Abstract
Developing countries seek to adopt a closed definition of investment as they reconsider the protection granted to investors, often creating imbalanced investor protection regimes. As the notion of investment continues to remain in a state of flux on an ideological basis, so does the legal determination of this economic concept by arbitral tribunals, producing highly inconsistent and contradictory results. This article analyzes the primordial issue of defining the notion of investment in ICSID arbitration and importantly the application of the Salini test, which remains inconclusive of its constitutive elements.
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