Bilateral Investment Treaties ("BITs") are widely adopted, between jurisdictions, as a way to promote, and facilitate, foreign investment by creating greater certainty and reducing investor risk.
Guernsey already has a number of BITs, extended to it, through the UK. It has been noted by the Committee for Economic Development (the "Committee"), that there is little empirical data, evidencing the benefit to the Island's finance sector and, indirectly, its wider economy of these extensions. This lack of data restricts policy development in this area.
The Committee is issuing this consultation to explore:-
- the extent to which existing BITs benefit Guernsey;
- the merits, and potential economic benefits, of having additional BITs extended to Guernsey;
- strategic options, in respect of policy development, in relation to BITs; and
- whether the absence of BITs is impeding the activities of Guernsey's finance sector.
This consultation is seeking responses, from stakeholders including, but not limited to, consumers, local businesses, industry associations and other interested parties who have a specialist knowledge, or interest, in BITs.
Recipients are invited to respond to all, or some, of the questions at their discretion. Responses will be considered, by the Committee, with a view to further developing policy in relation BITs.
Closing date: 30 September 2021