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OECD countries are committed to keeping their investment frontiers open to SWFs as long as these funds invest for commercial, not political ends, OECD Secretary-General Angel Gurría said in a letter to G7 Finance Ministers.
The report finds that SWFs bring benefits to home and host countries and that existing OECD investment instruments are well suited to develop guidance for countries receiving investments from SWFs.
Participants in the Freedom of Investment project agree that recipient countries should apply the national security clause of the OECD investment instruments with restraint. They have agreed on a number of key principles – transparency and predictability, proportionality and accountability – that should guide governments when they design and implement investment measures to address national security con-cerns. These principles should also apply when dealing with investments from SWFs.
Full results will be presented on 4-5 June.
The final report of the Freedom of Investment project will be released in Spring 2009.