World

Egypt ranks fourth in the world for most sued by investors

28 July 2015 - 35   - 0

(AFP) Egypt ranks fourth among countries most sued by investors, according to data from the United Nations Conference on Trade and Development (UNCTAD).
The data, released in a report on state-investors' disputes by the UNCTAD in February, ranked Egypt fourth after Argentina (1st), Venezuela and the Czech Republic.
Egypt said in February it resolved 259 out of 375 disputes with investors ahead of its major economic conference in Sharm el-Sheikh in March, when it issued a unified investment law designed to facilitateprocedures for investment seekers.
The world is anticipating a new world trade agreement spearheaded by the United States which aims to boost investments by strengthening legal protection for companies.
“The Trans-Pacific Partnership (TPP) — a wide-ranging accord that would encompass 40 percent of the world's trade — could be sealed in Hawaii this week after more than five years of talks,” AFP reported, adding “critics fear a controversial mechanism to protect investors will strengthen the hand of big business while eroding national sovereignty” through the imminent agreement which will crown five years of talks.
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