The Government of the Kingdom of Belgium, acting in its own name and on behalf of the Grand Duchy of Luxembourg, under existing agreements, and
The Government of the Republic of Burundi,
Desiring to strengthen their economic cooperation by creating favourable conditions for investments by nationals of one of the Contracting Parties in the territory of the other Contracting Party,
Considering that such a convention would stimulate private business initiatives and strengthen confidence in the area of investments,
Recognizing that discrimination by either Contracting Party, on the basis of nationality, against investments made in its territory by investors of the other Contracting Party is incompatible with any stable investment structure and with the optimal and efficient use of economic resources,
Have agreed as follows:
The term "income" shall mean any amount produced by an investment including; although not exclusively, profits, interests, capital gains, dividends, royalties and other remunerations.
Any change in the form in which assets and capital have been invested or reinvested shall have no effect on their status as "investments" for the purposes of this Convention.
PROMOTION OF INVESTMENTS
PROTECTION OF INVESTMENTS
The treatment and protection guaranteed in paragraphs 1 and 2 be no less favourable than those enjoyed by nationals of the State where the investment is made. They shall in any case be at least equal those enjoyed by investors of the most favoured nation and shall in no case be less favourable than those recognized by international law.
EXPROPRIATORY AND RESTRICTIVE MEASURES IN RESPECT OF PROPERTY
Investors of either Contracting Party whose investments have suffered losses in the territory of the other Contracting Party as a result of war or other armed conflict, national emergency, disturbances or unrest shall he accorded by the latter Party non-discriminatory treatment at least equal to that accorded to investors of the most favoured nation in respect of restitutions, indemnifications or other compensation.
Compensation due under this paragraph shall be paid in accordance with the provisions of paragraph 2.
In all cases, the treatment shall be at least equal to that which the State where the investment is made grants to its own nationals and may not be less favourable than that enjoyed by investors of the most favoured nation. It may not be inferior to the treatment accorded under international law.
With regard to investments made in its territory, each Contracting Party shall guarantee to investors of the other Contracting Party the free transfer of their assets, in particular but not exclusively.
Each contracting party undertakes to grant the necessary authorizations to ensure that transfers are effected without delay and without taxes or costs other than the usual bank charges.
A transfer shall be considered to have been effected "without delay" within the meaning of this article if it took place within the time normally needed for the completion of transfer formalities. The time period shall start to run on the date of presentation of a request to this effect and shall in no case exceed two months.
DISPUTES RELATING TO INVESTMENTS
Neither Contracting Party being a party to a dispute may, at any stage of any judicial, arbitral or other procedure and on any grounds, raise an objection because the investor who is the opposing party in the dispute has received compensation covering all or part of his losses under an insurance policy or under the guarantee mentioned in article 6.
DISPUTES BETWEEN THE CONTRACTING PARTIES CONCERNING THE INTERPRETATION AND APPLICATION OF THE CONVENTION
Any dispute between the Contracting Parties concerning the interpretation or application of the Convention shall, as far as possible, be settled through consultations between the two Parties or through any other diplomatic channel.
If the dispute cannot be resolved, it shall be referred to a joint commission composed of representatives of the two Contracting Parties. The commission shall meet, within two months, at the request of the most diligent Party.
In each case, the arbitral tribunal shall be composed of three arbitrators: each Contracting Party shall appoint an arbitrator within two months following the notification of the request for arbitration. The two arbitrators thus appointed shall together select as chairman a third arbitrator, who shall be a national of a third State. The chairman shall be appointed within two months of the appointment of the other two arbitrators.
If the tribunal has not been constituted within the time limits set in paragraph 3, either Contracting Party may, in the absence of any other arrangement, invite the President of the International Court of Justice to make the necessary appointments.
If the President is a national of one of the Contracting Parties or if he is unable to act, the Vice-President shall be invited to make the necessary appointments. If the Vice-President is a national of one of the Contracting Parties of if he is unable to act, the oldest member of the International Court of Justice who is not a national of one of the Contracting Parties and who is able to act shall be invited to make the necessary appointments.
Each Contracting Party shall bear the costs of the appointment of its arbitrator and of its representation in the arbitration proceedings. The costs of the appointment of the chairman and the other procedural costs shall be borne equally by the Contracting Parties.
However, the tribunal may rule in its decision that a larger share of the costs shall be borne by one of the Contracting Parties and this ruling shall be final.
ENTRY INTO FORCE AND DURATION
This Convention shall enter into force 30 days after the date of exchange of the instruments of ratification. It shall remain in force for an initial period of ten years and shall then be tacitly renewed for ten years, unless one Contracting Party notifies the other Party through the diplomatic channel of its termination at least six months before the date of expiry of the current period of validity.