(MENAFN- Trend News Agency)
Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek
Zhaparov, as part of a working trip to the United States of
America, met with the leadership of the World Bank, the press
service of the Cabinet said, Trend reports citing Kabar .
During the meeting, Akylbek Zhaparov deposited with the World
Bank a document on the ratification of the ICSID Convention
(International Center for Settlement of investment Disputes),
thereby completing the process of joining the world's leading
institution for resolving international investment disputes.
He noted that joining ICSID is an important element of our
strategy to use cross-border investment and trade for sustainable
economic development.
“Today we are sending a clear signal of our commitment to a
legal and regulatory framework for dispute resolution that meets
the highest international standards,” said Akylbek Zhaparov.
ICSID Secretary General Meg Kinnear stressed that ICSID
membership creates and strengthens the international legal
architecture that underpins the flow of international
investment
“I am pleased that the Kyrgyz Republic has taken this important
step to further develop a Business Environment that is conducive to
attracting, retaining and expanding foreign investment,” ICSID
Secretary General Meg Kinnear said.
The conclusion of the agreement on the Kumtor project is an
example of the fact that the Kyrgyz Republic is ready to resolve
disputes in accordance with established international procedures
and standards.
Following the deposit of the instrument of ratification with the
World Bank, the Convention will enter into force for the Kyrgyz
Republic on April 21, 2022 in accordance with Article 68(2) of the
Convention (the Kyrgyz Republic signed and ratified the Convention
in 1995 and 1997 respectively). Upon entry into force, the Kyrgyz
Republic will become the 157th ICSID Contracting State.
The ICSID Convention establishes the institutional and legal
framework for the settlement of disputes on foreign investment. It
was created to promote investment between countries by providing an
independent, depoliticized forum for arbitration, conciliation,
mediation and fact-finding.
As a state party to the ICSID Convention, the Kyrgyz Republic
will participate in the management of ICSID through representation
in its main governing body, the Administrative Council. Each ICSID
Member State has one representative and one vote on the Governing
Body. His duties include, among other things, the election of the
Secretary General of ICSID and Deputy Secretaries General. ICSID
Member States also have the right to appoint arbitrators and
mediators on ICSID panels.
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