Concerns about the national security implications of certain investments are growing. Geopolitical and geo-economic shifts, rapid technological change, the accumulation of sensitive personal data in private hands contribute to these concerns as do the increasing involvement of a greater variety of economies, the growing participation of state-sponsored entities in international investment, and an eroding consensus on the principles and values that underpin international economic relations. Global crises, particularly those affecting supply chains, have highlighted vulnerabilities. Many governments, particularly those in advanced economies, have introduced or significantly strengthened policies to manage the security risks associated with certain investments. Investment screening, a case-by-case review of individual transactions, is now the most common approach to manage investment-related national security risk. The OECD supports interested governments in designing such and related policies and provides a forum for exchanges on good policy practice.?
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International investment can bring benefits to both home and host economies. It can stimulate growth, generate employment, and enhance overall welfare. Many countries have steadily opened to international investors in recognition of these benefits. However, rising geopolitical and geo-economic tensions, rapid technological change, and global crises have drawn greater attention to potential national security implications of certain investments. Well-designed policies enable governments to manage these risks effectively while allowing beneficial investment to flow unhindered.
Key messages
OECD policy guidance informs government efforts to reconcile openness with investment security:
- Guidelines for Recipient Country Investment Policies relating to National Security (2009) provide a reference for formulating investment security policies. They set out policy design principles such as non-discrimination, transparency, predictability, proportionality and accountability.
- Guidance on Recipient Country Policies towards Sovereign Wealth Funds?(2008) sets out policy principles for countries receiving investments from such funds. It recommends that restrictions should only be applied when necessary to address genuine national security risks that cannot be managed through general policies. Any restrictions implemented should be transparent, predictable, proportionate and ensure accountability.
Recommendation of the Council on Member Country Measures concerning National Treatment of Foreign-Controlled Enterprises in OECD Member Countries and Based on Considerations of Public Order and Essential Security Interest (1986) advocates for the removal of unnecessary or discriminatory restrictions. The Recommendation also calls for greater transparency about policies in place to manage security implications of certain investments. Adherents to the Declaration on International Investment and Multinational Enterprises report such measures for transparency to the extent that they deviate from the principle of National Treatment.
OECD research informs policies and global dialogue
The OECD provides insights into regulatory approaches and administrative practices by regularly publishing reports on investment policy measures and research. This material helps governments to design and implement policies and encourages peer learning and international cooperation.
Related publications
Context
About a decade ago, policy making activity accelerated markedly, spreading to additional jurisdictions and triggering frequent reforms in some economies. In numerical terms, the number of policy changes in this area in advanced economies now far exceeds the total number of all other policy changes related to international investment.
Related policy issues
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