Faced with the reality of finite and scarce resources, and the fact that realization of most economic and social rights requires resources, can a State comply with its icescr obligations, particularly Article 2(1) thereof, when it engages in investment promotion activities? This paper examines the conditions under which the pursuit of foreign direct investment (fdi) can be deemed consistent with State obligation to fulfill socioeconomic rights. It is posited that investment promotion activities potentially augment the limited national income of many developing countries, thereby creating conditions that make more possible the enjoyment of socio-economic rights. This relationship is premised on the caveat that, as part of the State’s duty to protect, it should ensure the pre-existence of a set of institutions that sufficiently regulates the behavior of foreign businesses and a certain level of human capital and physical infrastructure conducive to knowledge and technology transfer.
Clarissa Batino and Cecilia Yap, ‘Philippines Wins S&P Upgrade as Aquino’s Changes Seen Enduring’, (9 May 2014) <http://www.bloomberg.com/news/2014-05-08/philippines-wins-s-p-upgrade-as-aquino-s-changes-seen-enduring.html> accessed 19 May 2014. See also Rosemarie Francisco, ‘update1 – S&P raises Philippine credit rating two notches above investment grade’, cnbc Business News (8 May 2014) <http://www.cnbc.com/id/101654175> accessed 19 May 2014; Allison Jackson, ‘The Philippines Gets A Ratings Upgrade’, The Financialist (28 March 2013) <http://www.thefinancialist.com/philippines-ratings-upgrade/> accessed 4 November 2013; Karl Yap, ‘Philippines Beats Indonesia in Gaining S&P Investment Grade’, Bloomberg (3 May 2013) <http://www.bloomberg.com/news/2013-05-02/philippines-wins-investment-grade-from-s-p-in-aquino-affirmation.html> accessed 4 November 2013: ‘The upgrade on the Philippines reflects a strengthening external profile, moderating inflation, and the government’s declining reliance on foreign currency debt.’)| false
See, e.g., Heather McRobie, ‘Austerity policies in Europe are fuelling social injustice – and violating human rights’(23 December 2013) <http://www.opendemocracy.net/5050/heather-mcrobie/austerity-policies-in-europe-are-fuelling-social-injustice-and-violating-human-> accessed 18 May 2014; Aoife Nolan, ‘Is the government’s austerity programme breaking human rights law?’ OurKingdom (1 March 2011) <http://www.opendemocracy.net/ourkingdom/aoife-nolan/is-governments-austerity-programme-breaking-human-rights-law> accessed 18 May 2014.)| false