International Investment Law and the Tangible and Intangible Aspects of Cultural Heritage: Substantive Discipline and Dispute Settlement Interactions

The relationship between international investment law and cultural heritage has commanded little attention and only recently. Certainly, international investment law has become one of the most prominent branches of international law. Its development has been strictly connected to the soaring growth of bilateral treaties on the promotion and protection of foreign investment and free trade agreements with foreign investment chapters. n turn, the status and place of cultural heritage under international law has grown, significantly progressing from some provisions included in international humanitarian conventions on the protection of heritage during armed conflicts. In light of the few studies existing on the subject of this thesis, which have in general concluded that conflictual and ambiguous relations exist between international investment law and cultural heritage, this thesis proposes to analyze this relation from both the substantive and dispute settlement standpoints. The idea that the relation between foreign investment and cultural heritage, regulated in different ways and ‘intensities’ by international law, could be positive was a general premise for all the research. Indeed, among investments, foreign investments have a great importance in a moment of economic crisis and difficulty in finding appropriate resources to safeguard heritage. Investments are hence vital for culture. The researches and analyses carried out for the thesis have shown that investment treaties often contain a number of provisions concerning culture and cultural heritage. With regard to international disputes, investment disputes have involved or touched upon different cultural forms and expressions: from UNESCO sites to cultural industries, to lieux de mémoire and indigenous communities’ heritage. Further, quite surprisingly, the international rules protecting foreign investors have sometimes been invoked, or resorted to, by subjects that had invested specifically in cultural ‘resources’ or to protect economic activities based on indigenous communities’ culture. The studies and researches carried out for this thesis have made it possible to reach and demonstrate a number of conclusions. First, the researches carried out have demonstrated that foreign investments are necessary to protect, safeguard, preserve and promote any form of cultural expression, and a strong interaction exists between the international regulation of foreign investments and cultural heritage. It has thus been shown that there exists a symbiotic relationship between international investment law and cultural heritage. Second, it has been possible to prove that, within international culture and cultural heritage law, there exists a ‘legitimate space’ for international investment law. Symmetrically, international investment arbitration can represent a valid cultural dispute settlement mechanism. Lastly, it is possible to assert that merging international rules on foreign investments and international rules on culture or cultural heritage can lead to create, or support the existence of, a more transparent, legitimate and rule-of-law-based system. In the light of all these considerations, the research, analysis and reflection carried out for the thesis has demonstrated how positive the relation between international investment law and cultural heritage can be fro states and the society. This, without denying any potentially negative effect. One might hope that the results obtained allow to adapt any practice in the field of culture. The protection of cultural heritage can indeed be strongly enhanced through the regulation of foreign investment.