Introduction

There is much debate on the notion of 'investment' under the ICSID Convention,[1] starting with the controversial absence of a definition of investment in the Convention and continuing with the decisions and awards rendered by the ICSID tribunals. Until recent years, less attention was paid to the admission stage of the foreign investments. Cases as Mihaly v. Sri Lanka and Fraport v. Philippines seem to bring back the focus on the ICSID jurisdiction and the admission and establishment of foreign investments. It is an expression of States' sovereignty to ...