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View this email in your browser <https://mailchi.mp/law/perspective-361?e=763bcf158c> 哥伦比亚大学国际直接投资展望中文版都可以在我们的网站查看: https://ccsi.columbia.edu/content/columbia-fdi-perspectives <https://columbia.us6.list-manage.com/track/click?u=ab15cc1d53&id=ebd130ed68&e=763bcf158c> . *Columbia FDI Perspectives* Perspectives on topical foreign direct investment issues Editor-in-Chief: Karl P. Sauvant ([log in to unmask]) Managing Editor: Matthew Conte ([log in to unmask]) *The Columbia FDI Perspectives are a forum for public debate. The views expressed by the authors do not reflect the opinions of CCSI or our partners and supporters.* No. 361 July 10, 2023 *Ethical and legal implications of FDI in or near cultural heritage sites* <https://columbia.us6.list-manage.com/track/click?u=ab15cc1d53&id=cdcedfd426&e=763bcf158c> by Charles Ho Wang Mak* <#m_-8446086280982384444_m_-2886266426284987296__edn1> Cultural heritage is increasingly recognized as a productive asset. With FDI in or near cultural heritage sites (hotels, restaurants, tour operators) on the rise, many investors are capitalizing on the potential of these sites to generate income. This trend is evident in different countries, where such assets are driving the emergence and growth of cultural tourism. For instance, investment projects <https://columbia.us6.list-manage.com/track/click?u=ab15cc1d53&id=0dcf18989f&e=763bcf158c> are available for foreign investors in Petra, a UNESCO World Heritage Site <https://columbia.us6.list-manage.com/track/click?u=ab15cc1d53&id=7bf2c7f3d7&e=763bcf158c>, and one of the most famous tourist attractions in the Middle East. Examples of investment projects include the construction of a museum, cultural village and hotels, as well as local infrastructure. These projects will generate more tourism for Petra. As this trend gains momentum, it highlights the need to consider such investments' ethical and legal implications, including issues related to cultural identity. When foreign investors invest in or near cultural heritage sites, they essentially acquire or affect a portion of a nation's cultural legacy, with the intent to benefit from the economic potential of these sites, such as through investments in the tourism industry that surrounds them. This may create concerns over the ownership and management of these assets and whether foreign investors are behaving as stewards or appropriators of a nation's cultural heritage. Depending on the specific context and the motivations behind such investments, FDI in cultural heritage sites or nearby assets may provide various benefits and drawbacks. On the one hand, such investment can provide financial resources and expertise that assist in preserving and restoring cultural heritage sites. Moreover, FDI in or near cultural assets can expand economic opportunities in host countries, generating new employment and economic prospects for local residents. However, concerns may arise over the impact of FDI on cultural identity, especially when foreign investors seek to change or commercialize and monetize cultural heritage sites in a manner that is not consistent with local traditions or values. It may also raise concerns about the displacement of local communities and cultural identity erosion. Given the complex ethical and legal issues, it is important to develop measures that promote responsible FDI in or near cultural heritage sites. One way to achieve this is by strengthening safeguards. For example: - While host country authorities already have the sovereign power and duty to regulate, approve, restrict, or prohibit FDI, it is important to develop measures that strengthen safeguards to ensure responsible FDI in or near cultural heritage sites. One such measure could be giving authorities the ability to veto FDI that is deemed incompatible with cultural values and traditions. - Host countries could establish a process to examine proposed foreign investments in or near cultural heritage sites. This could take the form of a panel of experts or a government agency reviewing and approving investment proposals, to ensure they align with the cultural values and traditions of the host country. This process could also seek assurances that investors will not damage cultural heritage sites, but instead preserve and develop them. - Host countries could also regulate how and under what conditions cultural heritage sites can be commercialized. - Finally, international investment agreements (IIAs) can also play a role, particularly regarding the pre-establishment phase, especially when national FDI restrictions related to cultural heritage may conflict with international commitments—unless these IIAs include an exception for investment in cultural heritage from the non-discrimination principle. In addition, voluntary codes of conduct and partnership agreements can play a role in fostering responsible FDI, by indicating how stakeholders should work together to promote sustainable development and protect cultural heritage sites. This is in line with the United Nations' Sustainable Development Goal 11 <https://columbia.us6.list-manage.com/track/click?u=ab15cc1d53&id=318ac33142&e=763bcf158c>, which calls for efforts to protect and safeguard the world's cultural and natural heritage, as well as UNESCO's World Heritage and Sustainable Tourism Programme <https://columbia.us6.list-manage.com/track/click?u=ab15cc1d53&id=07270085a4&e=763bcf158c>, which promotes partnerships between stakeholders to ensure the sustainable management of cultural heritage sites. By adhering to a voluntary code of conduct, foreign investors would be expected to respect cultural heritage sites, collaborate with local communities and meet certain ethical standards when undertaking such investments. This would help ensure that FDI projects align with host countries’ cultural values and traditions. Furthermore, partnership agreements between foreign investors and local communities should be utilized to foster mutually beneficial arrangements that take into account both parties' interests. This could include shared profits or collaborative decision-making regarding the use and preservation of cultural heritage sites and their environment. The ultimate key to encouraging responsible FDI in or near cultural heritage sites is a combination of robust rules and voluntary initiatives. Governments and other stakeholders should work together to create a policy environment that encourages foreign investors to consider the ethical and legal implications of their actions and to take steps to preserve and promote cultural heritage. Such a balanced strategy would take into account the benefits and drawbacks of FDI and ensure that they align with host countries’ cultural values and traditions. ------------------------------ * <#m_-8446086280982384444_m_-2886266426284987296__ednref1> Charles Ho Wang Mak ([log in to unmask]) is a PhD candidate in Law at the University of Glasgow. The author wishes to thank Joachim Karl, Hamid Mamdouh, Giorgio Sacerdoti, and Catharine Titi for their helpful peer reviews. *The material in this Perspective may be reprinted if accompanied by the following acknowledgment: “Charles Ho Wang Mak, ‘Ethical and legal implications of FDI in or near cultural heritage sites,’ Columbia FDI Perspectives, No. 361, July 10, 2023. Reprinted with permission from the Columbia Center on Sustainable Investment (*http://ccsi.columbia.edu <https://columbia.us6.list-manage.com/track/click?u=ab15cc1d53&id=0a78ccab66&e=763bcf158c>*).” A copy should kindly be sent to the Columbia Center on Sustainable Investment at *[log in to unmask] <[log in to unmask]> For further information, including information regarding submission to the *Perspectives*, please contact: Columbia Center on Sustainable Investment, Matthew Conte, [log in to unmask] *Most recent Columbia FDI Perspectives* <https://columbia.us6.list-manage.com/track/click?u=ab15cc1d53&id=2f712c59a7&e=763bcf158c> - No. 360, Manjiao Chi, “Strengthening regional investment facilitation rulemaking in Asia: the why and the how <https://columbia.us6.list-manage.com/track/click?u=ab15cc1d53&id=4efc614602&e=763bcf158c>,” *Columbia FDI Perspectives*, June 26, 2023 - No. 359, Karl P. Sauvant, Vanessa S. W. Tsang and Louis T. Wells, “The limits of capacity building for investment contract negotiations <https://columbia.us6.list-manage.com/track/click?u=ab15cc1d53&id=fd7bc63592&e=763bcf158c>,” *Columbia FDI Perspectives*, June 12, 2023 - No. 358, Lu Wang and Wenhua Shan, “Mind the *force majeure* clauses in investment contracts <https://columbia.us6.list-manage.com/track/click?u=ab15cc1d53&id=ad4cd90215&e=763bcf158c>,” *Columbia FDI Perspectives*, May 29, 2023 *All previous FDI Perspectives are available at https://ccsi.columbia.edu/content/columbia-fdi-perspectives <https://columbia.us6.list-manage.com/track/click?u=ab15cc1d53&id=282a135454&e=763bcf158c>* . *Other relevant CCSI news and announcements* - *Applications are still open* for our 2023 virtual Executive Training on Investment Treaties and Arbitration for Government Officials from *September 18-22, 2023*. This course is designed for government officials facing complex and pressing issues concerning international investment treaties. The course will address: States’ objectives in their investment policy; links between treaties, investment flows, and development objectives; investor-state dispute settlement, and the concerns of states; trends and developments in treaty practice; opportunities and challenges facing governments in treaty reform; and other approaches to investment governance. *Applications will be considered on a rolling basis until July 15, 2023. **For more information, and to apply, visit our website <https://columbia.us6.list-manage.com/track/click?u=ab15cc1d53&id=41da29112d&e=763bcf158c>.* Karl P. Sauvant, Ph.D. Senior Fellow Columbia Center on Sustainable Investment Columbia Law School - Columbia Climate School *Copyright © 2023 Columbia Center on Sustainable Investment (CCSI), All rights reserved.* [log in to unmask] *Our mailing address is:* Columbia Center on Sustainable Investment (CCSI) Columbia Law School - Columbia Climate School, Columbia University 435 West 116th Street New York, NY 10027 Add us to your address book <https://columbia.us6.list-manage.com/vcard?u=ab15cc1d53&id=a61bf1d34a> unsubscribe from this list <https://columbia.us6.list-manage.com/unsubscribe?u=ab15cc1d53&id=a61bf1d34a&e=763bcf158c&c=56b0312769> update subscription preferences <https://columbia.us6.list-manage.com/profile?u=ab15cc1d53&id=a61bf1d34a&e=763bcf158c&c=56b0312769> [image: Email Marketing Powered by Mailchimp] <http://www.mailchimp.com/email-referral/?utm_source=freemium_newsletter&utm_medium=email&utm_campaign=referral_marketing&aid=ab15cc1d53&afl=1> -- *Karl P. Sauvant, PhD* *Senior Fellow* *Columbia Center on Sustainable Investment* Columbia Law School, Columbia University 435 West 116th St., Rm. JGH 825, New York, NY 10027 | p: (212) 854 0689 | cell: (646) 724 5600 e: [log in to unmask] | w: www.ccsi.columbia.edu | t: @CCSI_Columbia <https://twitter.com/CCSI_Columbia> "The Limits of Capacity Building for Investment Contract Negotiations" <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4474456>, "Establishing an Advisory Centre on International Investment Law: Key Challenges Ahead <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4389689>", "Three Reasons Why a WTO Agreement on Investment Facilitation for Development is Important <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4285857>", *Investment Facilitation for Development: A Toolkit for Policy Makers. Second Edition <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3830031>,* "Agenda for Practice-oriented Research <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4103768>", "How Would a Future WTO Agreement on Investment Facilitation for Development Encourage Sustainable FDI Flows, and How Could it be Further Strengthened? <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4084032>”, "Green FDI: Encouraging Carbon-neutral Investment <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3943705>", "More Attention to Policies! Improving the Distribution of FDI Benefits <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3818974>", "Facilitating Sustainable FDI in a WTO Investment Facilitation Framework: Four Concrete Proposals <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3496967>", "An Inventory of Concrete Measures to Facilitate the Flow of Sustainable FDI: What? Why? How? <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3739179>", are available at https://ssrn.com/author=2461782 . -- *Karl P. Sauvant, PhD* *Senior Fellow* *Columbia Center on Sustainable Investment* Columbia Law School, Columbia University 435 West 116th St., Rm. JGH 825, New York, NY 10027 | p: (212) 854 0689 | cell: (646) 724 5600 e: [log in to unmask] | w: www.ccsi.columbia.edu | t: @CCSI_Columbia <https://twitter.com/CCSI_Columbia> "The Limits of Capacity Building for Investment Contract Negotiations" <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4474456>, "Establishing an Advisory Centre on International Investment Law: Key Challenges Ahead <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4389689>", "Three Reasons Why a WTO Agreement on Investment Facilitation for Development is Important <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4285857>", *Investment Facilitation for Development: A Toolkit for Policy Makers. Second Edition <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3830031>,* "Agenda for Practice-oriented Research <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4103768>", "How Would a Future WTO Agreement on Investment Facilitation for Development Encourage Sustainable FDI Flows, and How Could it be Further Strengthened? <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4084032>”, "Green FDI: Encouraging Carbon-neutral Investment <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3943705>", "More Attention to Policies! Improving the Distribution of FDI Benefits <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3818974>", "Facilitating Sustainable FDI in a WTO Investment Facilitation Framework: Four Concrete Proposals <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3496967>", "An Inventory of Concrete Measures to Facilitate the Flow of Sustainable FDI: What? Why? How? <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3739179>", are available at https://ssrn.com/author=2461782 . ____ AIB-L is brought to you by the Academy of International Business. For information: http://aib.msu.edu/community/aib-l.asp To post message: [log in to unmask] For assistance: [log in to unmask] --- You must be an active AIB member to post to AIB-L . AIB-L has a moderator which checks messages for basic relevance. However, AIB does not edit or screen messages for accuracy or reliability of content. All subscribers are recommended to perform their own due-diligence before responding to any requests or calls. AIB accepts no liability for the content of this email, or for the consequences of any actions taken on the basis of the information provided.