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.