What is the International Convention on the Settlement of Investment Disputes (ICSID)?

The International Convention on the Settlement of Investment Disputes (ICSID) is an international agreement created to facilitate the resolution of conflicts that arise between foreign investors and the governments of the countries in which they have invested. This convention was concluded in 1965 and is administered by the World Bank. It sets out the procedures, rules, and regulations for the settlement of investment disputes between states and foreign investors from other countries. The main purpose of the ICSID is to provide foreign investors with a more secure environment in which to make investments in foreign countries, as well as to provide an accessible and effective means of dispute resolution. The convention sets out the rights and obligations of the involved parties and their respective governments. In addition, it includes provisions on the disclosure of information and the provision of legal advice to the parties. The ICSID also provides for the arbitration of disputes that arise between foreign investors and the government of the host country. This arbitration is conducted according to the rules and procedures of the convention and is designed to be affordable and final. Parties can also appeal the ruling of the arbitration tribunal to the permanent court of arbitration established by the convention. The ICSID applies throughout South Carolina and is available to any foreign investor who has an investment dispute with a host government. South Carolina is a member of the convention, which means that foreign investors with disputes in the state can use the ICSID as a means of dispute resolution.

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