainvesticio SeTanxmebis SeTavazebis modelSi moxdes mxareTa Soris

davis gadawyvetis debulebis daviwroeba. sasurvelia amoRebul iqnas stand-

artuli regulireba `nebismieri dava, romelic SeiZleba warmoiSvas erTi mx-

aris investorsa da meore mxares Soris investiciebTan dakavSirebiT am mxaris

teritoriaze~, da zustad ganisazRvros rom davebi exeba mxolod im investici-

ebs, romlebic ganxorcielebulia xelSemkvreli saxelmwifos teritoriaze da

efuZneba SeTanxmebiT gaTvaliswinebuli valdebulebebis savaraudo darRvevas

da romelmac xelSemkvreli mxaris investors miayena zarali an ziani.

• ormxrivi sainvesticio SeTanxmebis SeTavazebis modelSi moxdes sainvesticio

davis aRZvris xandazmulobis vadis SemoReba. rekomendebulia, saqarTvelos

SeTanxmebebi iTvaliswinebdnen moTxovnis gonivrul periods, rac saukeTeso

praqtikiT 3-5 wliT ganisazRvreba.55

54 rogorc es gaTvaliswinebulia saqarTvelosa da Sveicariis konfederacias Soris investiciebis xelSewyo-bisa da urTierTdacvis Sesaxeb 2014 wlis 3 ivnisis SeTanxmebaSi.

55 rogorc es gaTvaliswinebulia saqarTvelosa da CexeTis respublikas Soris investiciebis xelSewyobisa da urTierTdacvis Sesaxeb 2009 wlis 29 agvistos SeTanxmebaSi.

21

daskvna

SeTavazebis absoluturi modelis ganxorcielebisaTvis pirvel nabijs ar

warmoadgens rekomendaciebSi miTiTebul formulirebaTa Sesabamisad xelSek-

rulebis debulebaTa cvlileba. pirvel rigSi, aucilebelia gadawyvetilebis mim-

Rebi aqtorebs Soris Camoyalibebuli erToblivi xedvis safuZvelze Seiqmnas or-

mxrivi sainvesticio SeTanxmebis oficialuri modeluri regulirebis proeqti,

rac amJamad mxolod samuSao variantis saxiT arsebobs Sida moxmarebis miznebi-

saTvis. SeTavazebis absoluturi modelis ganxorcielebaSi monawileoben saqarT-

velos iusticiis saministro, saqarTvelos ekonomikisa da mdgradi ganviTarebis

saministro, saqarTvelos finansTa saministro da saqarTvelos sagareo saqmeTa

saministro, romlebic uflebamosili pirebis warmomadgenlobiT uSualod muSao-

ben xelSemkvreli saxelmwifos warmomadgenlebTan amgvar SeTanxmebaTa molapara-

kebisas. molaparakebis procesSi swored qarTul mxarezea damokidebuli xelSemk-

vreli mxaris darwmuneba SeTavazebis absoluturi modelis upiratesobaSi.

aqtorTa darwmuneba alternativis implementaciis sargeblianobaSi ar qmnis

sirTules Semdegi ori pirobis gaTvaliswinebiT: a) Cveni politikis dokumentis

beneficiari aris saxelmwifo, xolo oficialuri modeluri proeqtis SemuSave-

ba swored investiciebTan dakavSirebul saxelmwifoebriv standarts ayalibebs.

b) alternativa ar gulisxmobs sruliad ararsebuli regulirebidan modeluri

regulirebis debulebaTa Camoyalibebas. saqarTvelos ukve aqvs samuSao varianti,

romelic mizanSewonilia daixvewos da Camoyalibdes modeluri regulirebis ofi-

cialuri dokumentis saxiT.

amrigad, rekomendebuli alternativis _ SeTavazebis absoluturi model-

is ganxorcielebis SemTxvevaSi, saxelmwifo interesis dacvis gaTvaliswinebiT

Camoya libdeba sistemuri, instituciuri, modeluri, unificirebuli midgoma, ro-

melic qmnis SesaZleblobas Semcirdes saxelmwifos winaaRmdeg aRZruli sainves-

ticio davebi.

22

bibliografia

saqarTvelos mier dadebuli ormxrivi sainvesticio SeTanxmebebi (xelmoweris TariRis mixedviT):

1. 1991 wlis 28 noembris SeTanxmeba espaneTsa da sabWoTa socialisturi respublikebis kavSirs Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

2. 1992 wlis 30 ivlisis SeTanxmeba saqarTvelos respublikis mTavrobasa da TurqeTis respublikis mTavrobas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

3. 1993 wlis 3 ivnisis SeTanxmeba saqarTvelos respublikis mTavrobasa da CineTis sax-alxo respublikis mTavrobas Soris investiciebis ormxrivi dacvisa da waxalisebis Sesaxeb

4. 1993 wlis 23 ivnisis SeTanxmeba saqarTvelos respublikisa da belgia-luqsemburgis ekonomikur gaerTianebas Soris investiciebis ormxrivi waxalisebis da dacvis Sesaxeb.

5. 1993 wlis 25 ivnisis xelSekruleba germaniis federaciul respublikasa da saqarT-velos respublikas Soris kapitaldabandebaTa xelSewyobisa da urTierTdacvis Ses-axeb.

6. 1994 wlis 7 martis SeTanxmeba saqarTvelos respublikis mTavrobasa da amerikis SeerTebuli Statebis mTavrobas Soris investiciebis xelSewyobis Sesaxeb.

7. 1994 wlis 9 noembris SeTanxmeba saqarTvelos respublikis mTavrobasa da saberZneTis respublikis mTavrobas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

8. 1995 wlis 9 ianvris SeTanxmeba saqarTvelos respublikis mTavrobasa da ukrainis re-spublikis mTavrobas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

9. 1995 wlis 19 ianvris SeTanxmeba saqarTvelos respublikis mTavrobasa da bulgareTis respublikis mTavrobas Soris kapitaldabandebebis ormxrivi waxalisebisa da dacvis Sesaxeb.

10. 1995 wlis 15 Tebervlis SeTanxmeba saqarTvelos respublikis mTavrobasa da didi bri-taneTisa da CrdiloeT irlandiis gaerTianebuli samefos mTavrobas Soris kapital-dabandebebis waxalisebisa da dacvis Sesaxeb.

11. 1995 wlis 19 ivnisis SeTanxmeba saqarTvelos respublikis mTavrobasa da israelis mTavrobas Soris investiciebis ormxrivi dacvisa da waxalisebis Sesaxeb.

12. 1995 wlis 4 seqtembris SeTanxmeba saqarTvelos respublikis mTavrobasa da uzbekeTis respublikis mTavrobas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

13. 1995 wlis 26 seqtembris SeTanxmeba saqarTvelos respublikasa da iranis islamur re-spublikas Soris investiciebis urTierTwaxalisebisa da dacvis Sesaxeb.

14. 1996 wlis 8 martis SeTanxmeba saqarTvelos mTavrobasa da azerbaijanis respublikis mTavrobas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

15. 1996 wlis 20 martis SeTanxmeba saqarTvelos respublikis mTavrobasa da TurqmeneTis respublikis mTavrobas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

16. 1996 wlis 4 ivnisis SeTanxmeba saqarTvelos mTavrobasa da somxeTis respublikis mTav-robas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

17. 1996 wlis 17 seqtembris SeTanxmeba saqarTvelos mTavrobasa da yazaxeTis respublikis mTavrobas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

18. 1997 wlis 3 Tebervlis SeTanxmeba saqarTvelos mTavrobasa da safrangeTis respubli-kis mTavrobas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

19. 1997 wlis 22 aprilis SeTanxmeba saqarTvelos mTavrobasa da yirgizeTis respublikis mTavrobas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

20. 1997 wlis 15 maisis SeTanxmeba saqarTvelos mTavrobasa da italiis respublikis mTav-robas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

23

21. 1997 wlis 28 noembris SeTanxmeba saqarTvelos mTavrobasa da moldovas respublikis mTavrobas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

22. 1997 wlis 11 dekembris SeTanxmeba saqarTvelos respublikis mTavrobasa da rumineTis mTavrobas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

23. 1998 wlis 3 Tebervlis SeTanxmeba saqarTvelosa da niderlandebis samefos Soris in-vesticiebis waxalisebisa da urTierTdacvis Sesaxeb.

24. 1999 wlis 3 ivnisis SeTanxmeba saqarTvelosa da egviptis arabuli respublikis mTav-robas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

25. 2001 wlis 18 oqtombris SeTanxmeba saqarTvelosa da avstriis respublikas Soris in-vesticiebis waxalisebisa da dacvis Sesaxeb.

26. 2005 wlis 5 oqtombris SeTanxmeba saqarTvelos mTavrobasa da latviis respublikis mTavrobas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

27. 2005 wlis 9 noembris SeTanxmeba saqarTvelos mTavrobasa da litvis respublikis mTav-robas Soris investiciebis waxalisebisa da dacvis Sesaxeb.

28. 2006 wlis 24 noembris SeTanxmeba saqarTvelosa da fineTis respublikis mTavrobas Soris investiciebis waxalisebisa da dacvis Sesaxeb.

29. 2008 wlis 30 oqtombris SeTanxmeba saqarTvelosa da SvedeTis samefos Soris inves-ticiebis waxalisebisa da urTierTdacvis Sesaxeb.

30. 2009 wlis 29 agvistos SeTanxmeba saqarTvelosa da CexeTis respublikas Soris inves-ticiebis xelSewyobisa da urTierTdacvis Sesaxeb.

31. 2009 wlis 13 oqtombris SeTanxmeba saqarTvelos mTavrobasa da quveiTis saxelmwifos mTavrobas Soris investiciebis waxalisebisa da urTierTdacvis Sesaxeb.

32. SeTanxmeba saqarTvelosa da estoneTis respublikas Soris investiciebis waxalisebisa da dacvis Sesaxeb, damtkicebulia saqarTvelos prezidentis 2009 wlis 3 dekembris #894 brZanebulebiT.

33. 2014 wlis 3 ivnisis SeTanxmeba saqarTvelosa da Sveicariis konfederacias Soris in-vesticiebis xelSewyobisa da urTierTdacvis Sesaxeb.

saerTaSoriso organizaciebis gamocemebi

1. Organization for Economic Co-operation and Development (OECD), International Investment Law: A Changing Landscape, A Companion Volume to International Investment Prespectives, OECD Publishing, 2005.

2. Organization for Economic Co-operation and Development (OECD) Investment Policy Reviews, OECD Publishing, Malaysia, 2013.

3. UNCTAD (United nations Conference on Trade and Development) Series on International Investment Policies for Development, The Role of International Investment Agreements in Attracting Foreign Direct Investment to Developing Countries, United Nations, New York and Geneva, 2009.

4. United Nations Conference on Trade and Development, Investor-state Dispute Settlement and Impact on Investment Rulemaking, UN, New York and Geneva, 2007.

ucxouri literatura

1. Akgul, Zeynep, The Development of International Arbitration on Bilateral Investment Treaties, Zeynep Akgul, USA, 2008.

2. Alvarez, Jose E. (ed.), Sauvant, Karl P. (ed.) with Ahmed, Kamil Gerard and Vizcaino, Gabriela del P., The Evolving International Investment Regime: Expectations, Realities, Options, Oxford University Press, 2011.

3. Billiet Johan, International Investment Arbitration: A Practical Handbook, Maklu-Publishers, Antwerpen-Apeldoorn-Portland, 2016.

24

4. Bishop, R. Doak, Crawford, James, Reisman, William Michael, Foreign Investment Disputes: Cases, Mate-rials and Commentary, Kluwer Law International, The Hague, The Netherlands, 2005.

5. Bjorklund, Andrea K. (ed), Yearbook on International Investment Law and Policy 2012-2013, Oxford Uni-versity Press, NY, 2014.

6. Bonnitcha Johathan, Investment Treaty Arbitration as Global Administrative Law: What this might mean in practice in Chester Brown (ed.) Kate Miles (ed.), Evolution in Investment Treaty Law and Arbitration, Cambridge University Press, 2011.

7. Brown Chester (ed.), Commentaries on Selected Model Investment Treaties, Oxford University Press, 2013.

8. Caron David E. (ed.), Schill, Stephan W. (ed.), Smutny, Abby Cohen (ed.), Triantafilou, Epaminontas E. (ed.), Practising Virtue: Inside International Arbitration, Oxford University Press, 1ed., US, 2015.

9. Convention on the Settlement of Investment Disputes between States and Nationals of other States, entered into force on 14 October, 1966.

10. De Mestral, Armand (ed.), Levesque, Celine (ed.), Improving International Investment Agreements, Rout-ledge Research in International Economic Law, Routledge, Oxon, 2013

11. Douglas, Zachary (ed.), Pauwelyn, Joost (ed.), Vinuales, Jorge E. (ed.), The Foundations of International Investment Law: Bringing Theory into Practice, Oxford University Press, US, 1 ed., 2014.

12. Dugan Christopher F., Wallace, Don Jr., Rubins, Noah D., Sabahi, Borzu, Investor-State Arbitration, Oxford University Press, New York, 2008.

13. Guiguo Wang, International Investment Law: A chinese Perspective, Routledge, NY, 2015, pg. 231.

14. Henckels Caroline, Proportionality and Deference in Investor-State Arbitration, Balancing Inverstment Protection andf Regular Autonomy, Cambridge Studies in International and Comparative Law, Cambridge University Press, UK, 2015.

15. Kalicki, Jean E. (ed.), Joubin-Bret, Anna (ed.), Reshaping the Investor-State Dispute Settlement System: Journeys for the 21st Century, Nijhoff International Investment Law Series, Koninklinjke Brill NV, Leiden, The Netherlands, 2015.

16. Klein, Natalie, Litigating International Law Disputes: Weighing the Balance, Cambridge University Press, UK, 2014.

17. Miles, Kate, The Origins of International Investment law: Empire, Environment and the Safeguarding of Capital, Cambridge Studies in International and Comparative Law, Cambridge University Press, 2013.

18. Nanda Nitya, Multilateral Framework on Investment, Expanding Frontiers of Global Trade Rules: The Political Economy Dynamics of the International Trading System, Routledge (Taylor & Francis Group), London and New York, 2008.

19. Newcombe, Andrew Paul, Paradell Lluis, Law and Practice of Investment Treaties: Standards of Treat-ment, Kluwer Law International, Alphen aan den Rijn, The Netherlands, 2009.

20. O’Brien, John, International Law, Cavendish Publishing Limited, UK, 2001.

21. Ortino, Federico on Transparency of International Awards in Junji Nakagawa (editor), Transparency in International Trade and Investment Dispute Settlement, Routledge taylor & Francis Group, Oxon, 2013.

22. Pollan, Thomas, Legal Framework for the Admission of FDI, Eleven International Publishing, Utrecht, the Netherlands, 2006.

23. Reed, Lucy, Paulsson, Jan, Blackaby, Nigel, Guide to ICSID Arbitration, Kluwer Law International, 2nd edi-tion, Alphen aan den Rijn, 2011.

24. Rose-Ackerman, Susan and Tobin Jennifer L., Do Bits Benefit Developing Countries? in Catherine A. Rog-ers, Roger P. Alford, The Future of Investment Arbitration, Institute for Transnational Arbitration, The Center for American and International Law, Oxford University Press, New York, 2009.

25. Rovine, Arthur W. (ed.), Contemporary Issues in International Arbitration and Mediation: The Fordham papers 2013, Koninklijke Brill NV, Leiden, The Netherlands, 2015

26. Salacuse J.W., Towards a Global Treaty on Foreign Investment: The Search for a Grand Bargain in Prof. dr. Norbert Horn (ed.), Arbitrating Foreign Investment Disputes - Procedural and Substantive Legal Aspects, Studies in Transnational Economic Law, Kluwer Law International, Vol. 19, The Hague, The Netherlands, 2004.

25

27. Sasse, Jan Peter, An Economic Analysis of Bilateral Investment Treaties, Okonomische Analyse des Rechts, Gabler Verlag / Springer Fachmedien Weisbaden GmbH, the Netherlands, 1st Ed., 2011.

28. Sauvant (ed.), Karl P. Appeals mechanism in International Investment Disputes, Columbia Program on International Investment, Columbia Law School, The Earth Institute Columbia University with Michael Chiswick-Patterson, Oxford University press, New York, 2008.

29. Schreuer, Christoph H. (with Loretta Malintoppi, August Reinisch, Anthony Sinclair), The ICSID Conven-tion: A Commentary, Cambridge University Press, NY, 2ed, 2009.

30. Schill, Stephan W., The Multilateralization of International Investment Law, International Trade and Eco-nomic Law, Cambridge University Press, UK, 2009.

31. Sornarajah, M., The International Law on Foreign Investment, 3rd ed. Ca mbridge University Press, NY, 2010.

32. Trakman, Leon, Nicola Ranieri, Regionalism in International Investment Law, Oxford University Press, US, 2013.

33. VanDuzer, John Anthony, Simons, Penelope, Mayeda, Graham, Integrating Sustainable Development into International Investment Agreements, A Guide for Developing Country Negotiators, Commonwealth Secretariat, UK, 2013.

34. Yen, Trinh Hai, The Interpretation of Investment Treaties, Koninklijke Brill NV, Nijhoff, Leiden, the Neth-erlands, 2014.

61

Nino Jajanidze

Advisor to the Department of State Representation at Arbitration and Foreign State CourtsMinistry of Justice of Georgia

Decrease of Risks of Investment Disputes

S U M M A R Y

Violation of the provisions of a bilateral investment treaty is the basis for an investor being able to bring an international investment action against the State. From 1990 to date, Georgia has signed bilateral investment agreements with 33 contracting states in order to attract direct foreign investments, and the execution of similar contracts with other states is also planned for the future. Given the balance of the interests of the beneficiary state and investors of a contracting state, as well as on the basis of the analysis of all bilateral treaties signed by Georgia, in the policy document on ‘Decrease of Investment Risks,’ the provisions containing the high risks of disputes were identified and two packages of alternatives were prepared for investors during the negotiation processes.

Each package of alternatives – absolute and relative models of offer – is based on provisions serving as the basis of the bringing of an action by investors, and is grouped in such manner that the absolute model reflects the most advantageous strategy for the State comprising all key provisions, while the relative model is the compromise alternative of the offer. At the end of the thesis, on the basis of comparative analysis, the predominant alternative is reviewed and, envisaging the State interests, the formulation of improved key provisions is given to support the decrease of investment risks.