dastid pallaska, attorney at law€¦ · prishtina international airport - ppp •project data:...
TRANSCRIPT
Dastid Pallaska, Attorney at Law
Law on Foreign Investments
Improvements in Business Registration Procedures
Reforms in the Judiciary
Other Relevant Considerations
Key Definitions
Key Protections
Resolution of Investment Disputes
Status of the Law
Key Definitions
Foreign Investor: A foreign physical person or legal entity that has made an investment in Kosovo
Foreign Investment: Any asset that has been contributed or leased to a Kosovo business organization for business purposes
Asset: Any item of value, whether tangible or intangible, and includes, immovable and movable property, intellectual property, cash, securities, receivables, licenses etc
Key Protections
Prohibition of Discrimination
Equal Treatment
Stability of the Investment Regime ▪ No retroactive application of detrimental laws ▪ Compensation for detrimental change(s) of law
▪ The change(s) of law occurred within five years from the date the investment was made
▪ The foreign investor suffered damages from the change(s) of law ▪ Government of Kosovo is liable by law to compensate the damage
and expenses ▪ The rights of the foreign investor are irrevocably acquired at the
moment the investment is made
Key Protections (continued)
Rights and Privileges ▪ Compensation for damages suffered for actions of public
authorities that are in violation of domestic or international law
▪ Compensation for destruction of or damage of an asset
▪ Compensation for failure of Kosovo to offer protection and security in accordance with the requirements of the law
▪ Facilitation of entry and assistance in obtaining visas and residence permits for expatriate personnel
Resolution of Investment Disputes
International Arbitration
Freedom to choose the procedural rules for the resolution of investment disputes: ▪ ICSID Convention
▪ ICSID Additional Facility Rules
▪ UNCITRAL Rules
▪ ICC Rules
Consent of Kosovo for the submission of an investment dispute is given by law
Resolution of Investment Disputes (continued)
Applicable Law:
▪ Freedom to agree on applicable law
▪ In absence of agreement Kosovo law and relevant public international law applies
Place of Arbitration:
▪ Freedom to agree on the place of arbitration
▪ In absence of agreement arbitration shall be held in any EU country that is also member of the New York Convention
Resolution of Investment Disputes (continued)
Status of the Arbitral Award: ▪ Arbitral award has final and binding effect
▪ Arbitral award is enforceable within Kosovo to the same extent and degree as if it was the final decision of the highest court of competent jurisdiction
▪ Enforcement in accordance with the New York Convention
▪ No legal immunity can be claimed and served to prevent the enforcement of the arbitral award
Status of the Law
Repeals any previous laws or other normative acts that are in contradiction with it
Supersedes any other laws or normative acts that are not
in accordance with it, unless: ▪ Such a normative act is a law; and
▪ The law contains a clearly expressed intention to avoid the application of this law.
Recent Amendments in the Laws Governing the Registration of Business Organizations
No requirement to have charter capital to register a limited liability company
The charter capital of a joint stock company reduced from EUR 25,000 to EUR 10,000
Deadlines for the procedures before the Business Registry shortened in half
Revocation of the Municipal Work Permit
Reappointment of Judges and Prosecutors
Internationally funded and implemented project
Comprehensive competence evaluation
Vetting of candidates, including background checks and full financial disclosure
A refreshed justice system with 60.48% new judges and prosecutors
Legislative Reforms
New law on Courts, streamlining the structure of the court system and providing for specialized departments within courts
New laws on the Judicial Council and the Prosecutorial Council, strengthening the structural and functional independence of the justice system
Considerable increase of the salaries of judges and prosecutors
Major infrastructural investments in the justice system
Domestic arbitration offered by:
American Chamber of Commerce in Kosovo; and
Kosovo Chamber of Commerce.
The first arbitration cases have been
decided and enforced without any problems
Laws and Instruments Enabling Foreign Investments
Privatization of Socially Owned Companies Privatization of Publically Owned Companies Public Private Partnerships Long-Term Use of Municipal Land
New Law on Merger Control
Intellectual Property Rights
Considerable number of patents, trademarks and industrial designs registered with the Industrial Property Office
Commercial Court issued its first decisions sanctioning the infringement intellectual property rights
A new law providing for efficient Customs procedures to prevent counterfeited goods from entering Kosovo enacted
Dastid Pallaska, Partner Pallaska&Associates L.L.C.
Tel: +381 38 244 888 Fax: +381 38 244 887
Email: [email protected] Web: www.pallaska-associates.org
Investing in Kosovo
Sept 24, 2012
Washington D.C
Republika e Kosovës Republika Kosova – Republic of Kosovo
Ministria e Financave | Ministarstvo Finansija | Ministry of Finance
PARTNERITETET KOSOVA | PARTNERSTVA KOSOVO | PARTNERSHIPS KOSOVO
Presentation Overview
Legislative & Institutional Framework Scope of PPP Law
Current Projects
Project Pipeline Overview
Why Invest in Infrastructure and Services? Public-Private Partnerships Opportunities
The Government of Kosova is committed to create an attractive –investment friendly environment:
Law On Publicly Owned Enterprises
Providing a transparent and predictable process of Private Sector Participation in
POEs
Clearly articulated Government Policy on assuring Private Sector Participation in
Publicly Owned Enterprises
New PPP framework legislation
The PPP law is investor-friendly, in accordance with international best practices
(UNCITRAL, EBRD, EC guidelines, etc.) Extensive PPP project-pipeline in all sectors
Vast Infrastructure Development Opportunities and Needs
• Infrastructure gap of over € 5 billion (next 3 - 5 years)
• Great opportunity for private participation
• Need for additional resources and expertise of the private sector to assure Economic Efficiency
Urgent Infrastructure Development Needs
• Energy, Telecommunication, Transportation, Public Utilities
Expanded service coverage across all sectors
Legislative PPP Framework
Government declared PPP as a national priority
Via policy directive in July 2008
The new Public Private Partnership Law 2011 No. 04L-045, promulgated in the Official Gazette on 25.11.2011
Replacing the PPP and Concession Law No. 03/L-090,promulgated in August 2009
PPP Committee has approved many directives and standardized forms for PPP project implementation, found at www.pppkosova.org
The provisions in this law shall govern Public-Private-Partnerships for the provision of Public Services and/or Public Infrastructure in all economic and social sectors, including, but not limited, to:
Transport, including railway system, transport in rails, airports, roads, tunnels, bridges, parking, public transport;
Energy infrastructure, excluding the construction of new energy generation capacities;
Oil pipeline, gas pipeline, refinement and distribution;
Production, distribution, treatment, collection and administration of water, sewage, drainage, irrigation, channels;
Collection, disposal, recycling and management of waste;
Legislative PPP Framework
CURRENT PROJECTS
Prishtina International Airport - PPP
• Project Data:
• The only Airport in Kosova
• Over 1. 3 mill pax annually
• Positive Pax growth every year
• Large potential of Expending Costumer base, non-aeronautical commercial activities
• Public Private Partnership Model:
• Design, Build, Finance, Operate, Transfer, 20 Year contract
• Transaction Value: Euro 100 Million
AIRPORT INFRASTRUCTURE
AIRPORT INFRASTRUCTURE
Prishtina International Airport – PPP Under Construction
Route 6: Macedonia - Kosovo
Prishtina – Hani i Elezit
• Project Data:
• Connected to Pan-European Road Corridor VIII
• 80 KM motorway (4 lane)
• Kosovo's outlet to Pan European Corridor connecting to the strategic port of Thessaloniki
• Traffic Data: Over 25,000 vehicles per day
• Contractual Model:
• Public Contract
• Transaction Value: Approx 600 million
ROAD INFRASTRUCTURE
Route 7 Albania - Kosovo
Prishtina - Morine
• Project Data:
• Installation of Tolling Plaza (s)
• Maintenance of 107 km highway
• Concession of all rights on highway including: Petrol stations, advertising, and caballing.
• Ability to charge tolling based on predefined criteria
• Public Private Partnerships Model:
• Operation Concession Contract (Tolls) (PPP)
ROAD INFRASTRUCTURE
Route 7 Albania - Kosovo
Service Stations
• Project Data:
• Building and Operation of Six Service Areas
• Exclusivity over the whole stretch of highway
• Wide range of services: Gas Stations, restaurants, parking, and hotels
• Public Private Partnerships Model:
• Build Operate Transfer (BOT)
• Investment Value: 36 Million Euro
ROAD INFRASTRUCTURE
Kosovo Land Fill Management Company
• Project Data:
• Investment Project to Increase and Modernize Land Fill Locations throughout Kosovo.
• Five Land Fills with total Capacity of over 180,000 tones of solid waste with great potential for expansion.
• Natural Monopoly
• Currently faced with significant financial constraints
• Donor interest for financial support
• Public Private Partnership Model:
• Rehabilitate Operate Transfer (ROT)
• Transaction Value: Euro 4- 5 Million
CENTRAL SOLID WASTE LAND FILL
Brezovica Ski & Real Estate Project
• Project Data:
• Building of Green Field new skiing lanes
• Installing new superstructure
• Building of at least two hotels
• Opportunity to establish touristic village
• Exclusivity on the site
• Public Private Partnership Model:
• Finance, Build, Operate, PPP
• Transaction Value: Euro: 60 Million Euro
TOURISM AND RECREATION
MUNICIPAL PPP PROJECTS
No.
Municipality Project
1 Prishtina Underground Parking - Municipality
Building (BOT)
2 Prishtina Underground Parking - Grand Hotel
(BOT)
3 Prishtina Underground Parking - Prishtina
University (BOT)
4 Peja URBAN TRANSPORT
5 Suhareke Solid Waste Collection
6 Prishtina URBAN TRANSPORT
7 Fushe
Kosova
WASTE COLLECTION AND SORTING
8 Shterpce WASTE COLLECTION
9 Mitrovica WASTE COLLECTION AND SORTING
No. Municipalit
y Project 10 Prizren PARKING & COMMERCIAL & CINEMA
(Multi-level,under&above ground)
11 Prizren PARKING ( Above ground)
12 Gjilan COMMERCIAL/RECREATIONAL
COMPLEX
13 Gjilan WASTE COLLECTION AND
MANAGMENET
14 Ferizaj Construction of Recreational, Cultural
and Sports Center
15 Ferizaj TRADE CENTER AT THE
MARKETPLACE WITH UNDERGROUND
PARKING
16 Ferizaj WASTE WATER TREATMENT
17 Prizren RECONSTRUCTION of MARKETPLACE
Kosova has a modern and welcoming investment framework
Policy Posture is decidedly pro-private sector
Major pipeline of PPP and Privatizations in all sectors
Kosova is committed to long-term sustainable growth by working together with the private sector
CONCLUSION
