Analysing Contemporary Challenges, Pitfalls and Prospects of Intra-African Investment
DOI:
https://doi.org/10.25159/2522-3062/14855Keywords:
Africa, economic development and sustainable relations, economic integration, economic challenges, intra-African investmentAbstract
Most African states have regained their independence from the colonial powers. Furthermore, Africa has made strides towards achieving sustainable economic development and relations. However, it has yet to benefit from international and intra-African investment agreements. African states are still developing, even though they all develop at different speeds. In this respect, African countries have been endeavouring to regain control of their natural resources and economic space from transnational interests. The question that begs for an answer is: What stands in Africa’s way of achieving sustainable economic development and relations? The article interrogates the challenges, pitfalls and prospects of intra-African investment concerning achieving economic freedom and sustainable relations. In the same breath, it provides suggestions on how to overcome these challenges. In this regard, the article will suggest ways to strengthen the sustainability dimension of international investment agreements, how to preserve appropriate regulatory space for host countries, how to deal with the complexity of a fragmented treaty regime characterised by overlaps and incoherence, and how to infuse the unique challenges Africa faces.
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Panke D, ‘African States in International Organisations: A Comparative Analysis’ (2019) South African Journal of International Affairs.
Panke D, ‘Dwarfs in International Negotiations: How Small States Make their Voices Heard’ (2012) Cambridge Review of International Affairs.
Pearson M, ‘Trade Facilitation in the COMESA-EAC-SADC Tripartite Free Trade Area’ (Tralac, 21 September 2011) <https://www.tralac.org/publications/article/4220-trade-facilitation-in-the-comesa-eac-sadc-tripartite-free-trade-area.html> accessed 11 July 2023.
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Salacuse J and Sullivan N, ‘Do BITs Really Work: An Evaluation of Bilateral Investment Treaties and their Grand Bargain’ (2005) Harvard International Law Journal.
Sauvant K, ‘The International Investment Law and Policy Regime: Challenges and Options’ (2015) Geneva: International Centre for Trade and Sustainable Development and World Economic Forum.
Schill S, ‘International Investment Law and Rule of Law’ (2017) Amsterdam Law School Legal Studies Research Paper.
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Shaik B, Auriacombe J and Brynard J, ‘Successes and Failures of the Organisation of African Unity: Lessons for the Future of the African Union’ (2005) Journal of Public Administration.
Stevens C, ‘Reviving the Right to Development within the Multilateral Trade Framework Affecting (African) Countries to Actualise Agenda 2063’ (2019) African Human Rights Law Journal.
Stone R, ‘The Scope of the IMF Conditionality’ (2008) Cambridge University Press on behalf of International Organisation Foundation.
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Van Harten G, ‘Investment Treaty Arbitration, Procedural Fairness, and the Rule of Law’ in Stephan W Schill S (ed) International Investment Law and Comparative Public Law (Oxford University Press 2010).
Vernard B, Baruch Y and Cloarec J, ‘Consequences of Corruption: Determinants of Public Servants’ Job Satisfaction and Performance’ (2023) The International Journal of Human Resource Management.
Welch L, ‘Trust and Missed Opportunities in International Relations’ (1997) Political Psychology International Society of Political Psychology.
Welsh N and Kupfer A, ‘The Thoughtful Integration of Mediation into Bilateral Investment Treaty Arbitration’ (2013) Harvard Negotiation Law Review.
Wille T and Martill B, ‘Trust and Calculation in International Negotiations: How Trust was Lost after Brexit’ (2023) International Affairs Journal.
World Justice Law Projects Rule of Law Index, ‘ WJP Rule of Law Index 2023 Global Press Release’ <WJP Rule of Law Index 2023 Global Press Release | World Justice Project> accessed 07 June 2024.
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World Trade Institute, ‘Rule-takers or Rule-makers? A New Look at African Bilateral Investment Treaty Practice’ (2016) Working Paper.
Yasser G, ‘Leadership and Corruption’ (unpublished LLM Thesis, University Institute of Lisbon 2028).
Yenkong N, ‘Regional Trade Courts in the Shadow of the WTO Dispute Settlement System: The Paradox of Two Courts’ (2020) African Journal of International and Comparative Law 130.
Yusuf I, ‘Has the African Union Outlived its Relevance? A Retrospective and Introspective Analysis’ (2019) Journal of African Union Studies.
Zhan J, Investment Policies for Sustainable Development: Addressing Policy Challenges in a New Investment Landscape (Cambridge University Press 2013).
Cases
AHS Niger and Menzies Middle East and Africa SA v Republic of Niger, ICSID Case No ARB/11/11 (Summary English version).
AHS Niger and Menzies Middle East and Africa SA v Republic of Niger.
AWG Group Ltd v the Argentine Republic [2017] UNCITRAL.
Azurix Corporation v the Argentine Republic [2006] ICSID Case No ARB/01/12.
CMC Africa v Republic of Mozambique ICSID Case No ARB/17/23.
Democratic Alliance v Minister of International Relations and Cooperation and Council for the Advancement of the South African Constitution Intervening [2017] (1) SACR 623 (GP).
Feldman v Mexico [2002] ICSID Case No ARB(AF)/99/1.
InterAgua Servicios Integrales del Agua SA v Argentina ICSID Case No ARB/03/17.
Law Society of South Africa v the President of the Republic of South Africa [2019] (3) SA 30 (CC).
Oded Besserglik v Republic of Mozambique ICSID Case No ARB(AF)/14/2.
Piero Foresti, Laura De Carli v Republic of South Africa ICSID Case No ARB (AF) /07/1.
Pope and Talbot Inc v the Government of Canada [1976] UNCITRAL.
SD Myers Inc v Government of Canada (Partial Award).
Conventions and Agreements
AU Convention on Preventing and Combating Corruption, 2006.
AU Protocol on the Statute of the African Court of Justice and Human Rights, 2004.
COMESA-EAC-SADC Tripartite Agreement, 2015.
UN Convention against Corruption, 2005.
UNCTAD, International Investment Agreements: Key issues UNCTAD/ITE/IIT/2004/10.
UNCTAD, Series on Issues in International Investment Agreements: Admission and Establishment (2002).
UNCTAD, Systemic Issues in International Investment Agreements.
UNCTAD/WEB/ITE/IIA/2006/2.
Legislation
Constitution of South Africa, 1996.
Africa Facts, ‘Facts about Africa’ <https://africa-facts.org/facts-about-africa/> accessed 16 March 2023.
Africa Global, ‘Maximising Investment Protection in Africa: The Role of Investment Treaties and Investment Arbitration’ (Africa Global, 2 July 2015) <https://www.lexology.com/library/detail.aspx?g=1e540917-3888-460f-9b0c-298c52ad864e> accessed 22 November 2023.
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Agenda 2063: First Continental Report on the Implementation of Agenda 2063 (NEPAD 2020)
Alemayehu G and Haile K, ‘Regional Economic Integration in Africa: A Review of Problems and Prospects with a Case Study of COMESA’ (2002) Working Paper 1–25.
BBC, ‘Nigeria’s President Muhammadu Buhari Declares Assets’ (BBC, 4 September 2015) <https://www.bbc.com/news/world-africa-34150508> accessed 22 February 2023.
Brower C and Schill S, ‘Is Arbitration a Threat or a Boon to the Legitimacy of International Investment Law?’ (2008–2009) Chicago Journal of International Law.
Carim X, ‘International Investment Agreements and Africa’s Structural Transformation: A Perspective from South Africa’ (2015) Investment Policy Brief.
Chaikin D, ‘Controlling Corruption by Heads of Government and Political Elites’ in Peter Larmour and Nick Wolanin (eds), Corruption and Anti-corruption (ANU Press 2013)
Chidede T, ‘The Right to Regulate in Africa’s International Investment Law Regime’ (2019) Review of International Law.
DeGhetto K, ‘The African Union's Agenda 2063: Aspirations, Challenges, and Opportunities for Management Research’ (2016) Africa Journal of Management.
Denters E and Gazzini T, ‘The Role of African Regional Organisations in the Promotion and Protection of Foreign Investment’ (2017) Journal of World Investment and Trade.
Dirar L, ‘Common Market for Eastern and Southern African Countries: Multiplicity of Membership Issues and Choices’ (2010) African Journal of International and Comparative Law.
Dreher A and Nathan Z, ‘Independent Actor or Agent? An Empirical Analysis of the Impact of U.S. Interests on IMF Conditions’ (2007) Journal of Law and Economics.
Duke D, ‘What is the Least Developed Continent in the World?’ <least developed continent - Search (bing.com)> accessed 10 May 2024.
Eke J and Kelechi J, ‘Africa and the Challenges of Regional Integration’ (2017) Journal of African Union Studies.
Fei X and Li Z, ‘Host States’ Logic of Balance in Applying the Right to Regulate Foreign Investment Admission’ (2020) US-China Law Review.
Forere M, ‘New Developments in International Investment Law: A Need for a Multilateral Investment Treaty?’ (2018) Potchefstroom Electronic Law Journal.
Fritz-Krockow B and Ramlogan P, International Monitory Fund Handbook: Its Functions, Policies and Operations (DC: Cataloguing-in-Publication Data 2007).
Girling J, Corruption, Capitalism and Democracy (Routledge 1997).
Guzman A, ‘Why Do LDC Sign Treaties That Hurt Them?’ (1998) Virginia Journal of International Law.
Hess R, ‘A Pending Crisis of Overlap’ (SAIIA, 28 April 2008) <https://saiia.org.za/research/a-pending-crisis-of-overlap/> accessed 19 November 2023.
IMF, ‘IMF at a Glance’ <https://www.imf.org/en/About/Factsheets/IMF-at-a-Glance> accessed 18 February 2021.
Investment Policy Hub, ‘Investment Dispute Settlement Navigator’ <https://investmentpolicy.unctad.org/investment-dispute-settlement?status=2> accessed 30 November 2023.
Jones E, Negotiating against the Odds: A Guide for Trade Negotiators from Developing Countries (Palgrave Macmillan 2013).
Käppeli A, Perez J and Vega M, ‘International Investment Agreements: Not fit for the 2030 Sustainable Development Agenda’ (Centre for Global Development, 18 January 2018) <https://www.cgdev.org/blog/international-investment-agreements-not-fit-2030-sustainable-development-agenda> accessed 16 May 2023.
Kuwonu F, ‘ICC: Beyond the Threats of Withdrawal’ (Africa Renewal, 2017) <https://www.un.org/africarenewal/magazine/may-july-2017/icc-beyond-threats-withdrawal> accessed 16 November 2023.
Kwaku D, The African Economic Community: Problems and Prospects (1995) The Politics of Economic Integration in Africa.
Poulsen LNS and Aisbett E, ‘When the Claim Hits Bilateral Investment Treaties and Bounded Rational Learning’ (2023) World Politics.
Mahnaz M, ‘South-South Bilateral Investment Treaties: The Same Old Story?’ (2010) International Institute for Sustainable Development: IV Annual Forum for Developing Country Investment Negotiators Background Papers New Delhi 1–7
Mbengue M, ‘The Quest for a Pan-African Investment Code to Promote Sustainable Development’ (2016) <https://www.ictsd.org/bridges-news/bridgesafrica/news/the-quest-for-a-pan-african-investment-code-to-promote-sustainable> accessed 15 December 2023.
Mhlongo L, ‘A Critical Analysis of the Protection of Investment Act 22 of 2015’ (2019) Southern African Public Law.
Mhlongo L, ‘The Effect and Impact of National and International Law on Foreign Investment in South Africa’ (unpublished LLM dissertation, University of South Africa 2017).
Mohammad H, ‘Redesign as Reform: A Critique of the Design of Bilateral Investment Treaties’ (2020) Georgetown Journal of International Law.
Mohammed M, ‘Process Matters: South Africa’s Experience Exiting its BITs’ (2015) The Global Economic Governance: Working Paper 1–38.
Mutharika P, ‘The Role of International Law in the Twenty-first Century: An African Perspective’ (1995) Commonwealth Bulletin 983–992.
Ndizera V and Muzee H, ‘A Critical Review of Agenda 2063: Business as Usual?’ (2018) African Journal of Political Science and International Relations.
Nunnenkamp P and Spatz J, ‘Determinants of FDI in Developing Countries: Has Globalisation Changed the Rules of the Game?’ (2002) Transnational Corporations.
Oduor M, ‘Resolving Trade Disputes in Africa: Choosing between Multilateralism and Regionalism: The Case of COMESA and the WTO’ (2005) Tulane Journal of International and Comparative Law.
Olowu D, ‘Regional Integration, Development, and the African Union Agenda: Challenges, Gaps, and Opportunities’ (2003) Transnational Law and Contemporary Problems.
Overseas Development Institute, ‘Does the IMF Really Help Developing Countries?’ (1993) Briefing Paper 1–4.
Panke D, ‘African States in International Organisations: A Comparative Analysis’ (2019) South African Journal of International Affairs.
Panke D, ‘Dwarfs in International Negotiations: How Small States Make their Voices Heard’ (2012) Cambridge Review of International Affairs.
Pearson M, ‘Trade Facilitation in the COMESA-EAC-SADC Tripartite Free Trade Area’ (Tralac, 21 September 2011) <https://www.tralac.org/publications/article/4220-trade-facilitation-in-the-comesa-eac-sadc-tripartite-free-trade-area.html> accessed 11 July 2023.
Polity, ‘Africa and Bilateral Investment Treaties: To ‘BIT’ or not?’ (Polity, 23 July 2014) <https://www.polity.org.za/article/africa-and-bilateral-investment-treaties-to-bit-or-not-2014-07-23> accessed 09 December 2023.
Poulsen L, ‘Sacrificing Sovereignty by Chance: Investment Treaties, Developing Countries, and Bounded Rationality’ (unpublished PhD Thesis, the London School of Economics and Political Science 2011).
Repousis O, ‘Multilateral Investment Treaties in Africa and the Antagonistic Narratives of Bilateralism and Regionalism’ (2017) Texas International Law Journal.
Salacuse J and Sullivan N, ‘Do BITs Really Work: An Evaluation of Bilateral Investment Treaties and their Grand Bargain’ (2005) Harvard International Law Journal.
Sauvant K, ‘The International Investment Law and Policy Regime: Challenges and Options’ (2015) Geneva: International Centre for Trade and Sustainable Development and World Economic Forum.
Schill S, ‘International Investment Law and Rule of Law’ (2017) Amsterdam Law School Legal Studies Research Paper.
Schill S, The Multilateralisation of International Investment Law (Oxford University Press 2009).
Shaik B, Auriacombe J and Brynard J, ‘Successes and Failures of the Organisation of African Unity: Lessons for the Future of the African Union’ (2005) Journal of Public Administration.
Stevens C, ‘Reviving the Right to Development within the Multilateral Trade Framework Affecting (African) Countries to Actualise Agenda 2063’ (2019) African Human Rights Law Journal.
Stone R, ‘The Scope of the IMF Conditionality’ (2008) Cambridge University Press on behalf of International Organisation Foundation.
Transparency International, ‘Corruption Perceptions Index’ 2023 <2023 Corruption Perceptions Index: Explore the… - Transparency.org> accessed 7 June 2024.
Trujillo E, ‘Balancing Sustainability, The Right to Regulate, and the Need for Investor Protection: Lessons from the Trade Regime’ (2018) Boston College Law Review.
Tshwane T, ‘African Trade Far from Free’ (Mail & Guardian, 13 July 2018) <https://mg.co.za/article/2018-07-13-00-african-trade-far-from-free> accessed 22 November 2023.
UN Economic Commission for Africa, Next Steps for the African Continental Free Trade Area: Assessing Regional Integration in Africa (UN Economic Commission: Aria 9).
UN General Assembly, Delivering Justice: Programme of Action to Strengthen the Rule of Law at the National and International Levels (2012) Report of the Secretary General, UN Doc A/66/749.
UNCTAD, The Role of International Investment Agreements in Attracting Foreign Direct Investment to Developing Countries: UNCTAD Series on International Investment Policies for Development (UN Publications 2009).
UNCTAD, World Investment Report: Trends and Determinants (UN Publications 1998).
UNECA, Investment Policies and Bilateral Investment Treaties in Africa: Implications for Regional Integration (Economic Commission for Africa 2016).
UN, ‘States Not Adhering to International Obligations Undermine Rule of Law, Sixth Committee Delegates say, as debate on principle concludes’ (14 October 2029) <States Not Adhering to International Obligations Undermine Rule of Law, Sixth Committee Delegates Say, as Debate on Principle Concludes | Meetings Coverage and Press Releases> accessed 08 June 2024.
Van Harten G, ‘Five Justifications for Investment Treaties: A Critical Discussion’ (2010) 2 Trade Law and Development 1–32.
Van Harten G, ‘Investment Treaty Arbitration, Procedural Fairness, and the Rule of Law’ in Stephan W Schill S (ed) International Investment Law and Comparative Public Law (Oxford University Press 2010).
Vernard B, Baruch Y and Cloarec J, ‘Consequences of Corruption: Determinants of Public Servants’ Job Satisfaction and Performance’ (2023) The International Journal of Human Resource Management.
Welch L, ‘Trust and Missed Opportunities in International Relations’ (1997) Political Psychology International Society of Political Psychology.
Welsh N and Kupfer A, ‘The Thoughtful Integration of Mediation into Bilateral Investment Treaty Arbitration’ (2013) Harvard Negotiation Law Review.
Wille T and Martill B, ‘Trust and Calculation in International Negotiations: How Trust was Lost after Brexit’ (2023) International Affairs Journal.
World Justice Law Projects Rule of Law Index, ‘ WJP Rule of Law Index 2023 Global Press Release’ <WJP Rule of Law Index 2023 Global Press Release | World Justice Project> accessed 07 June 2024.
World Economic Forum, ‘Why Foreign Direct Investment is Key to Africa’s Sustainable Recovery’ (19 August 2021) <https://www.weforum.org/agenda/2021/08/foreign-direct-investment-key-africa-sustainable-recovery/> accessed 09 June 2024.
World Trade Institute, ‘Rule-takers or Rule-makers? A New Look at African Bilateral Investment Treaty Practice’ (2016) Working Paper.
Yasser G, ‘Leadership and Corruption’ (unpublished LLM Thesis, University Institute of Lisbon 2028).
Yenkong N, ‘Regional Trade Courts in the Shadow of the WTO Dispute Settlement System: The Paradox of Two Courts’ (2020) African Journal of International and Comparative Law 130.
Yusuf I, ‘Has the African Union Outlived its Relevance? A Retrospective and Introspective Analysis’ (2019) Journal of African Union Studies.
Zhan J, Investment Policies for Sustainable Development: Addressing Policy Challenges in a New Investment Landscape (Cambridge University Press 2013).
Cases
AHS Niger and Menzies Middle East and Africa SA v Republic of Niger, ICSID Case No ARB/11/11 (Summary English version).
AHS Niger and Menzies Middle East and Africa SA v Republic of Niger.
AWG Group Ltd v the Argentine Republic [2017] UNCITRAL.
Azurix Corporation v the Argentine Republic [2006] ICSID Case No ARB/01/12.
CMC Africa v Republic of Mozambique ICSID Case No ARB/17/23.
Democratic Alliance v Minister of International Relations and Cooperation and Council for the Advancement of the South African Constitution Intervening [2017] (1) SACR 623 (GP).
Feldman v Mexico [2002] ICSID Case No ARB(AF)/99/1.
InterAgua Servicios Integrales del Agua SA v Argentina ICSID Case No ARB/03/17.
Law Society of South Africa v the President of the Republic of South Africa [2019] (3) SA 30 (CC).
Oded Besserglik v Republic of Mozambique ICSID Case No ARB(AF)/14/2.
Piero Foresti, Laura De Carli v Republic of South Africa ICSID Case No ARB (AF) /07/1.
Pope and Talbot Inc v the Government of Canada [1976] UNCITRAL.
SD Myers Inc v Government of Canada (Partial Award).
Conventions and Agreements
AU Convention on Preventing and Combating Corruption, 2006.
AU Protocol on the Statute of the African Court of Justice and Human Rights, 2004.
COMESA-EAC-SADC Tripartite Agreement, 2015.
UN Convention against Corruption, 2005.
UNCTAD, International Investment Agreements: Key issues UNCTAD/ITE/IIT/2004/10.
UNCTAD, Series on Issues in International Investment Agreements: Admission and Establishment (2002).
UNCTAD, Systemic Issues in International Investment Agreements.
UNCTAD/WEB/ITE/IIA/2006/2.
Legislation
Constitution of South Africa, 1996.
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Published
2024-10-24
How to Cite
Mhlongo, Lindelwa Beaulender. 2024. “Analysing Contemporary Challenges, Pitfalls and Prospects of Intra-African Investment”. Comparative and International Law Journal of Southern Africa 57 (3):31 pages. https://doi.org/10.25159/2522-3062/14855.
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