LEGITIMNA OČEKIVANJA STRANIH ULAGAČA U DOBA DIGITALIZACIJE

Abstract

International legal protection of foreign investors is achieved through numerous principles, tenets and contractual clauses that are an integral part of a wide network of multilateral and bilateral investment agreements. Legitimate expectations of foreign investors are an indispensable element of the principle of fair and equitable treatment through which foreign investors protect their legal position in the country receiving capital. Before making a decision to invest in the territory of the country receiving the capital, a foreign investor considers the business environment, the investment climate, all microeconomic and macroeconomic factors that may affect the profitability of the investment, the political environment, the degree of uncertainty and the occurrence of political risks, as well as the legal system, relying on the legal acts in force at the time of making the investment decision. All these non-commercial risks shape the conditions in which the foreign investor will operate. Relying on the existing economic situation, the political environment and the rights acquired on the basis of positive legal regulations, the foreign investor actually forms his legitimate expectations. The expectations formed in this way provide him with legal certainty and stability, and the principles, the basic element of which is legitimate expectations, also ensure their procedural legal protection. The subject of the analysis in the paper is the formation of legitimate expectations of foreign investors and the method of their protection in the event of possible violations, with special attention to their basis and subject matter in the face of the challenges posed to foreign investors by the digital age.