Investment policy

Investment policies related to national security and public order


In focus

Conference on acquisition- and ownership-related policies to safeguard essential security interests

12 March 2019 - Paris, France

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About our work

For most of the past half century, countries around the world have gradually opened up to foreign investment, and with good effect. Investment from other countries has supported growth and development, created jobs and enhanced welfare. One consideration that comes with eliminating barriers to capital inflows, is the potential risk for the host country’s national security or public order. This is why international instruments and agreements recognise countries’ rights to manage such risks.


Countries that are part of the OECD-hosted investment policy community have agreed that it is good policy practice to design investment policies related to national security in a way that reconciles openness with effectiveness. They report on these policies at the twice-yearly Freedom of Investment Roundtables. Governments that adhere to the Declaration on International Investment and Multinational Enterprises have also agreed to notify any new policy in this area and to make this information publicly available.


Related instruments and processes

Guidelines for Recipient Country Investment Policies relating to National Security (2009)

OECD guidance on recipient country policies towards SWFs (2008)

OECD Council Recommendation (1986)

“Freedom of Investment” Roundtables


Recent notifications of new policies

Finland (2019)

Korea (2019)

Portugal (2019)

Hungary (2019)

Germany (2019) 

United States (2018)

United Kingdom (2018)

Lithuania (2018)

Italy (2018)

Australia (2018)

Latvia (2018)

Japan (2017) not yet publicly available 

Poland (2015) (additional information)

France (2014)

Austria (2013)

Italy (2012, superseded in 2018)

Finland (2012)

Austria (2012, superseded in 2013) 

Germany (2009, superseded in 2019)


Documents and links

Acquisition- and ownership-related policies to safeguard essential security interests, 2019

Current trends in investment policies related to national security and public order, 2018

State-owned enterprises, international investment and national security: The way forward, 2018

Investment policies related to national security, 2016

The policy landscape for international investment by government-controlled investors: a fact finding survey, 2015

Foreign State Immunity and Foreign Government Controlled Investors, 2010

Identification of foreign investors: A fact finding survey of investment review procedures, 2010

Security-related terms in international investment law and in national security strategies, 2009 

Foreign government-controlled investors and recipient country investment policies: a scoping paper, 2009 

Competition law and foreign-government controlled investors, 2009 

Accountability for security-related investment policies, 2008 

Protection of 'critical infrastructure' and role of investment policies relating to national security, 2008 

Transparency and predictability for investment policies addressing essential security interests: a survey of practices, 2008

Proportionality of security-related investment instruments: A survey of practices, 2008

Competition, international investment and energy security, 2008

Economic and other impacts of foreign corporate takeovers in OECD countries, 2007

Essential security interests under international investment law, 2007


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