The role and significance of bilateral and multilateral agreements on the promotion and mutual protection of foreign investment in the investment legislation of the Republic of Kazakhstan

Abstract

The article considers the role and significance of bilateral and multilateral agreements in the field of promotion and mutual protection of foreign investments. It is well-known that the shortcomings of the national legal regulation of relations related to foreign investments can be compensated by their international legal regulation. At the same time, it is obvious that at the level of bilateral intergovernmental agreements a rather narrow range of issues is regulated (as a rule, a general principle is formulated for treating foreign investments and standard guarantees are given), and multilateral universal conventions cover only particular situations related to the investment (energy sphere, arbitration settlement of investment disputes, the mechanism of compensation of the investor's losses from political risks through the insurance system in a special international home agency). International conventions of the CIS countries also mainly refer to the internal law of the participating states. All this allows us to conclude that the main role in regulating foreign investments is played by national legislation that most fully regulates the procedure and forms for attracting foreign investors and the activities of an enterprise with foreign participation, and also specifies the procedure for the implementation of guarantees enshrined in international agreements.