ISLAMABAD: According to The News on Wednesday, Pakistan has consented to let the Kingdom of Saudi Arabia and Qatar file a complaint with the International Centre for Settlement of Investment Disputes (ICSID) or the Permanent Court of Arbitration (PCA) if they have any problems with the multibillion-dollar project investments they intend to undertake.
Manara Minerals is completing the term sheet and valuation, while the two parties are in discussions over the precise valuation of the Reko-Diq project.
Established as a joint venture by the Public Investment Fund (PIF) and the Saudi Arabian Mining Company (Ma’aden), the Manara Minerals Investment Company will invest in mining assets worldwide for Riyadh and facilitate the establishment of robust global supply networks. While hiring levies and payment methods specified for Balochistan is the responsibility of Pakistan’s Reko Diq Mining Company (RMDC).
“Pakistan has agreed to incorporate a tiered process for the state and investors to settle investment problems. Eight months will be required under this plan to settle the matter through domestic channels, sources informed the publication.
According to an official, it was decided that resort to the PCA or ICSID as international forums of arbitration may be taken in the event that issues could not be resolved.
A Free Trade Agreement (FTA) to be negotiated with GCC (Gulf Cooperation Council) nations may be appended to the investment chapter. This FTA would include the investor and state dispute settlement procedure through the ICSID, as agreed upon with Saudi Arabia and Qatar and shared with the GCC Secretariat.
The legally cleared draft would be shared with Pakistan in due time, the GCC has informed Islamabad.
The Pakistani envoy has been assigned the responsibility of keeping an eye on matters with the GCC Secretariat and providing an update prior to the upcoming Special Investment Facilitation Council (SIFC) meeting.
