sajaro politikis dokumentebi POLICY PAPER SERIES

sajaro politikis dokumentebi POLICY PAPER SERIES 2016

saqartvelos sajaro moxeleta profesiuli SesaZleblobebis zrda gadawyvetilebis mirebasa da molaparakebebis warmartvis teqnikasi CAPACITY-BUILDING OF THE GEORGIAN LEADERSHIP COMMUNITY FOR IMPROVED DECISION-MAKING AND NEGOTIATION SKILLS winamdebare gamocemasi warmodgenili politikis dokumentebi Seiqmna proeqtis _ `saqartvelos sajaro moxeleta profesiuli SesaZleblobebis zrda gadawyvetilebis mirebasa da molaparakebebis warmartvis teqnikasi~ _ farglebsi The Public Policy Paper Series includes policy documents developed within the Capacity-Building of the Georgian Leadership Community (CBGL) project proeqti xorcieldeba SvedeTis saertasoriso ganvitarebisa da TanamSromlobis saagentos finansuri mxardawerit The Project is funded by the Swedish International Development Cooperation Agency

samecniero xelmzrvanelebi: ekaterine metreveli kaxa gogolasvili merab kakulia Mentors: Ekaterine Metreveli Kakha Gogolashvili Merab Kakulia redaqtori: Editor: rusudan margisvili Rusudan Margishvili teqnikuri redaqtori: Technical Editor: artem meliq-nubarovi Artem Melik-Nubarov saavtoro uflebebi daculia da ekutvnis saqartvelos strategiisa da saertasoriso urtiertobebis kvlevis fonds. werilobiti nebartvis garese wignis arc erti nawili ar SeiZleba gadaibewdos nebismieri, mat Soris, eleqtronuli an meqanikuri formit. saqartvelos strategiisa da saertasoriso urtiertobata kvlevis fondi 2016 weli All rights reserved and belong to Georgian Foundation for Strategic and International Studies. No part of this publication may be reproduced in any form, including electronic and mechanical, without the prior written permission of the publisher Copyright 2016 Georgian Foundation for Strategic and International Studies

proeqtis Sesaxeb programa `saqartvelos sajaro moxeleta profesiuli SesaZleblobebis zrda gadawyvetilebis mirebasa da molaparakebebis warmartvis teqnikasi~ miznad isaxavs daexmaros saqartvelos mtavrobas martvis sferosi arsebuli problemebis dazlevasi. proeqti itvaliswinebs sasualo rgolis sajaro moxeleta da samoqalaqo sazogadoebis warmomadgenelta CarTvas politikis SemuSavebisa da molaparakebis warmartvis teqnikis dasaxvew praqtikul mecadineobebsi. es mecadineobebi moicavs ara marto Tanamedrove midgomebis danergvas qartul sajaro administraciasa da sajaro politikasi, aramed saxelmwifoebrivi mnisvnelobis sakitxebze sajaro politikis dokumentebis SemuSavebas. proeqti aseve xels Seuwyobs qartvel sajaro moxeletatvis martvis Tanamedrove midgomebis Sesaxeb codnis, praqtikisa da unarebis gacnobas. programas afinansebs SvedeTis saertasoriso ganvitarebisa da TanamSromlobis saagento (SIDA) da axorcielebs saqartvelos strategiisa da saertasoriso urtiertobebis kvlevis fondi (rondelis fondi) estonetis diplomatiis skolas- Tan (ESD) partniorobit. programa xels uwyobs sajaro mmartvelobis iseti kulturis Camoyalibebas, romelic iqneba angarisvaldebuli da gaitvaliswinebs qartuli sazogadoebis sawiroebebs. garda amisa, programa miznad isaxavs gadawyvetilebis mirebis sferosi qartuli mmartvelobis SesaZleblobebis gazlierebas, rom gadawyvetilebis mirebis procesi gaxdes ufro gamwvirvale da iyos moqnili garemoebata cvlilebis Sesabamisad. programa aseve moicavs saqartvelos saxelmwifo seqtorebsa da organizaciebs Soris TanamSromlobis gaumjobesebas da saxelmwifo moxeleta SesaZleblobebis gazrdas, rata saqartvelo uket warmocndes saertasoriso doneze sxva saxelmwifoebtan Tu saertasoriso organizaciebtan urtiertobisas. programa xorcieldeba rva wlis manzilze (2009-2016 ww.). ABOUT THE PROJECT Capacity-building of the Georgian Leadership Community for Improved Decision-making and Negotiation Skills is designed to assist the Georgian government in addressing its governance challenges. This multi-component initiative aims to introduce and reinforce modern management skill sets, proficiency and practice among Georgian public officials. The project engages directly with middle level public servants and civil-society representatives through practical in-service training in policy development and negotiation techniques. Apart modernization of the Georgian public administration and public policymaking, the project activities seek to deliver actionable policy documents on the issues of national importance. The project activities and the policy initiatives will be consistent with and supportive of principles of gender and diversity equality. The program is funded by the Swedish International Development Cooperation Agency (SIDA) and is implemented by the Georgian Foundation for Strategic and International Studies (Rondeli Foundation) in partnership with the Estonian School of Diplomacy (ESD). The program will promote a likeminded leadership culture that is accountable and oriented to meeting the needs of the Georgian society. Furthermore, the program aims at strengthening the Georgian government capacity in decision-making, as well as increasing its transparency and flexibility in responding to the changing circumstances. In addition, this initiative intends to improve organizational cooperation among the Georgian public sectors and the country s interaction with other states and international organizations. The program is implemented during eight years (2009 2016).

sainvesticio davebis riskis Semcireba nino jajanize reziume ormxrivi sainvesticio SeTanxmebis debulebata darrveva investorisatvis saxelmwifos winaarmdeg saertasoriso sainvesticio davis arzvris safuzvelia. saqartvelom, pirdapiri ucxouri investiciebis mozidvis miznit, 1990 wlidan dremde 33 xelsemkvrel saxelmwifostan gaaforma ormxrivi sainvesticio SeTanxmeba da momavalsi amgvari SeTanxmebebis gaformeba sxva qveynebtanac igegmeba. beneficiari saxelmwifosa da xelsemkvreli saxelmwifos investoris interesta balansis gatvaliswinebit da saqartvelos mier gaformebuli yvela ormxrivi SeTanxmebis debulebata analizis safuzvelze Cvens politikis dokumentsi, romelsac ewodeba `sainvesticio davebis riskis Semcireba~, identificirebulia sainvesticio davis marali riskis Semcveli debulebebi da momzadebulia molaparakebis processi xelsemkvreli saxelmwifosatvis SesaTavazebeli alternativebis ori paketi. alternativebis TiToeuli paketi _ SeTavazebis absoluturi da relatiuri (fardobiti) modelebi _ damyarebulia im debulebebze, romlebic xsir SemTxvevaSi warmoadgens davis arzvris safuzvels investorta mxridan da dajgufebulia imgvarad, rom absoluturi modeli asaxavs molaparakebis processi saxelmwifosatvis yvelaze xelsayrel strategias, romelic moicavs yvela sakvanzo debulebas, xolo relatiuri modeli warmoadgens SeTavazebis kompromisul alternativas. nasromis bolos SedarebiTi analizis safuzvelze ganxilulia upiratesi alternativa da saxelmwifo interesis gatvaliswinebit warmodgenilia sakvanzo debulebata gaumjobesebuli formulireba, rac xels Seuwyobs sainvesticio davebis riskis Semcirebas. Sesavali politikuri da, Sesabamisad, ekonomikuri damoukideblobis mopovebis Semdeg saqartvelos sainvesticio politika orientirebulia swraf ekonomikur zrdaze. pirdapiri ucxouri investiciebis mozidvis miznit 90-iani wlebidan dremde saqart velom partnior qveynebtan 33 ormxrivi sainvesticio SeTanxmeba 1 gaaforma da uaxloes wlebsi miznad isaxavs am raodenobis gaormagebas. amastan, 2014 wlis 27 ivniss saqartvelosa da evrokavsirs Soris `asocirebis Sesaxeb~ SeTanxmebis xelmowerit saqartvelosatvis xelmisawvdomi gaxda ertiani evropuli bazari. grzelvadian perspeqtivasi amgvari integraciisatvis aucilebeli iqneba sainves- 1 saqartvelos mier xelmowerilia 33 ormxrivi sainvesticio SeTanxmeba, Tumca ZalaSi ar Sesula estonet- Tan da egviptestan xelmowerili SeTanxmebebi. 7

ticio bazarze saqartvelos dadebiti reputaciis Seqmna da poziciis gamyareba, risi mirwevac mxolod saxelmwifo-sainvesticio politikis srulyofis gzit aris SesaZlebeli. zogadad, ganvitarebad qveynebsi, romeltac politikuri arastabiluroba da ekonomikuri aramdgradoba axasiatebt, ormxrivi sainvesticio SeTanxmebebi pirdapiri ucxouri investiciebis Semodinebis gazrdis mnisvnelovan instruments warmoadgens. 2 gasatvaliswinebelia, rom gardamavali ekonomikis mqone qveynebsi mzardi raodenobis ormxrivi sainvesticio SeTanxmebebis dadeba ar warmoadgens pirdapiri ucxouri investiciebis mozidvis aucilebel garantias. 3 Tu davusvebt, rom ormxrivi sainvesticio SeTanxmebebis dadeba pirdapiri ucxouri investiciebis zrdas ganapirobebs, am ukanasknelis zrdastan ertad proporciulad izrdeba saxelmwifos winaarmdeg arzruli davebis raodenoba; sxva SemTxvevaSi, saxelmwifos mier ormxrivi sainvesticio SeTanxmebebidan gamomdinare valdebulebebit Tavis datvirtva aramizansewonilia, radgan sainvesticio davisas igi SesaZloa wagebul poziciasi armocndes. 4 wagebuli dava finansur zarals ayenebs saxelmwifos, romelsac ekisreba davis warmoebaze gaweuli xarjebisa da sakompensacio Tanxis dafarva. 5 nebismier SemTxvevaSi, saertasoriso davis arseboba azianebs qveynis sainvesticio reputacias. 6 Selaxuli reputacia ki ganapirobebs ucxouri investiciebis Semodinebis Semcirebas da sabolood ormxrivi sainvesticio Se- Tanxmebis dadebis sargeblianobis ukuefeqts virebt. nebismier zemoarnisnul SemTxvevaSi sainvesticio davis winase mdgari qveynisatvis gadamwyveti xdeba ormxrivi sainvesticio SeTanxmebis debulebebi. rogorc wesi, rac ufro dakvirvebit SeimuSavebs da Camoayalibebs beneficiari saxelmwifo debulebebs ormxrivi sainvesticio SeTanxmebis samusao modelsi, mit 2 Jan Peter Sasse, An Economic Analysis of Bilateral Investment Treaties, Okonomische Analyse des Rechts, Gabler Verlag / Springer Fachmedien Weisbaden GmbH, the Netherlands, 1 st Ed., 2011, p.69-72. See also, The Role of International Investment Agreements in Attracting Foreign Direct Investment to Developing Countries, UNC- TAD (United Nations Conference on Trade and Development) Series on International Investment Policies for Development, United Nations, New York and Geneva, 2009. Andrew Paul Newcombe, Lluis Paradell, Law and Practice of Investment Treaties: Standards of Treatment, Kluwer Law International, Alphen aan den Rijn, The Netherlands, 2009, pg. 62-63. 3 Johathan Bonnitcha, Investment Treaty Arbitration as Global Administrative Law: What this might mean in practice in Chester Brown (ed.) Kate Miles (ed.), Evolution in Investment Treaty Law and Arbitration, Cambridge University Press, 2011, pg. 131-133; See also, Susan Rose-Ackerman and Jennifer L. Tobin, Do Bits Benefit Developing Countries? in Catherine A. Rogers, Roger P. Alford, The Future of Investment Arbitration, Institute for Transnational Arbitration, The Center for American and International Law, Oxford University Press, New York, 2009, pg. 141-142; 4 `ganvitarebadi qveynebisatvis sainvesticio davebis efeqturi menejmenti gamowvevas warmoadgens~ (avtoris Targmani) - Karl P. Sauvant (ed.), Appeals mechanism in International Investment Disputes, Columbia Program on International Investment, Columbia Law School, The Earth Institute Columbia University with Michael Chiswick-Patterson, Oxford University press, New York, 2008, pg. 387; 5 United Nations Conference on Trade and Development, Investor-state Dispute Settlement and Impact on Investment Rulemaking, UN, New York and Geneva, 2007, pg. 8; See also, OECD Investment Policy Reviews, OECD Publishing, Malaysia, 2013, pg. 93; 6 `am miznit ormxrivi sainvesticio SeTanxmebaTa umetesoba Seicavs e.w. megobruli gzit davis mogvarebis Cooling-off periods, rata saxelmwifom daicvas Tavisi prosainvesticio reputacia~ (avtoris Targmani) - Lucy Reed, Jan Paulsson, Nigel Blackaby, Guide to ICSID Arbitration, Kluwer Law International, 2 nd edition, Alphen aan den Rijn, 2011, pg. 97. 8

ufro mcirea mis winaarmdeg sainvesticio davis arzvris riski. 7 vinaidan umetes SemTxvevaSi saertasoriso sainvesticio davis arzvris samartlebrivi safuzveli momdinareobs swored ormxrivi sainvesticio SeTanxmebidan, mizansewonilia gaumjobeseba swored aqedan daiwyos. miuxedavad imisa, rom sainvesticio davebis riskis Semcireba SesaZlebelia sakanonmdeblo CarCosa Tu instituciur meqanizmze zemoqmedebit 8, winamdebare politikis dokumenti amgvari riskis Semcirebas ganixi lavs mxolod saqartvelos ormxrivi sainvesticio SeTanxmebis, rogorc beneficiar saxelmwifosa da xelsemkvreli saxelmwifos investors Soris samartlebrivi urtiertobis sawyisis modeluri regulirebis debulebata analizis kutxit. winamdebare kvlevis mizans warmoadgens saqartvelos ormxrivi sainvesticio SeTanxmebis proeqtis formulirebata gaumjobeseba sainvesticio davebis riskis Semcirebis miznit. imis gatvaliswinebit, rom saqartvelo gardamavali ekonomikis qveyanaa, saxelmwifostvis prioritetulia pirdapiri ucxouri investiciebis zrda, ormxriv sainvesticio SeTanxmebebTan dakavsirebit ukve dagrovilia gamocdileba da saxelmwifo gegmavs ormxrivi sainvesticio SeTanxmebebis gaformebas met qveyanastan, mnisvnelovania arsebuli debulebebis gaanalizebis safuzvelze Sefasdes sainvesticio davata riskebi da SemuSavdes rekomendacia. Sesabamisad, analitikuri dokumentis amocanaa amgvari SeTanxmebis proeqtsi moaxdinos: sakvanzo debulebata identificireba, rac xsir SemTxvevaSi investoris mier davis arzvris safuzveli xdeba; saxelmwifo interesis gatvaliswinebit SeimuSaos mati gaumjobesebuli formulireba; Seadaros da warmodgenili formulirebebis mixedvit aarcios sauketeso alternativa sainvesticio davebis riskis Semcirebis miznebisatvis. Cveni kvleva ZiriTadad emyareba saqartvelos mier dadebuli ormxrivi sainvesticio SeTanxmebebis debulebata SedarebiT analizs. kvlevisas gamoyenebuli iqneba saqartvelos mier dadebuli ormxrivi sainvesticio SeTanxmebebi, saqartvelos winaarmdeg arzruli sainvesticio davebi, am sferosi arsebuli literatura da saertasoriso organizaciebis mier momzadebuli rekomendaciebi. kvlevasi mxedvelobasi miviret ormxrivi sainvesticio SeTanxmebebis specifikuri buneba. miuxedavad imisa, rom amgvari SeTanxmeba samartlebrivi xasiatis saertasoriso instrumentia, mis dadebaze gadawyvetilebis mireba saxelmwifo- TaSorisi politikis nawilia. Sesabamisad, alternativebis SemuSavebisas kvleva 7 J.W. Salacuse Towards a Global Treaty on Foreign Investment: The Search for a Grand Bargain in Prof. dr. Norbert Horn (ed.), Arbitrating Foreign Investment Disputes - Procedural and Substantive Legal Aspects, Studies in Transnational Economic Law, Kluwer Law International, Vol. 19, The Hague, The Netherlands, 2004, pg. 72. 8 Arthur W. Rovine (ed.), Contemporary Issues in International Arbitration and Mediation: The Fordham papers 2013, Koninklijke Brill NV, Leiden, The Netherlands, 2015, pg. 272-273. 9

itvaliswinebs ormxrivi sainvesticio SeTanxmebebis, rogorc saxelmwifota Soris davebis depolitizaciis samartlebrivi meqanizmis, 9 strategiul da politikur aspeqtebs. problemis arwera ormxrivi sainvesticio SeTaxmebebi, saqartvelos ekonomikuri ganvitarebis miznebidan gamomdinare, umnisvnelovanes prioritets warmoadgens. qveyanasi stabiluri sainvesticio garemos Seqmnis miznit ki mnisvnelovania moxdes SeTanxmebis debulebata srulyofa imgvarad, rom Semcirdes sainvesticio davata arzvris riski. saertasoriso sainvesticio samartalsi damkvidrebuli praqtikis Tanaxmad, qveyanata mier xdeba ormxrivi sainvesticio SeTanxmebis debulebata modeluri proeqtis winaswari momzadeba, romelsac molaparakebis monawile erti saxelmwifo meore mxares samusao variantis saxit stavazobs. 10 amgvari modeluri regulirebis proeqti ara mxolod investirebis dacvis samartlebriv rejims qmnis, aramed natlad asaxavs saxelmwifos sainvesticio politikas. 11 ganvitarebadi qveynebisatvis ormxrivi sainvesticio SeTanxmebis modeluri regulireba sainvesticio sferosi arsebul sauketeso saertasoriso praqtikas asaxavs. 12 mnisvnelovania, rom modeluri regulireba ar gulisxmobs mxolod teqnikur-formalur regulirebas da amgvari normebis Sinaarsobrivi regulireba gadamwyvetia; erti mxriv, `standartuli~ da TiTqmis yvela ormxrivi sainvesticio SeTanxmebisaTvis saerto normebi investorisa Tu investiciis cnebata ganmartebaze an investiciebis dacvis ZiriTad standartebze (upiratesi xelsewyobis rejimi, eqspropriacia, diskriminaciis akrzalva, Tanaswori da samartliani mopyrobis principi, investiciis sruli dacva da usafrtxoeba, likviduri saxsrebis Tavisufali transferis ufleba) davis SemTxvevaSi xsirad armocenila beneficiari saxelmwifosatvis saziano. saqartvelos aqvs ormxrivi sainvesticio SeTanxmebis samusao varianti, romelic warmoadgens konfidencialuri xasiatis dokuments da misi mravaljeradi gamoyeneba SeTanxmebulia uflebamosil uwyebebs Soris 13. es samusao varianti ar warmoadgens oficialurad gamoqveynebul ormxrivi sainvesticio SeTanxmebis models. am mxriv saqartvelos gamocdileba msgavsia latviis gamocdilebisa, ro- 9 Jose E. Alvarez (ed.), Karl P. Sauvant (ed.); with Kamil Gerard Ahmed and Gabriela del P. Vizcaino, The Evolving International Investment Regime: Expectations, Realities, Options, Oxford University Press, 2011, pg. 20. 10 Johan Billiet, International Investment Arbitration: A Practical Handbook, Maklu-Publishers, Antwerpen-Apeldoorn-Portland, 2016, pg. 44-46. 11 Chester Brown (ed.), Commentaries on Selected Model Investment Treaties, Oxford University Press, 2013, pg. 11. 12 Armand De Mestral (ed.), Celine Levesque(ed.), Improving International Investment Agreements, Routledge Research in International Economic Law, Routledge, Oxon, 2013, pg. 20. 13 amgvar uwyebebs warmoadgenen saqartvelos iusticiis saministro, saqartvelos ekonomikisa da mdgradi ganvitarebis saministro, saqartvelos finansta saministro da saqartvelos sagareo saqmeta saministro. 10

melsac aqvs dokumenti, romelic araformalurad cnobilia, rogorc modeluri da gamoiyeneba, rogorc molaparakebebis sastarto dokumenti. 14 TiToeul xel- Semkvrel saxelmwifostan molaparakeba xdeba damoukideblad, msgavsi an axali Sinaarsis mqone debulebebis Semcveli dokumentis gaformebit. samusao modelis araformaluri formatit arseboba SesaZloa Seicavdes Semdeg riskebs: yovel jerze debulebata molaparakebit ver Camoyalibdeba saxelmwifo midgoma da arsebobs safrtxe, rom qveynis interesebi Seewiros TiToeuli investoris motxovnas Tu ultimatums. amastan, rac ufro unificirebulia regulireba, mit ufro mkafiod asaxavs igi saxelmwifos sainvesticio politikas da, Sesabamisad, mit ufro kargad icis saxelmwifom ra CarCoebSi imoqmedos molaparakebebis dros sakutari poziciis SeTanxmebisas. amrigad, saqartvelos mier ormxrivi sainvesticio SeTanxmebis sakvanzo debulebebze oficialuri modeluri proeqtis SemuSavebas aqvs politikur-samartlebrivi da praqtikuli mnisvneloba. politikur-samartlebrivi TvalsazrisiT ormxrivi sainvesticio SeTanxmebaTa kompleqsuri analizi da modeluri proeqtis arseboba amkvidrebs investiciis regulirebis Sidasaxelmwifoebriv standarts. amgvari unificirebuli regulireba dadebitad aisaxeba ganvitarebadi qveynis sainvesticio politikasa da reputaciaze. 15 praqtikuli TvalsazrisiT, xelsekrulebis oficialuri modelis arseboba xels uwyobs molaparakebis procesis moq nilobas. 16 masin, rodesac saertasoriso SeTanxmebaTa dadeba xangrzlivi molaparakebis Sedegad miirweva da am SemTxvevaSi saqme gvaqvs mudmivad cvalebad saertasoriso biznessferostan, oficialuri modeli xels Seuwyobs molaparakebis swrafad da efeqturad warmoebas, zogavs ra molaparakebis mxareta resursebsa da xarjebs. mnisvnelovania, rom ormxrivi sainvesticio SeTanxmebis modelsi normis erti versiis arseboba ar gamoricxavs saxelmwifos mier ama Tu im debulebis alternativis saxit SeTavazebas an formulirebis Secvlis (araarsebitad) SesaZleblobas. am SemTxvevaSi beneficiari saxelmwifos mxridan formulirebis Secvla fiqsirdeba, rogorc saxelmwifo kompromisi, Tumca kvlav winaswar gansazrvruli sainvesticio politikis CarCos farglebsi. gasatvaliswinebelia Semdegi garemoebebic: drevandeli praqtikis mixedvit, instituciurad ar xorcieldeba monitoringi, Tu romeli debuleba armocnda wina praqtikidan gamomdinare saziano an sasargeblo saxelmwifoebrivi poziciisatvis. 17 ormxrivi sainvesticio SeTanxmeba- Ta modeluri proeqti izleva riskebis Sefasebis SesaZleblobas. amgvari Sefasebisas sirrmiseulad xdeba debulebata winaswari Seswavla da saxelmwifo poziciis 14 Brown, supra note 10 at pg. 431. 15 Mestral (ed.), Levesque (ed.), supra note 11, at pg. 21. 16 Stephan W. Schill, The Multilateralization of International Investment Law, International Trade and Economic Law, Cambridge University Press, UK, 2009, pg. 91. 17 `arnisnuli aucilebelia samusao modelis axleburi formulirebisatvis, rata amarldes mode luri regulirebis standarti~. (avtoris Targmani) - M. Sornarajah, The International Law on Foreign Investment, 3rd ed. Ca m- bridge University Press, NY, 2010, pg. 182. 11

strategiulad gatvla, rac amcirebs saxelmwifos winaarmdeg sainvesticio davata arzvris risks. ormxrivi sainvesticio SeTanxmebebis debulebata SemuSavebisa Tu molaparakebis etapze gasatvaliswinebelia ori mnisvnelovani aspeqti: - saqartvelo, rogorc ganvitarebadi ekonomikis mqone qveyana, xelsekrulebebs debs rogorc ganvitarebul, aseve ganvitarebadi ekonomikis mqone qveynebtan. ganvitarebuli ekonomikis mqone qveynebtan xelsekrulebis Sesaxeb molaparakebisas xsirad upiratesoba eniweba mat interesebs da sabolood beneficiari saxelmwifosatvis amgvari kompromisi aratu sasargeblo, sazianocaa, radgan molaparakebuli SeTanxmeba ertmnisvnelovnad warmoadgens ganvitarebuli ekonomikis mqone saxelmwifos interesebis amsaxvel instruments. beneficiari qveynis kompromisi gamoixateba misi, rogorc saxelmwifos Sida maregulirebeli funqciis SezRudvaSi. amgvari SezRudva suverenuli uflebamosilebis ganxorcielebasi ki iwvevs saxelmwifos kontrolis Sesustebas miiros gadawyvetileba Sida ekonomikuri ganvitarebisa Tu sajaro interesebis dacvis miznit. Sesabamisad, beneficiari saxelmwifo swevs aramizansewonil risks, vinaidan amgvari suverenuli funqciis kompromisi araproporciulia im ekonomikuri sargeblisa, rac man SeiZleba miiros SeTanxmebis dadebis Sedegad. 18 ganvitarebul Tu ganvitarebadi ekonomikis mqone qveynebtan xelsekrulebebze molaparakebisas orive saxelmwifos aqvs mkvetrad gamoxatuli interesi da mizansewonilia SeTanxmeba maqsimalurad asaxavdes molaparakebasi monawile saxelmwifota molodins. Tumca xsiria, rodesac beneficiari saxelmwifo, ekonomikuri aucileblobidan gamomdinare, aratu saertasoriso SeTanxmebas, aramed sakutar sainvesticio politikasac ki usadagebs dainteresebuli saxelmwifos motxovnebs. zemoarnisnulis gatvaliswinebit aucilebelia ormxrivi saertasoriso SeTanxmebis debulebata molaparakebisas dacul iqnes balansi beneficiari saxelmwifos maregulirebel funqciasa da potenciuri investoris uflebata dacvis interess Soris. 19 - ormxrivi sainvesticio SeTanxmebebis molaparakebisas, iseve, rogorc nebismieri saertasoriso SeTanxmebaTa momzadebisas mnisvnelovania sirrmiseulad iqnes gaazrebuli TiToeuli debuleba da misi Sedegi saxelmwifos winaarmdeg davis SemTxvevaSi. 20 xsirad ormxrivi sainvesticio xelsekrulebebis dadeba qveynis politikur-strategiuli interesebitaa nakarnaxevi da davis arzvris 18 swored saxelmwifos, rogorc Sida maregulireblis, funqciis dacvis miznit Secvala norvegi am Tavisi ormxrivi sainvesticio SeTanxmebis modeli 2008 wels Kate Miles, The Origins of International Investment law: Empire, Environment and the Safeguarding of Capital, Cambridge Studies in International and Comparative Law, Cambridge University Press, 2013, pg. 204. 19 David E. Caron (9ed.), Stephan W. Schill (ed.), Abby Cohen Smutny (ed.), Epaminontas E. Triantafilou (ed.) Practising Virtue: Inside International Arbitration, Oxford University Press, 1ed., US, 2015, pg. 207. 20 Zeynep Akgul, The Development of International Arbitration on Bilateral Investment Treaties, Zeynep Akgul, USA, 2008, pg. 21. 12

SemTxvevaSi ar xdeba am diplomatiuri nabijis mirma samartlebrivi riskebis gaazreba. 21 orazrovani debulebebi gzas uxsnis investors sainvesticio arbitrajsi idavos sakitxebze, romlebic debulebasi pirdapir araa gatvaliswinebuli, Tumca saertasoriso saarbitrajo processi izleva farto interpretaciis sasualebas. 22 sauketeso SemTxvevaSi _ Tuki saxelmwifo davas moigebs an morigebit daasrulebs, igi xarjavs resursebs da gaswevs procesis warmoebis xarjebs, xolo davis wagebis SemTxvevaSi mas adgeba finansuri zarali. 23 nebismier SemTxvevaSi, Tavad davis arsebobis faqtic ki uaryofitad aisaxeba qveynis sainvesticio reputaciaze. zemoarnisnulis gatvaliswinebit, mizansewonilia TiToeuli normis Camoyalibeba moxdes natlad da araorazrovnad, rac qmnis investiciebis dacvis stabilur rejims investoristvis da aseve ayalibebs investiciis regulirebis erovnul standarts. normis prognozirebadoba emsaxureba ara mxolod ert konkretul investortan davis riskis Semcirebas, aramed zogadad qveynis dadebiti sainvesticio reputaciis SenarCunebas, xolo Ti- Toeul debulebaze modeluri regulirebis arseboba _ qveynis sainvesticio politikasi Sejerebuli da ertgvarovani sistemis Camoyalibebas. beneficiar saxelmwifosa da investoris interesta balansis gatvaliswinebit, aseve saqartvelos mier gaformebuli yvela ormxrivi SeTanxmebis analizis safuzvelze, winamdebare politikis dokumentsi movaxdinet sainvesticio davis marali riskis Semcvel debulebata identificireba da movamzadet molaparakebis processi SesaTavazebeli alternativebis ori paketi. problemis gadawris gzebi (alternativebi) beneficiari saxelmwifos mier investori saxelmwifosatvis molaparakebis processi SesaTavazebeli alternativebis momzadebisas gatvaliswinebulia Semdegi ori garemoeba: a) alternativebis TiToeuli paketi dafuznebulia im debulebebze, romlebic yvelaze xsir SemTxvevaSi warmoadgens davis arzvris safuzvels investorta mxridan da b) alternativebis urtiertgamomricxav Sinaarss ganapirobebs is garemoeba, rom molaparakebis processi xelsemkvreli saxelmwifo beneficiari qveynisatvis yvela xelsayrel, Tanac sakvanzo debulebas ar da- Tanxmdeba. 24 aqedan gamomdinare, warmovadgent or alternativas _ SeTavazebis absolutur modelsa da relatiur (fardobiti) models, romeltaganac pirveli 21 Nitya Nanda, Multilateral Framework on Investment, Expanding Frontiers of Global Trade Rules: The Political Economy Dynamics of the International Trading System, Routledge (Taylor & Francis Group), London and New York, 2008, pg. 110. 22 Caroline Henckels, Proportionality and Deference in Investor-State Arbitration, Balancing Investment Protection and Regular Autonomy, Cambridge Studies in International and Comparative Law, Cambridge University Press, UK, 2015, pg. 1. 23 Leon Trakman, Nicola Ranieri, Regionalism in International Investment Law, Oxford University Press, US, 2013, pg. 309. 24 Zachary Douglas (ed.), Joost Pauwelyn (ed.), Jorge E. Vinuales (ed.), The Foundations of International Investment Law: Bringing Theory into Practice, Oxford University Press, US, 1 ed., 2014, pg. 441. 13

asaxavs saxelmwifosatvis yvelaze xelsayrel strategias, romelic moicavs yvela sakvanzo debulebas, xolo meore warmoadgens SeTavazebis kompromisul models im SemTxvevaSi, Tu pirvel alternativaze investortan molaparakeba ver moxdeba. I alternativa: SeTavazebis absoluturi modeli investiciis cnebis amomwuravi da `drosi SezRuduli~ ganmarteba _ umetes SemTxvevaSi, investorsa da beneficiar qveyanas Soris warmoqmnili davis mogvareba xdeba sainvesticio davebis mogvarebis saertasoriso centrsi ( ICSID, SemdegSi `centri~) an saertasoriso vawrobis kanonis Sesaxeb gaertianebuli erebis komisiis (UNCITRAL) saarbitrajo wesebis Tanaxmad Camoyalibebul specialur saarbitra- Jo sasamartlosi. centri iurisdiqciis dadgenisas xelmzrvanelobs vasingtonis konvenciis 25 25-e muxlis mixedvit, romelic vrceldeba `investiciebtan usualod dakavsirebul samartlebriv davebze~, romelic warmoisoba xelsemkvrel saxelmwifosa da meore xelsemkvrel saxelmwifos Soris da romlis centrisatvis gadacemis Sesaxeb mxareebi werilobit SeTanxmdnen. orive mxaris mier gamoxatuli Tanxmobis arsebobis SemTxvevaSi, calmxrivad Tanxmobis Secvla dausvebelia~. centris tribunalebis mier damkvidrebuli praqtikis Tanaxmad, investiciis cnebis zusti Sinaarsis dadgena xorcieldeba vasingtonis konvenciis Sesabamisi Canawerisa da xelsemkvrel mxareta Soris gaformebul ormxriv sainvesticio SeTanxmebaSi mititebuli ganmartebis Tanaxmad. 26 nebismier ormxriv sainvesticio SeTanxmebaSi sawyis wertils warmoadgens investiciis cnebis ganmarteba, swored misi definiciidan gamomdinare ganisazrvreba mxareta mier xelsekrulebit nakisri valdebulebebi da mastan usualod dakavsirebuli davis samartlebrivi buneba. imisatvis, rom dava ganixilos centrma, davis sagani konvenciisa da xelsekrulebis Tanaxmad unda miicneodes investiciad. ra Tqma unda, investiciis konvenciiseul ganmartebaze zemoqmedeba ararealisturia, Tumca sasurvelia moxdes zemoqmedeba saxelmwifos mier dadebuli ormxrivi sainvesticio xelsekrulebit gatvaliswinebul investiciis cnebaze. 27 Tuki swored investiciis cnebis ganmarteba gansazrvravs centris sagnobriv iurisdiqcias (e.w. the jurisdiction ratione materie), 28 amave cnebis viwrod Camoyalibeba SezRudavs centris iurisdiqcias da Sesabamisad, SesaZloa, Seamciros sainvesticio davata riski. 25 vasingtonis konvencia saxelmwifosa da ucxo saxelwifos rezidentebs Soris sainvesticio dave bis gadawyvetis Sesaxeb, Convention on the Settlement of Investment Disputes between States and Nationals of other States, entered into force on 14 October, 1966. 26 Christoph H. Schreuer (with Loretta Malintoppi, August Reinisch, Anthony Sinclair), The ICSID Convention: A Commentary, Cambridge University Press, NY, 2ed, 2009, pg.117. See also, Thomas Pollan, Legal Framework for the Admission of FDI, Eleven International Publishing, Utrecht, the Netherlands, 2006, pg. 32. 27 Jean E. Kalicki (ed.), Anna Joubin-Bret (ed.), Reshaping the Investor-State Dispute Settlement System: Journeys for the 21 st Century, Nijhoff International Investment Law Series, Koninklinjke Brill NV, Leiden, The Netherlands, 2015 pg. 269. 28 Natalie Klein, Litigating International Law Disputes: Weighing the Balance, Cambridge University Press, UK, 2014, pg. 408. 14

mnisvnelovania, rom saqartvelos mier xelmowerili 33 ormxrivi sainvesticio SeTanxmebidan 30 SeTanxmebaSi investiciis cneba fartodaa gansazrvruli. 29 amgvari `Ria~ definicia ki riskis Semcvelia, radgan am SemTxvevaSi ormxrivma sainvesticio SeTanxmebam SesaZloa iseti tipis investiciebi moicvas, romlebic aratu xelsekrulebit ar ganisazrvreba, aramed romelzec beneficiar saxelmwifos molaparakebis processic ki ar gamoutqvams Tanxmoba. 30 Sesabamisad, mizan- Sewonilia saqartvelos ormxriv sainvesticio SeTanxmebebSi investiciis cneba ganisazrvros viwrod 31, sauketeso SemTxvevaSi ki _ amomwuravad 32. aqve mnisvnelovania arinisnos, rom saertsoriso sainvesticio samartalsi damkvidrebuli sauketeso praqtikis Tanaxmad, saxelmwifoebi Tavs ikaveben ormxriv sainvesticio SeTanxmebas mianiwon gamoyenebis retroaqtiuri efeqti. 33 yovel ormxriv sainvesticio SeTanxmebas aqvs xelmowerisa da ZalaSi Sesvlis TariRi. SesaZlebelia xelmoweridan ZalaSi Sesvlamde investiciebis momcvelobis gatvaliswineba, Tumca yvela im investiciis momcveloba, romlebic ganxorcielda am xelsekrulebis ZalaSi Sesvlamde, saxelmwifos daayenebs gazrdili da gautvleli sainvesticio riskis winase. saqartvelos mier dadebuli zogierti SeTanxmeba pirdapir miutitebs im investiciebis momcvelobaze, romlebic moqmedebdnen mis ZalaSi Sesvlamde. 34 im SemTxvevaSiac ki, Tu am CanawerSi igulisxmeba, rom momcveloba vrceldeba im investiciebze, romlebic arsebobda SeTanxmebis ZalaSi Sesvlis dros, sasurvelia Canaweri ufro garkvevit Camoyalibdes. mizansewonilia riskebis Semcirebis ori metodis gamoyeneba: pirdapiri mititeba, Tu romel wlamde ganxorcielebul investiciebze ar gavrceldeba SeTanxmeba 35 da/an SeTanxmebis gamoyenebis gamoricxva im davebis mimart, romlebic warmoisva an SeiZleba warmosobiliyo ZalaSi Sesvlamde. 36 amrigad, molaparakebis processi saqartvelosatvis prioritetulia investiciis cneba ganimartos amomwuravad da `drosi SezRudulad~, rac ganapirobebs 29 magalitad, termini `investicia moicavs aqtivebis nebismier saxes...moicavs, magram ar Semoifargleba~ (saqartvelo-somxetis, saqartvelo-azerbaijanis ormxrivi sainvesticio SeTanxmebebi), termini investicia gulisxmobs `yvela saxis qonebriv faseulobas~ (saqartvelo-cinetis ormxrivi sainvesticio SeTanxmeba), termini investicia nisnavs `nebismieri saxis qonebasa da uflebas~ (saqartvelo-finetis ormxrivi sainvesticio SeTanxmeba), termini investicia gamoiye neba `yvela saxis faseulobis arsanisnavad, rogoricaa: nebismieri saxis qoneba, uflebebi Tu sargebeli~ (saqartvelo-safrangetis ormxrivi sainvesticio SeTanxmeba), termini investicia moicavs `yvela saxis aqtivs, saxeldobr mozrav da uzrav qonebas, aseve mattan dakavsirebul uflebebs~ (saqartvelo-iranis ormxrivi sainvesticio SeTanxmeba), termini investicia moicavs `nebismier fulad an materialur Senatans~ (saqartvelo-yirgizetis ormxrivi sainvesticio SeTanxmeba), investicia moicavs `qonebis nebismier formas~ (saqartvelo-estonetis ormxrivi sainvesticio SeTanxmeba), investicia gulisxmobs yvela saxis qonebas, romelsac pirdapiri an arapirdapiri saxit flobs an akontrolebs investori~ (saqartvelo-avstriis ormxrivi sainvesticio SeTanxmeba). 30 Trinh Hai Yen, The Interpretation of Investment Treaties, Koninklijke Brill NV, Nijhoff, Leiden, the Netherlands, 2014, pg. 9. 31 magalitad, saqartvelo-ass-is ormxrivi sainvesticio SeTanxmeba, muxli 1. 32 magalitad, saqartvelo-bulgaretis ormxrivi sainvesticio SeTanxmeba, muxli 1.1. 1.2. 33 Guiguo Wang, International Investment Law: A chinese Perspective, Routledge, NY, 2015, pg. 231. 34 magalitad, `am SeTanxmebis pirobebi gamoiyeneba yvela im investiciebis mimart, romlebic gan xorcielebulia erti mxaris investoris mier meore mxaris teritoriaze, rogorc am SeTanxmebis ZalaSi Sesvlamde, ise mas Semdeg~, saqartvelo somxetis ormxrivi sainvesticio SeTanxmeba, muxli 2. 35 magalitad, saqartvelo-yazaxetis ormxrivi sainvesticio SeTanxmeba, muxli 2. 36 magalitad, saqartvelo-litvis ormxrivi sainvesticio SeTanxmeba, muxli 12. saqartvelo-svedetis ormxrivi sainvesticio SeTanxmeba, muxli 10.1. 15

sainvesticio davata riskebis prognozirebadobas, xolo sauketeso SemTxvevaSi _ mat Semcirebas. 16 arapirdapiri eqspropriaciis debulebis amoreba _ zogadad, eqspropriacia legaluria, Tuki ganxorcielda sajaro miznit, romlis mirwevac eqspropriaciis garese SeuZlebeli iqneboda (1), aradiskriminaciulad (2), kanonis motxovnebis dacvit ( due process of law ) (3) da adekvaturi da efeqturi kompensaciit (4) 37. romelime zemoarnisnuli komponentis ararseboba avtomaturad gulisxmobs saxelmwifos winaarmdeg arzrul davas sainvesticio arbitrajsi. masin, rodesac pirdapiri eqspropriaciis dros investoris sakutrebis ufleba qonebaze faqtobrivad da samartlebrivad saxelmwifos xelsi gadadis, arapirdapiri eqspropriacia gulisxmobs saxelmwifos mxridan iseti mdgomareobis Seqmnas, ra drosac investori faqtobrivad ver sargeblobs qonebit. 38 orive tipis eqspropriaciis ormxriv saertasoriso SeTanxmebaSi arseboba saarbitrajo tribunalebs gzas uxsnis, rom eqspropriaciis kvalifikacia miscen saxelmwifos nebismier maregulirebel qmedebas. 39 saqartvelos mier gaformebuli 33 ormxrivi sainvesticio SeTanxmebidan 32 Seicavs arapirdapiri eqspropriaciis debulebebs. zogiert SeTanxmebaSi, eqspropriaciis debulebasi ar aris mkvetrad gamijnuli pirdapiri da arapirdapiri eqspropriaciis SemTxveva da mititeba xdeba ekvivalentul zomebze 40, xolo zogiert SemTxvevaSi eqspropriaciad ganixileba ara mxolod pirdapiri da arapirdapiri eqspropricaciis SemTxvevebi, aramed `sxva nebismieri RonisZieba, romelsac aqvs igive xasiati da imave saxis gavlena~. 41 aseve, saqartvelos mier gaformebuli ormxrivi sainvesticio SeTanxmebebis analizis Sedegad dgindeba, rom arsebobs riski, zusti ganmartebis garese nebismieri saxelmwifo regulirebis zomas, Tundac is emsaxurebodes sajaro mizans (garemo, sazogadoebrivi janmrteloba), arapirdapiri eqspropriaciis kvalifikacia mieces. investortan molaparakebis miznebisatvis rekomendebulia SeTanxmebebidan arapirdapiri eqspropriaciis amoreba 42 an, zogadad, eqspropriaciis gamamartlebeli safuzvlebis gazrda. 43 es SeunarCunebs saxelmwifos maregulireblis fun- 37 R. Doak Bishop, James Crawford, William Michael Reisman, Foreign Investment Disputes: Cases, Materials and Commentary, Kluwer Law International, The Hague, The Netherlands, 2005, pg. 10. John O Brien, International Law, Cavendish Publishing Limited, UK, 2001, pg. 383. 38 Organization for Economic Co-operation and Development (OECD), International Investment Law: A Changing Landscape, A Companion Volume to International Investment Perspectives, OECD Publishing, 2005, pg. 46-47. 39 Federico Ortino on Transparency of International Awards in Junji Nakagawa (editor), Transparency in International Trade and Investment Dispute Settlement, Routledge taylor & Francis Group, Oxon, 2013, pg. 141. 40 magalitad, saqartvelo-somxetis ormxrivi sainvesticio SeTanxmeba itvaliswinebs ara mxolod investiciebis nacionalizaciisa da eqspropriaciis akrzalvas, aramed investiciebis mimart `nacionalizaciis an eqspropriaciis ekvivalenturi efeqtis mqone zomebis~ gamoyenebas (muxli 6.1.). 41 magalitad, saqartvelo-ruminetis ormxrivi sainvesticio SeTanxmeba, muxli 5. 42 magalitad, saqartvelo-avstriis ormxrivi sainvesticio SeTanxmeba, muxli 5 moicavs pirdapir da arapirdapir eqspropriacias. 43 magalitad, saqartvelo-italiis ormxrivi sainvesticio SeTanxmeba, muxli 5, sadac ara mxolod sazogado miznebze, aramed erovnul interesebzec xdeba mititeba. aseve, saqartvelo-yirgizetis ormxrivi sainvesticio SeTanxmeba, muxli 6, sadac arapirdapir eqspropriaciad ar ganixileba imgvari zoma, romelic ganxorcielda `pasuxad moqmedebisadmi, romlebic ganxorcielebul iqna meore mxaris mier~.

qcias, Seamcirebs sainvesticio davebs eqspropriaciis legalurobaze (rac xsir SemTxvevaSi davis arzvris safuzveli xdeba) masin, rodesac samartlebrivad qoneba xelseuxebelia 44 an rodesac saxelmwifo suverenuli Zalis gamoyenebas axdens. mxareta Soris davis gadawyvetis debulebis daviwroeba _ saqartvelos mier gaformebuli ormxrivi sainvesticio SeTanxmebebidan 31 Seicavs davis gadawyvetis zogad debulebebs. amgvar debulebebsi ganmsazrvrelia ori aspeqti: xdeba Tu ara yvela davis momcveloba da rogor ukavsirdeba arnisnuli dava investicias. orive aspeqtis gatvaliswinebit saqartvelos mier gaformebul SeTanxmebebSi mxaresa da investors Soris davis mogvarebis debulebebi fartoa. umetes SemTxvevaSi, amgvari debuleba moicavs `nebismier~ 45 an `yvela~ davas 46, romelic `ukavsirdeba~ investicias 47 an `gamomdinareobs~ investiciidan, an zogadad davas `kapitaldabandebata Sesaxeb, 48 davas `investiciis Taobaze~. 49 aseve, saqartvelos mier dadebuli zogierti ormxrivi sainvesticio SeTanxmeba Seicavs formulirebas, ra drosac sainvesticio xelsekrulebis darrveva SesaZloa gautanabrdes ormxrivi saertasoriso SeTanxmebis darrvevas (e.w. `qolga klauzula debuleba~). 50 sainvesticio davis gadawyvetis amgvari farto formulireba iwvevs saarbitrajo iurisdiqciis gafartoebas da sasualebas azlevs investors arbitrajsi waradginos dasabutebuli motxovna beneficiari saxelmwifos winaarmdeg, masinac ki, rodesac es konkretuli valdebuleba sainvesticio kontraqtidan an ormxrivi sainvesticio SeTanxmebidan pirdapir ar gamomdinareobs. 51 rac ufro fartoa amgvari debulebis formulirebis diapazoni, mit ufro meti SesaZlebloba iqmneba investorisatvis daayenos motxovna saarbitrajo tribunalis winase. Sesabamisad, molaparakebis processi rekomendebulia amgvari formulirebis daviwroveba. sainvesticio davis arzvris xandazmulobis vadis SemoReba _ saertasoriso sainvesticio samartlis sauketeso praqtika itvaliswinebs motxovnis xandazmulobis vadas ormxriv saertasoriso xelsekrulebebsi. 52 arnisnul vadas saqa- 44 Andrea K. Bjorklund (ed), Yearbook on International Investment Law and Policy 2012-2013, Oxford University Press, 2014, NY, pg. 469. 45 magalitad, saqartvelo-somxetis ormxrivi sainvesticio SeTanxmeba, muxli 6. 46 magalitad, saqartvelo-safrangetis ormxrivi sainvesticio SeTanxmeba, muxli 7. 47 magalitad, saqartvelo-cinetis ormxrivi sainvesticio SeTanxmeba, kari 9. 48 magalitad, saqartvelo-germaniis ormxrivi sainvesticio SeTanxmeba, muxli 11. 49 magalitad, saqartvelo-italiis ormxrivi sainvesticio SeTanxmeba, muxli 9. 50 magalitad, saqartvelo-avstriis ormxrivi sainvesticio SeTanxmeba (muxli 9) `TiToeuli mxare Seasrulebs nebismier sxva valdebulebas, romelic mas aq ekisreba mis teritoriaze meore xelsemkvreli mxaris investorta investiciebtan dakavsirebit~. saqartvelo-belgo-luqsemburgis ormxrivi sainvesticio Se- Tanxmeba (muxli 9), Each contracting party undertakes to ensure at all times that the commitments it has entered into vis-vis investors of the other contracting party shall be observed. saqartvelo-germaniis ormxrivi sainvesticio SeTanxmeba (muxli 8), `yovelma xelmomwerma mxarem unda Seasrulos yoveli sxva valdebuleba, romelic man Tavis teritoriaze meore mxaris moqalaqeebisa an sazogadoebis kapitaldabandebata mimart ikisra~. 51 Christopher F. Dugan, Don Wallace Jr., Noah D. Rubins, Borzu Sabahi, Investor-State Arbitration, Oxford University Press, New York, 2008, pg. 239. 52 John Anthony VanDuzer, Penelope Simons, Graham Mayeda, Integrating Sustainable Development into International Investment Agreements, A Guide for Developing Country Negotiators, Commonwealth Secretariat, 2013, UK, pg. 421. 17

rtvelos mier dadebuli ormxrivi sainvesticio SeTanxmebebidan mxolod erti itvaliswinebs, 53 rac nisnavs imas, rom yvela danarcen SemTxvevaSi investors SeuZlia mimartos sainvesticio arbitrajs motxovnis yovelgvari vadis dacvis garese. molaparakebis miznebisatvis mizansewonilia saqartvelos ormxrivi saerta- Soriso SeTanxmebebi itvaliswinebdnen motxovnis gonivrul periods, rac sauke- Teso praqtikit 5 wlit an ufro mcire vadit (3 weli) ganisazrvreba. II alternativa: SeTavazebis relatiuri (fardobiti) modeli SeTavazebis relatiuri modeli miznad isaxavs pirveli alternativis mxolod ori debulebis cvlilebis SeTavazebas molaparakebis processi monawile xel- Semkvreli saxelmwifosatvis: investiciis cnebis amomwurav da `drosi SezRudul~ ganmartebasa da arapirdapiri eqspropriaciis debulebis amorebas. SeTavazebis modelebis vrceli mimoxilva warmodgenilia alternativa 1-Si, Tumca mxolod am ori debulebis arceva ganpirobebulia Semdegi ori mizezit: a) investiciis cnebis amomwuravi da `drosi SezRuduli~ ganmarteba da arapirdapiri eqspropriaciis debulebis amoreba ertgvar e.w. ex-ante zomas warmoadgens sainvesticio davis asarideblad. b) aseve gasatvaliswinebelia xelsemkvreli qveynis legitimuri interesi da mosalodneli moqniloba molaparakebis processi _ investiciis cnebis amomwuravi da `drosi SezRuduli~ ganmarteba investoristvis strategiulad da finansurad xelsayrelia saarbitrajo tribunalis winase motxovnis warmatebis gansasazrvrad, xolo arapirdapiri eqspropriaciis debulebis amorebis SemTxvevaSi mas kvlav aqvs SesaZlebloba ormxrivi sainvesticio SeTanxmebiT garantirebuli sxva rejimit daicvas sakutari interesebi. 53 saqartvelo-sveicariis ormxrivi sainvesticio SeTanxmeba, muxli 5. 18

efeqtianobis safuzvelze upiratesi alternativis SesarCevad vadgent matricas: skala 1-dan 5-mde kriteriumebi xelsekmvreli qveynis mosalodneli moqniloba molaparakebis processi sainvesticio davis prevenciis zrda sainvesticio davebis speqtris Semcireba saqartvelos sainvesticio reputaciis gaumjobeseba sul % Kkriteriumis wona (100%) 30% 35% 25% 10% 100% I alternativa II alternativa 2,5 5 4,5 4,5 2,5X3=7.5 5X3.5=17,5 4,5X2,5=11,25 4.5x1=4,5 4 4 3 4 4X3=12 4X3,5=14 3X2,5=7,5 4x1=4 40,75% 37,5% multifunqciuri analizidan vadgent, rom sainvesticio davebis riskis SemcirebisaTvis upirates alternativas warmoadgens I alternativa. es alternativa moicavs yvela sakvanzo debulebas, rac SeiZleba investoris mxridan davis arzvris safuzveli gaxdes. investiciis cnebis daviwroveba da mastan ertad davis gadawyvetis meqanizmsi sainvesticio davata speqtris SezRudva, aseve arapirdapiri eqspropriaciis amoricxva da xandazmulobis vadis daweseba ayalibebs kompleqsur midgomas sainvesticio davebis riskis Semcirebis miznebisatvis. Tumca arnisnuli alternativis ganxorcielebis damabrkolebel garemoebas warmoadgenda swored partniori qveynis moqniloba molaparakebis processi wavides kompromisze otxive sakvanzo debulebastan mimartebasi. II alternativa ki miuxedavad imisa, rom zrudavs centris gansjadobas investiciis cnebis SezRudviT da gamoricxavs arapirdapiri eqspropriaciis debulebas, mainc tovebs safrtxissemcvel riskebs: investors vadis dacvit, magram mainc SeuZlia ucivlos saxelmwifos da amastan nebismier davaze rac investiciastanaa dakavsirebuli, aseve arapirdapiri debulebis amoricxva ar aris sakmarisi dacvis meqanizmi saxelmwifosatvis, radgan investors SeuZlia dasabutebuli motxovna kvlav daayenos pirdapiri eqspropriaciis debulebis an sxva sainvesticio rejimis qves. savaraudoa, rom SeTavazebis relatiuri modelis SemTxvevaSi molaparakebis processi xelsemkvrel saxelmwifos moqniloba iqneba ufro marali, vidre absoluturi modelis SemTxvevaSi. Sesabamisad, II alternativa partnior qveyanastan konsensusis mirwevis ufro realisturi sasualebaa, vidre I alternativa. 19

rekomendaciebi 20 sajaro politikis dokumentis miznebisatvis Sedgenili matricidan gamoikveta, rom SeTavazebis absoluturi modeli upirates alternativas warmoadgens. SeTavazebis absoluturi modelis upiratesoba ganapiroba misma kompleqsurobam. modeli aqcents aketebs ra sakvanzo debulebebze, xelsemkvrel saxelmwifostan molaparakebis Tu Semdgomi urtiertobis process qmnis prognozirebads da stabilurs. alternativa warmoadgens pirdapir gzas saertasoriso davebis riskis Sesamcireblad, rac momavalsi dadebitad unda aisaxos qveynis sainvesticio reputaciaze. mizansewonilia alternativis gansaxorcieleblad Semdegi konkretuli qmedebebis ganxorcieleba: ormxrivi sainvesticio SeTanxmebis SeTavazebis modelsi moxdes investiciis cnebis viwro da `drosi SezRuduli~ ganmarteba. materialuri da aramaterialuri qonebis amomwuravi CamonaTvaliT. rekomendebulia SeTanxmebis miznebisatvis ganisazrvros, rom qoneba investiciad ganixileba, im SemTxvevaSi, Tu mas gaacnia investiciisatvis damaxasiatebeli kriteriumebi, mat Soris `kapitalis an sxva resursebis dabandeba, sargeblis an mogebis mirebis molodini da riski~. 54 aseve, SeTanxmeba ar unda gavrceldes im motxovnebsa da davebze, romlebic warmoisvnen SeTanxmebis ZalaSi Sesvlamde. ormxrivi sainvesticio SeTanxmebis SeTavazebis modelsi moxdes arapirdapiri eqspropriaciis debulebis amoreba. sauketeso SemTxvevaSi, sasurvelia saer- Tod ar iqnas debulebis saxit gamoyofili eqspropriaciis maregulirebeli norma. ormxrivi sainvesticio SeTanxmebis SeTavazebis modelsi moxdes mxareta Soris davis gadawyvetis debulebis daviwroeba. sasurvelia amorebul iqnas standartuli regulireba `nebismieri dava, romelic SeiZleba warmoisvas erti mxaris investorsa da meore mxares Soris investiciebtan dakavsirebit am mxaris teritoriaze~, da zustad ganisazrvros rom davebi exeba mxolod im investiciebs, romlebic ganxorcielebulia xelsemkvreli saxelmwifos teritoriaze da efuzneba SeTanxmebiT gatvaliswinebuli valdebulebebis savaraudo darrvevas da romelmac xelsemkvreli mxaris investors miayena zarali an ziani. ormxrivi sainvesticio SeTanxmebis SeTavazebis modelsi moxdes sainvesticio davis arzvris xandazmulobis vadis SemoReba. rekomendebulia, saqartvelos SeTanxmebebi itvaliswinebdnen motxovnis gonivrul periods, rac sauketeso praqtikit 3-5 wlit ganisazrvreba. 55 54 rogorc es gatvaliswinebulia saqartvelosa da Sveicariis konfederacias Soris investiciebis xelsewyobisa da urtiertdacvis Sesaxeb 2014 wlis 3 ivnisis SeTanxmebaSi. 55 rogorc es gatvaliswinebulia saqartvelosa da CexeTis respublikas Soris investiciebis xelsewyobisa da urtiertdacvis Sesaxeb 2009 wlis 29 agvistos SeTanxmebaSi.

daskvna SeTavazebis absoluturi modelis ganxorcielebisatvis pirvel nabijs ar warmoadgens rekomendaciebsi mititebul formulirebata Sesabamisad xelsekrulebis debulebata cvlileba. pirvel rigsi, aucilebelia gadawyvetilebis mim- Rebi aqtorebs Soris Camoyalibebuli ertoblivi xedvis safuzvelze Seiqmnas ormxrivi sainvesticio SeTanxmebis oficialuri modeluri regulirebis proeqti, rac amjamad mxolod samusao variantis saxit arsebobs Sida moxmarebis miznebisatvis. SeTavazebis absoluturi modelis ganxorcielebasi monawileoben saqartvelos iusticiis saministro, saqartvelos ekonomikisa da mdgradi ganvitarebis saministro, saqartvelos finansta saministro da saqartvelos sagareo saqmeta saministro, romlebic uflebamosili pirebis warmomadgenlobit usualod musaoben xelsemkvreli saxelmwifos warmomadgenlebtan amgvar SeTanxmebaTa molaparakebisas. molaparakebis processi swored qartul mxarezea damokidebuli xelsemkvreli mxaris darwmuneba SeTavazebis absoluturi modelis upiratesobasi. aqtorta darwmuneba alternativis implementaciis sargeblianobasi ar qmnis sirtules Semdegi ori pirobis gatvaliswinebit: a) Cveni politikis dokumentis beneficiari aris saxelmwifo, xolo oficialuri modeluri proeqtis SemuSaveba swored investiciebtan dakavsirebul saxelmwifoebriv standarts ayalibebs. b) alternativa ar gulisxmobs sruliad ararsebuli regulirebidan modeluri regulirebis debulebata Camoyalibebas. saqartvelos ukve aqvs samusao varianti, romelic mizansewonilia daixvewos da Camoyalibdes modeluri regulirebis oficialuri dokumentis saxit. amrigad, rekomendebuli alternativis _ SeTavazebis absoluturi modelis ganxorcielebis SemTxvevaSi, saxelmwifo interesis dacvis gatvaliswinebit Camoya libdeba sistemuri, instituciuri, modeluri, unificirebuli midgoma, romelic qmnis SesaZleblobas Semcirdes saxelmwifos winaarmdeg arzruli sainvesticio davebi. 21

bibliografia saqartvelos mier dadebuli ormxrivi sainvesticio SeTanxmebebi (xelmoweris TariRis mixedvit): 1. 1991 wlis 28 noembris SeTanxmeba espanetsa da sabwota socialisturi respublikebis kavsirs Soris investiciebis waxalisebisa da urtiertdacvis Sesaxeb. 2. 1992 wlis 30 ivlisis SeTanxmeba saqartvelos respublikis mtavrobasa da TurqeTis respublikis mtavrobas Soris investiciebis waxalisebisa da urtiertdacvis Sesaxeb. 3. 1993 wlis 3 ivnisis SeTanxmeba saqartvelos respublikis mtavrobasa da CineTis saxalxo respublikis mtavrobas Soris investiciebis ormxrivi dacvisa da waxalisebis Sesaxeb 4. 1993 wlis 23 ivnisis SeTanxmeba saqartvelos respublikisa da belgia-luqsemburgis ekonomikur gaertianebas Soris investiciebis ormxrivi waxalisebis da dacvis Sesaxeb. 5. 1993 wlis 25 ivnisis xelsekruleba germaniis federaciul respublikasa da saqartvelos respublikas Soris kapitaldabandebata xelsewyobisa da urtiertdacvis Sesaxeb. 6. 1994 wlis 7 martis SeTanxmeba saqartvelos respublikis mtavrobasa da amerikis SeerTebuli Statebis mtavrobas Soris investiciebis xelsewyobis Sesaxeb. 7. 1994 wlis 9 noembris SeTanxmeba saqartvelos respublikis mtavrobasa da saberznetis respublikis mtavrobas Soris investiciebis waxalisebisa da urtiertdacvis Sesaxeb. 8. 1995 wlis 9 ianvris SeTanxmeba saqartvelos respublikis mtavrobasa da ukrainis respublikis mtavrobas Soris investiciebis waxalisebisa da urtiertdacvis Sesaxeb. 9. 1995 wlis 19 ianvris SeTanxmeba saqartvelos respublikis mtavrobasa da bulgaretis respublikis mtavrobas Soris kapitaldabandebebis ormxrivi waxalisebisa da dacvis Sesaxeb. 10. 1995 wlis 15 Tebervlis SeTanxmeba saqartvelos respublikis mtavrobasa da didi britanetisa da CrdiloeT irlandiis gaertianebuli samefos mtavrobas Soris kapitaldabandebebis waxalisebisa da dacvis Sesaxeb. 11. 1995 wlis 19 ivnisis SeTanxmeba saqartvelos respublikis mtavrobasa da israelis mtavrobas Soris investiciebis ormxrivi dacvisa da waxalisebis Sesaxeb. 12. 1995 wlis 4 seqtembris SeTanxmeba saqartvelos respublikis mtavrobasa da uzbeketis respublikis mtavrobas Soris investiciebis waxalisebisa da urtiertdacvis Sesaxeb. 13. 1995 wlis 26 seqtembris SeTanxmeba saqartvelos respublikasa da iranis islamur respublikas Soris investiciebis urtiertwaxalisebisa da dacvis Sesaxeb. 14. 1996 wlis 8 martis SeTanxmeba saqartvelos mtavrobasa da azerbaijanis respublikis mtavrobas Soris investiciebis waxalisebisa da urtiertdacvis Sesaxeb. 15. 1996 wlis 20 martis SeTanxmeba saqartvelos respublikis mtavrobasa da TurqmeneTis respublikis mtavrobas Soris investiciebis waxalisebisa da urtiertdacvis Sesaxeb. 16. 1996 wlis 4 ivnisis SeTanxmeba saqartvelos mtavrobasa da somxetis respublikis mtavrobas Soris investiciebis waxalisebisa da urtiertdacvis Sesaxeb. 17. 1996 wlis 17 seqtembris SeTanxmeba saqartvelos mtavrobasa da yazaxetis respublikis mtavrobas Soris investiciebis waxalisebisa da urtiertdacvis Sesaxeb. 18. 1997 wlis 3 Tebervlis SeTanxmeba saqartvelos mtavrobasa da safrangetis respublikis mtavrobas Soris investiciebis waxalisebisa da urtiertdacvis Sesaxeb. 19. 1997 wlis 22 aprilis SeTanxmeba saqartvelos mtavrobasa da yirgizetis respublikis mtavrobas Soris investiciebis waxalisebisa da urtiertdacvis Sesaxeb. 20. 1997 wlis 15 maisis SeTanxmeba saqartvelos mtavrobasa da italiis respublikis mtavrobas Soris investiciebis waxalisebisa da urtiertdacvis Sesaxeb. 22