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V magistrskem diplomskem delu je predstavljena pravna ureditev splošnega pravnega načela pacta sunt servanda in instituta spremenjenih okoliščin v različnih nacionalnih pravnih redih in v mednarodnem pravu ter razmejitev med spremenjenimi okoliščinami in višjo silo. Magistrsko diplomsko delo nadalje izpostavlja problematiko različnega urejanja spremenjenih okoliščin in povezanih pravnih posledic v nacionalnih pravnih redih za mednarodna investicijska razmerja in reševanje mednarodnih investicijskih sporov. Magistrsko diplomsko delo obravnava različne rešitve v zvezi s spremenjenimi okoliščinami, ki jih ponujata sodna praksa in praksa mednarodnih arbitražnih tribunalov, in izpostavi prednosti pogodbenega urejanja spremenjenih okoliščin in vključevanja prilagoditvenih mehanizmov v mednarodne investicijske sporazume, s katerimi se lahko stranke v mednarodnih investicijskih razmerjih izognejo negotovosti in morebitnim negativnim posledicam uporabe merodajnega prava za investicijski sporazum. Magistrsko diplomsko delo nadalje izpostavlja dileme pogodbenih klavzul o ponovnih pogajanjih oziroma klavzul o prilagoditvi pogodbe s strani nevtralne tretje osebe (sodnika ali arbitra) kot posledice nastopa spremenjenih okoliščin. Magistrsko diplomsko delo na koncu ugotavlja, da lahko ne glede na pomen splošnega pravnega načela pacta sunt servanda, njegovo težo vedno omilijo spremenjene okoliščine, vendar pa se pogoji za uporabo instituta spremenjenih okoliščin v mednarodnih investicijskih razmerjih še posebej strogo in ozko razlagajo. The master's thesis presents the legal regulation of the general legal principle pacta sunt servanda and the institute of changed circumstances in different national legal orders and in international law, as well as the distinction between changed circumstances and force majeure. The master’s thesis further highlights the problem of different regulations of changed circumstances and related legal consequences in national legal orders for international investment relationships and international investment dispute settlement. The master’s thesis discusses the different solutions in relation to changed circumstances offered by case law of the courts and international arbitral tribunals and highlights the advantages of contractual regulation of changed circumstances and of the inclusion of adjustment mechanisms in international investment agreements, which allow the parties in international investment relationships to avoid uncertainty and the potential negative consequences of applying the applicable law to the investment agreement. The master’s thesis further highlights the dilemmas of contractual renegotiation clauses or agreement adjustment clauses by a neutral third party (judge or arbitrator) as a consequence of changed circumstances. Finally, the master’s thesis concludes that, notwithstanding the importance of the general legal principle of pacta sunt servanda, its weight can always be mitigated by changed circumstances, however, the conditions for the application of the institute of changed circumstances in international investment relationships are subject to a particularly strict and narrow interpretation.

Tuje investicije so del vsakdanjega poslovanja. Podjetniki nenehno iščejo nove trge, na katerih bi lahko poslovali in vlagali svoj kapital. Pri tem pa se pogosto odločajo za tuje trge, ki so že zelo dobro razviti in je posledično kupna moč višja. Lahko pa se odločijo, da se podajo na trge, ki so še v razvoju in se tam pojavijo kot prvi. Razlogov, zakaj se podjetniki odločijo za poslovanje na določenem tujem trgu, je lahko več. Če jih izpostavimo le nekaj, so to delovna sila, želja po novem obratu ali prevzem določenega podjetja. S tem ko je postalo mednarodno poslovanje vedno bolj v ospredju in so se posledično meje navidezno izbrisale lahko tujih vlaganj v prihodnosti pričakujemo še več. V Sloveniji smo zadnjih nekaj let deležni predvsem tega, da tuje korporacije prevzemajo naša podjetja. Pri tem velikokrat prevzamejo takšna podjetja, ki poslujejo slabo oziroma je uspeh njihovega poslovanja padel, po drugi strani pa imajo dobre proizvode ali storitve in ugledne blagovne znamke oziroma podjetja. Kot primer lahko navedemo prevzem podjetja Laško s strani Heinekena, prevzem Radenske s strani Kofole, prevzem Mercatorja s strani Konzuma. Pri vseh teh primerih so podjetja zašla v težave, poslovala slabše in so potrebovala tuj kapital in zanje. V diplomskem projektu smo proučili kakšno je stanje tujih investicij v Sloveniji in kaj so prednosti in slabosti slovenskega trga. Na podlagi tega smo ugotovili, kaj tuje investitorje privablja k vlaganju kapitala v Slovenijo in kaj jih od tega odvrača. Ugotovili smo, da jih privablja predvsem kompetentna delovna sila in odvrača preveč zapletena birokracija. Proučili smo tudi značilnosti prevzemov in kako je nanje vplivala privatizacija. Kot primere tujih investicij smo izpostavili dva večja prevzema, in sicer prevzem podjetja Laško s strani Heinekena in prevzem Lumarja s strani Green Building Group. V primeru podjetja Laško gre za uspešen prevzem, saj je poslovanje podjetja izboljšalo ter odplačani so bili vsi dolgovi. V drugem primeru, prevzemu podjetja Lumar, pa za slab prevzem, saj se je poslovanje podjetja po prevzemu poslabšalo. Družina Lukić je zaradi tega podjetje dve leti od prevzema odkupila nazaj, ker se v okviru nove družbe niso mogli razvijati. Glede na to, da se bodo prevzemi slovenskih podjetij dogajali tudi v prihodnje, je pomembno opredeliti, ali je bolje, da slovenska podjetja prevzamejo tuja podjetja ali je bolje, da podjetja ostanejo v slovenski lasti. Mnenja glede tega so zelo deljena. Učimo se lahko na podlagi dosedanjih prevzemov, pa vendar ima vsak prevzem drugačne značilnosti, tako kot je vsako prevzeto podjetje drugačno. Foreign investments are a part of everyday business. Entrepreneurs are continuously looking for new markets to do business and investing their capital. They choose markets that are well developed and have high purchasing power. However, they can choose to appear in developing countries, where they are the first in this market. Reasons why entrepreneurs decide to do business in a particular market are different. Exposing only a few the reasons are workforce, the desire for a new plant or the takeover of a particular company. By becoming an international business, it is increasingly in the forefront, so as a consequence the boundaries seem to be erased, foreign investments in the future can be expected even more. In Slovenia we can see that foreign corporations take over domestic companies. Often they take over companies in which the business has fallen, but on the other hand they have good products or services and reputable trademarks. We can give some examples like the takeover of Laško from the side of Heiniken, the takeover of Radenska by Kofole, the takeover of Mercator by Konzum. Common with these companies was that they had troubles in business, so they needed foreign capital and knowledge. In the diploma project, we studied the state of investment in Slovenia and also the benefits and the weakness of Slovenia market. On this basis we found out what attracts the investors and what disturbs them. We have found that they are attracted primarily by a good workforce and discourage too complicated bureaucracy. We studied also what takeovers are and how privatization has influenced the fact that more and more transitions are currently taking place. As examples of foreign investments, we choose two major takeovers. The takeover of Laško by Heineken and the takeover of Lumar by Green Building Group. We considered the example of Laško as a successful takeover, because the business has improved after a takeover and they payed all debts. The second example with Lumar, we considered as a bad takeover because the business of the company deteriorated. Because of this, the Lukić family has bought the company back after two years from the takeover because they could not developed in the company Green Building Group. The takeovers of Slovenian companies will take place in the future. Slovenian companies have to consider what is best for them: being taken by foreign companies or to remain under Slovenian ownership. Opinions on this are divided. We can learn on the previous takeovers, but every takeover has different characteristics like every acquired company does.

V Odrancih so takoj po ustanovitvi občine sprejeli zelo ambiciozen razvojni program, ki ni ostal le črka na papirju, temveč so ga začeli tudi uresničevati. Največji vlagatelj, ki se je odločil za Odrance, je nemški proizvajalec avtodomov višjega cenovnega razreda Carthago, ki zdaj zaposluje že več kot 430 delavcev. V diplomskem delu se bomo osredotočili, kateri so dejavniki, ki privabijo tuje investitorje na konkretnem primeru podjetja Carthaga d.o.o, kako se je soočala občina Odranci in kakšne so faze poslovanja in sodelovanja z omenjenim podjetjem. Prav tako bomo spoznali, kateri so ključni motivi za dvig povpraševanja po podjetniških investicijah. Immediately after the fundation of municipality of Odranci, they passed a very ambitious development program, that did not stay only a letter on paper, they started to realise it. The largest depositor, that decided for Odranci, was the German producer of mobile homes of higher price class Carthago, that is already employing more than 430 workers. In this diploma, we will fonus on factors, that attract foreign investors on concrete case of company Carthago Ltd., how municipality Odranci was facing and what are phases of development of business and cooperation with mentioned company. We will also realise, which are key motives for rise of demand round enterprise investments.

Načrtovanje neposrednih investiciji iz Slovenije v Makedonijo s primerom kovinske embalaža. Diplomsko delo je narejeno tako da se lahko uporablja tudi kot osnova za investicijske načrte kovinske embalaže. This diploma work is planned in such a way that it enables the potential investor-metal packing industry within a very short period to prepare all the necessary documents and make a positive decision thus making a big step forward to conquering new markets, introducing new products and establishing their own brand at the international market

V delu diplomskega seminarja smo podrobno predstavili Slovaško vse od njene osamosvojitve pa do danes, razvoj njenega gospodarstva ter njeno rast. S tem mislimo predvsem na privatizacijo gospodarstva, vstop države v EU in gospodarske panoge. Govorili smo tudi o enotni davčni stopnji in o razlogih za davčno reformo. Omenili pa smo tudi druge reforme, ki jih na Slovaškem izvajajo že zadnjih nekaj let ter o reformah, ki jih bodo še izvedli. Govorili smo tudi o tujih investicijah na Slovaškem in zakaj investirati na Slovaško. Opredelili smo pojem diplomacije, gospodarske diplomacije in slovenske diplomacije na Slovaškem. Spoznali smo gospodarsko sodelovanje med Slovenijo in Slovaško in s pomočjo kazalnikov razvitosti posamezne države prišli do ugotovitve, katera država je bolj razvita in da je to v tem trenutku Slovenija. Pri tem smo si pomagali s primerjavo gibanja BDP na prebivalca, gibanja BDP na prebivalca po paritetni skupni moči, realno stopnjo rasti BDP, stopnjo inflacije ter primerjavo držav v zvezi z izvozom in uvozom. Nenazadnje pa smo državi primerjali v blagovni menjavi in prišli do zaključka, da trenutno Slovenija več izvozi na Slovaško kot uvozi iz nje, kar nam je samo potrdilo naše teze. In the dissertation we represented Slovakia since its independency to today, the development of its economy and its growth, particularly privatization, entering EU and industry. We also mentioned flat tax rate, its reasons for tax reform and other reforms that has already been implemented over the past few years and the reforms that are going to be implemented. We also wrote about foreign investment in Slovakia and its reasons. We defined the concept of diplomacy, economic diplomacy and Slovenian diplomacy in Slovakia. We learned about economic cooperation between Slovenia and Slovakia and with help of development indicators came to conclusion, which country is economically in a better position. We had to compare GDP per capita, GDP per capita total power parity, real GDP growth rate, inflation rate and compare countries in export and import. Finally, we compare both countries in trade and came to conclusion Slovenia export more to Slovakia and import from what we have already confirmed in our thesis.

Avtor v diplomskem delu obravnava tveganja, ki se z vidika investitorja pojavljajo ob investiranju v tuje države. V zvezi s tem predstavlja tveganja ekonomske narave in pravno-politična tveganja, osrednji del naloge pa je posvečen nacionalizaciji. Obravnavana ekonomska tveganja so med drugim globalne spremembe v panogi in poslabšanje gospodarskega stanja na teritoriju države gostiteljice, med pravno-političnimi tveganji pa politična nestabilnost držav gostiteljic in ogroženost investicij zaradi ideološke sovražnosti, nacionalizma ali diskriminacije na osnovi etnične pripadnosti. Avtor z vidika investitorja obravnava tudi problematiko upoštevanja pravil s področja varstva okolja. V osrednjem delu avtor obravnava problematiko, povezano s pojmi nacionalizacije, ekspropriacije in konfiskacije. Predstavljeno je vprašanje pravice do nacionalizacije s strani države gostiteljice in njegova povezava s področjem prava človekovih pravic. Predstavljeni so pogoji za zakonitost, učinki ter oblike nacionalizacije, avtor pa problematiko nacionalizacije obravnava tudi skozi obstoječo sodno prakso in aktualne primere. V tretjem delu se avtor posveča problematiki reševanja sporov s področja mednarodnih investicij. Predstavljena je tako sodna pot, kot tudi alternativne oblike reševanja sporov, pri čemer pa je, zaradi prednosti, ki jih predstavlja za tujega investitorja, poudarek na arbitražnem reševanju sporov v okviru sistema ICSID. In his thesis, author deals with risks related to investment in foreign countries from the perspective of a foreign investor. In connection with the above, author presents risks of economic nature and legal/political risks, while the main part of the thesis is dedicated to nationalisation. Discussed economic risks are among others global changes in the industry and deterioration of the state of economy in the host country. Discussed legal/political risks are political instability of host countries and endangerment of investitions due to ideological hostility, nationalism or discrimination on the basis of ethnicity. Author also discusses the issue of compliance with the rules regarding enviromental protection from the viewpoint of a foreign investor. In the main part of the thesis, author discusses issues related to the notions of nationalisation, expropriation and confiscation. Presented is the question of the right to nationalise and it's connection with the field of protection of human rights. Author presents the conditions for legality, effects and forms of nationalisation, the relevant issues are also discussed through existing court practice and topical cases. In the third part of the thesis, author gives his attention to the issues regarding dispute resolution in the field of foreign investment. He discusses the solving of disputes in courts as well as alternative dispute resolution methods. He places special emphasis on arbitral dispute resolution through the system of ICSID, due to the advantages it presents to the foreign investor.