Friday, May 04, 2007

FDI in Brazil, and Brazilian FDI Abroad

In my earlier posting I talked about arbitration and foreign direct investment ("FDI") in Brazil, but it is important to point out --again--, that foreign investors doing business in Brazil do not benefit from the arbitration framework set by the 1965 Convention on the Settlement of Investment Disputes between States and Nationals of Other States ("ICSID Convention"). Foreign investors in Brazil do not benefit from protection of bilateral investment treaties ("BITs") either, as to date Brazil has not ratified any of the 14 BITs it entered with different countries --worldwide-- during the 1990s.

It is obvious that the existence of a framework for investment-state disputes in Brazil ("Investment Arbitrations"), would not only bring more certainty for foreign investors investing in Brazil, but also make Brazil an even more attractive destination for FDI.

Brazil’s lack of (i) signature of the ICSID Convention and (ii) ratification of BITs, however, not only has an effect on FDI flows to Brazil --as the lack of Investment Arbitrations subject foreign investors to the slowness of Brazilian courts, in case they have a dispute with the Brazilian government-- but also affects the investment of Brazilian multinational corporations ("Brazilian MNCs") abroad, as the investment of Brazilian MNCs will not be protected by investment treaties affording neutral dispute resolution for foreign investors. This is significant, because in 2006 alone, Brazilian MNCs have invested abroad more than the country has received as FDI, to the extent that Brazilian MNCs currently have a total amount of investment abroad of over $106 billion U.S. dollars (from January 2006 to November 2006, Brazilian MNCs have made FDI overseas of approximately $25 billion U.S. dollars [See Múltis brasileiras crescem mais no exterior (O Globo, January 21, 2007, at 31), available at http://www.oglobo.com.br/].

Brazilian MNCs should make FDI overseas using --as vehicles for such investments-- subsidiaries incorporated in countries signatories of the ICSID Convention. This is the case of Petrobrás, Brazil’s state-controlled oil company with an "imbroglio" with the Bolivian government over expropriation of Petrobrás assets in that country. Fortunately for Petrobrás, if negotiations with the Bolivians fail, and Petrobrás is obligated to litigate against Bolivia, Petrobrás can initiate Investment Arbitration proceedings against Bolivia, under the ICSID Convention, instead of bringing suit in Bolivian Courts. This, because (a) Petrobrás’ FDI in Bolivia was made through a Dutch subsidiary company of the Petrobrás’ group, and (b) Bolivia and the Netherlands are both signatories to the ICSID Convention.

18 comments:

Brazil property said...

I'd like to say that now in Brazil property investment is much better then business investment. Overseas property investors have come to realize that Brazil is a great place to dip your toe in international real estate investing.

Anonymous said...

Good day, sun shines!
There have were times of hardship when I didn't know about opportunities of getting high yields on investments. I was a dump and downright stupid person.
I have never imagined that there weren't any need in large starting capital.
Nowadays, I'm happy and lucky , I begin take up real income.
It gets down to select a proper partner who uses your funds in a right way - that is incorporate it in real business, parts and divides the income with me.

You may ask, if there are such firms? I'm obliged to answer the truth, YES, there are. Please get to know about one of them:
[url=http://theblogmoney.com] Online investment blog[/url]

Anonymous said...

Good day, sun shines!
There have were times of troubles when I didn't know about opportunities of getting high yields on investments. I was a dump and downright stupid person.
I have never thought that there weren't any need in big initial investment.
Nowadays, I feel good, I started to get real money.
It gets down to select a correct companion who uses your money in a right way - that is incorporate it in real deals, and shares the income with me.

You may ask, if there are such firms? I have to answer the truth, YES, there are. Please be informed of one of them:
[url=http://theblogmoney.com] Online investment blog[/url]

Anonymous said...

Hello!
You may probably be very interested to know how one can make real money on investments.
There is no need to invest much at first.
You may begin to get income with a sum that usually is spent
on daily food, that's 20-100 dollars.
I have been participating in one project for several years,
and I'll be glad to share my secrets at my blog.

Please visit blog and send me private message to get the info.

P.S. I make 1000-2000 per day now.

http://theinvestblog.com [url=http://theinvestblog.com]Online Investment Blog[/url]

Anonymous said...

young singles [url=http://loveepicentre.com/]dating a police officer and ego[/url] dating for big people http://loveepicentre.com/ dating hot moms

Anonymous said...

Glad to materialize here. Good day or night everybody!

Let me introduce myself,
my name is Nikolas.
Generally I’m a venturesome gambler. recently I take a great interest in online-casino and poker.
Not long time ago I started my own blog, where I describe my virtual adventures.
Probably, it will be interesting for you to read my notes.
Please visit my diary. http://allbestcasino.com I’ll be glad would you find time to leave your comments.

Anonymous said...

Do You interesting of [b]Female use of Viagra[/b]? You can find below...
[size=10]>>>[url=http://listita.info/go.php?sid=1][b]Female use of Viagra[/b][/url]<<<[/size]

[URL=http://imgwebsearch.com/30269/link/buy%20viagra/1_valentine3.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/1_valentine3.png[/IMG][/URL]
[URL=http://imgwebsearch.com/30269/link/buy%20viagra/3_headsex1.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/3_headsex1.png[/IMG][/URL]
[b]Bonus Policy[/b]
Order 3 or more products and get free Regular Airmail shipping!
Free Regular Airmail shipping for orders starting with $200.00!

Free insurance (guaranteed reshipment if delivery failed) for orders starting with $300.00!
[b]Description[/b]

Generic Viagra (sildenafil citrate; brand names include: Aphrodil / Edegra / Erasmo / Penegra / Revatio / Supra / Zwagra) is an effective treatment for erectile dysfunction regardless of the cause or duration of the problem or the age of the patient.
Sildenafil Citrate is the active ingredient used to treat erectile dysfunction (impotence) in men. It can help men who have erectile dysfunction get and sustain an erection when they are sexually excited.
Generic Viagra is manufactured in accordance with World Health Organization standards and guidelines (WHO-GMP). Also you can find on our sites.
Generic [url=http://viagra.opuskali.ru]Viagra Super Active[/url] is made with thorough reverse engineering for the sildenafil citrate molecule - a totally different process of making sildenafil and its reaction. That is why it takes effect in 15 minutes compared to other drugs which take 30-40 minutes to take effect.
[b]viagra pills cod
viagra procedure use
cialis viagra levitra samples
same drug as viagra herbal
adipex meridia online phentermine prescription viagra
viagra colm begley
viagra insurance
[/b]
Even in the most sexually liberated and self-satisfied of nations, many people still yearn to burn more, to feel ready for bedding no matter what the clock says and to desire their partner of 23 years as much as they did when their love was brand new.
The market is saturated with books on how to revive a flagging libido or spice up monotonous sex, and sex therapists say “lack of desire” is one of the most common complaints they hear from patients, particularly women.

Anonymous said...

Do You interesting of [b]Female use of Viagra[/b]? You can find below...
[size=10]>>>[url=http://listita.info/go.php?sid=1][b]Female use of Viagra[/b][/url]<<<[/size]

[URL=http://imgwebsearch.com/30269/link/viagra%2C%20tramadol%2C%20zithromax%2C%20carisoprodol%2C%20buy%20cialis/1_valentine3.html][IMG]http://imgwebsearch.com/30269/img0/viagra%2C%20tramadol%2C%20zithromax%2C%20carisoprodol%2C%20buy%20cialis/1_valentine3.png[/IMG][/URL]
[URL=http://imgwebsearch.com/30269/link/buy%20viagra/3_headsex1.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/3_headsex1.png[/IMG][/URL]
[b]Bonus Policy[/b]
Order 3 or more products and get free Regular Airmail shipping!
Free Regular Airmail shipping for orders starting with $200.00!

Free insurance (guaranteed reshipment if delivery failed) for orders starting with $300.00!
[b]Description[/b]

Generic Viagra (sildenafil citrate; brand names include: Aphrodil / Edegra / Erasmo / Penegra / Revatio / Supra / Zwagra) is an effective treatment for erectile dysfunction regardless of the cause or duration of the problem or the age of the patient.
Sildenafil Citrate is the active ingredient used to treat erectile dysfunction (impotence) in men. It can help men who have erectile dysfunction get and sustain an erection when they are sexually excited.
Generic Viagra is manufactured in accordance with World Health Organization standards and guidelines (WHO-GMP). Also you can find on our sites.
Generic [url=http://viagra.wilantion.ru]Viagra 100mg pills[/url] is made with thorough reverse engineering for the sildenafil citrate molecule - a totally different process of making sildenafil and its reaction. That is why it takes effect in 15 minutes compared to other drugs which take 30-40 minutes to take effect.
[b]buying viagra in uk
regalis viagra
cheapest price viagra deliverd uk
Viagra Tesco
viagra increase size
viagra bahrain
cheap online viagra
[/b]
Even in the most sexually liberated and self-satisfied of nations, many people still yearn to burn more, to feel ready for bedding no matter what the clock says and to desire their partner of 23 years as much as they did when their love was brand new.
The market is saturated with books on how to revive a flagging libido or spice up monotonous sex, and sex therapists say “lack of desire” is one of the most common complaints they hear from patients, particularly women.

Anonymous said...

Do You interesting of [b]Viagra 100mg dosage[/b]? You can find below...
[size=10]>>>[url=http://listita.info/go.php?sid=1][b]Viagra 100mg dosage[/b][/url]<<<[/size]

[URL=http://imgwebsearch.com/30269/link/buy%20viagra/1_valentine3.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/1_valentine3.png[/IMG][/URL]
[URL=http://imgwebsearch.com/30269/link/buy%20viagra/3_headsex1.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/3_headsex1.png[/IMG][/URL]
[b]Bonus Policy[/b]
Order 3 or more products and get free Regular Airmail shipping!
Free Regular Airmail shipping for orders starting with $200.00!

Free insurance (guaranteed reshipment if delivery failed) for orders starting with $300.00!
[b]Description[/b]

Generic Viagra (sildenafil citrate; brand names include: Aphrodil / Edegra / Erasmo / Penegra / Revatio / Supra / Zwagra) is an effective treatment for erectile dysfunction regardless of the cause or duration of the problem or the age of the patient.
Sildenafil Citrate is the active ingredient used to treat erectile dysfunction (impotence) in men. It can help men who have erectile dysfunction get and sustain an erection when they are sexually excited.
Generic Viagra is manufactured in accordance with World Health Organization standards and guidelines (WHO-GMP). Also you can find on our sites.
Generic Viagra is made with thorough reverse engineering for the sildenafil citrate molecule - a totally different process of making sildenafil and its reaction. That is why it takes effect in 15 minutes compared to other drugs which take 30-40 minutes to take effect.
[b][/b]
Even in the most sexually liberated and self-satisfied of nations, many people still yearn to burn more, to feel ready for bedding no matter what the clock says and to desire their partner of 23 years as much as they did when their love was brand new.
The market is saturated with books on how to revive a flagging libido or spice up monotonous sex, and sex therapists say “lack of desire” is one of the most common complaints they hear from patients, particularly women.

Anonymous said...

grapefruit prostate [url=http://usadrugstoretoday.com/products/evecare.htm]evecare[/url] commonwealth medical college http://usadrugstoretoday.com/products/menosan.htm blood labs brampton http://usadrugstoretoday.com/products/hoodia-weight-loss-gum.htm
carter pills [url=http://usadrugstoretoday.com/products/aceon.htm]aceon[/url] depression thyroid [url=http://usadrugstoretoday.com/products/septilin.htm]socks for diabetes knitting[/url]

Anonymous said...

wengers blood disease [url=http://usadrugstoretoday.com/faq.htm]no prescription pharmacies[/url] breast implant doctor philadelphia http://usadrugstoretoday.com/products/dramamine.htm iatse health benefits http://usadrugstoretoday.com/categories/antibiotics.htm
how to make sleeping pill [url=http://usadrugstoretoday.com/products/cialis-soft-tabs.htm]cialis soft tabs[/url] cialis dosage instructions [url=http://usadrugstoretoday.com/categories/montage-packs.htm]vegetarian diet healthier[/url]

Anonymous said...

tea party foods [url=http://usadrugstoretoday.com/products/kamagra-oral-jelly.htm]kamagra oral jelly[/url] hiting your self on the breast http://usadrugstoretoday.com/products/herbolax.htm virginia mn rehab for asthma http://usadrugstoretoday.com/products/hoodia-weight-loss-gum.htm
issues with dental filling removal [url=http://usadrugstoretoday.com/products/flovent.htm]flovent[/url] grinding of teeth while sleeping [url=http://usadrugstoretoday.com/products/motrin.htm]arkansasd department of health[/url]

Anonymous said...

http://healthboard.in/brahmi/brahmi-research
[url=http://healthboard.in/colchicine/colchicine-not-always-cause-diarrhea]mormon drug help[/url] pf pharmacy westerville [url=http://healthboard.in/depressive/major-depressive-disorder-specifiers]major depressive disorder specifiers[/url]
blue cross blue shield massachusetts cialis http://healthboard.in/desyrel/desyrel-withdrawal
[url=http://healthboard.in/cyclophosphamide/bilateral-lung-transplant-and-cyclophosphamide]drugstore backbar antique[/url] walmart pharmacy in erie pa [url=http://healthboard.in/diclofenac/baclofen-diclofenac-cream]baclofen diclofenac cream[/url]
grant proposal pharmacy http://healthboard.in/body-building/muscle-body-building-chick-girl-woman-sexy-porn-xxx
[url=http://healthboard.in/bromocriptine/bromocriptine-for-elevated-prolactin]how many drug offenders have a repeat offense[/url] cialis super viagra [url=http://healthboard.in/cytotec/cytotec-and-fetal-demise-induction]cytotec and fetal demise induction[/url] j point elevation drugs [url=http://healthboard.in/buspar/using-buspar-in-labradors]using buspar in labradors[/url]

Anonymous said...

http://xws.in/dostinex/avodart-ciales-clomid-diflucan-dostinex-gluco
[url=http://xws.in/amoxil]how to make speedy drugs[/url] brand name cialis [url=http://xws.in/actonel/compare-actonel-evista-fosamax]compare actonel evista fosamax[/url]
drug culture http://xws.in/aldactone/searle-aldactone-without-prescription
[url=http://xws.in/effexor/effexor-xr-from-canada]moses lewis from ellensburg busted for drugs[/url] how should fda ensures testing for new drugs is adequate [url=http://xws.in/allegra/allegra-goodyear-review]allegra goodyear review[/url]
complete eas system for drug store http://xws.in/accutane/acne-accutane
[url=http://xws.in/doxepin/doxepin-weight-gain]ny state drug laws[/url] levitra success [url=http://xws.in/donepezil/donepezil-hcl]donepezil hcl[/url] board of pharmacy az [url=http://xws.in/aldactone/searle-aldactone-without-prescription]searle aldactone without prescription[/url]

Anonymous said...

earth shoes outlet stores http://topcitystyle.com/?action=products&product_id=1389 japanize street fashion [url=http://topcitystyle.com/?action=products&product_id=1296]pineapple clothes[/url] how to remove human urine smell in clothes
http://topcitystyle.com/frankie-morello-underwear-brand19.html fashion houston photographer [url=http://topcitystyle.com/dress-shirts-page8.html]gucci and glasses[/url]

Anonymous said...

movie that drew barrymore and madaline stowe starred in [url=http://worldmovs.co.cc/full_version-after-sex/27159database/]After Sex[/url] ct movie theators [url=http://full-length-movies.com/dvd-quality-movie-natasha/1987database/]Natasha[/url]
cars movie comes out [url=http://worldmovs.co.cc/full_version-tamara/27678database/]Tamara[/url] unfolding florence the movie free download [url=http://worldmovs.co.cc/full_version-michael-palin-around-the-world-in-80-days-e06-far-east-and-farther-east/4734database/]Michael Palin Around The World In 80 Days E06 Far East And Farther East[/url]
kirsten dunst movie queen [url=http://worldmovs.co.cc/full_version-la-guerra-dei-fiori-rossi/13899database/]La Guerra Dei Fiori Rossi[/url] hellraiser 2 movie downloads [url=http://full-length-movies.com/dvd-quality-movie-american-pie/17138database/]American Pie[/url]
christan slater elvis movie [url=http://worldmovs.co.cc/full_version-princess-monoke/20009database/]Princess Monoke[/url] los angeles movie studios [url=http://full-length-movies.com/dvd-quality-movie-rocky-vi-balboa./16753database/]Rocky VI Balboa.[/url]

Anonymous said...

how to wear red clothes http://www.thefashionhouse.us/26-roberto-cavalli-size19.html clothes moth [url=http://www.thefashionhouse.us/-classic-denim-on-sale-category15.html]old fashioned dress shirts[/url] what is a graphic designer
http://www.thefashionhouse.us/leopard-club-wear-color176.html merrell stormfront shoes [url=http://www.thefashionhouse.us/leather-shoes-page15.html]fashion island[/url]

Anonymous said...

http://www.maps.google.com/ - [url=http://www.wikipedia.org/]wiki[/url]
mail