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Univerziteta u Beogradu
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FOREIGN DIRECT INVESTMENT, SUSTAINABLE GROWTH AND BILATERAL INVESTMENT TREATIES
Bjelić, Predrag
Kastratović, Radovan
Rajković, Miloš
Abstact: Foreign direct investment is often considered to be an important driver of host-country economic growth. Additionally, the investment is associated with technological upgrading, which can often lead to positive effects on host-country environmental performances. Bilateral investment treaties, which seek to protect and promote foreign direct investment, increasingly include provisions related to environmental protection. This can encourage sustainable investment practices of foreign affiliates. For this reason, the well-defined and implemented bilateral investment treaties can serve as a tool for attracting foreign direct investment that leads to sustainable growth of host countries, by defining instruments for screening out the potentially harmful investment projects and support more sustainable ones. In this paper, we review the state of the literature on the relationship between foreign direct investment and the sustainable growth of host countries. In addition, we explore how bilateral investment treaties can contribute to achieving the goal of sustainable growth through environmental provisions. Finally, we present the results of the empirical study investigating the effectiveness of bilateral investment treaties in the case of Serbia.
engleski
2023
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Keywords: foreign direct investment (FDI), bilateral investment treaty (BIT), sustainable development, economic growth, environment