Investment Legislation of Central Asian States

Abstract

Central Asia is blooming into an attractive investment destination. Analysts have predicted that foreign direct investment in the region could climb to USD 170 billion over the next decade, with almost half of it coming from non-extractive industries.1 This chapter analyses the evolution of investment legislation in Central Asian states (CAS) from the early 1990s to the present day and discusses initiatives for its continued development. It focuses on the legal framework for investment in CAS, including the substantive standards of protection and guarantees provided to investors under national legislation and the available dispute resolution mechanisms. The chapter also analyses investor-state arbitration jurisprudence, in particular, the impact tribunals that discussed the national legislation of CAS have had on the development of the investment regime in the region.