CELIS Non-Papers

Written by Dominika Pietkun, PhD Candidate at the Institute of Legal Sciences of the Polish Academy of Sciences and a Programme Sherpa for CFIS 25. This Paper focuses on India, Japan, and Singapore – three pivotal Indo-Pacific economies recalibrating investment controls amid intensified geo-economic pressures while deepening links with European standards through trade, technology, and…

Written by Eugenio Sánchez, PhD Researcher at the Center for International Studies, Sciences Po Paris, and a Programme Sherpa for CFIS 25. Investment Screening Mechanisms (ISMs) have proliferated rapidly in advanced economies over the past two decades, but Latin America now faces similar challenges as rising FDI in strategic sectors raises national security concerns. Most…

Written by Dominika Pietkun, PhD Candidate at the Institute of Legal Sciences of the Polish Academy of Sciences and a Programme Sherpa for CFIS 25. This Paper focuses on Armenia, Moldova, and North Macedonia, three states in the European Union’s neighbourhood that are navigating intensified geo-economic pressures while deepening integration with European rules and markets.…

Written by Floor Doppen, researcher at the University of Antwerp and Senior Programme Associate at the CELIS institute.  

Written by Neil Noronha, Law student at University of Virginia and CFIS 25 Programme Sherpa. This background paper briefly examines whole-of-society cross-border collaboration on investment screening as a solution to the problem of conducting timely and effective screening of complex, cross-border investments with opaque ownership structures in a geopolitically contested environment. First, it explains the…

Written by Tobias Pfeiffer, CFIS 25 Programme Sherpa. This paper examines the critical intersection of investment screening and the European energy transition. The shift to a renewables-based system has fundamentally expanded the concept of energy security, moving beyond traditional physical assets to encompass new vulnerabilities in supply chains and digital infrastructure. Policymakers face the dual…

Written by Simon Sharghi-Erdmosa, Programme Associate at the CELIS Institute and CFIS 25 Programme Sherpa. This paper examines two dimensions of state-backed investment through Strategic Investment Funds (SIFs): their role as capacity-building instruments that strengthen national security, and the governance and national security concerns they generate when operating across borders. Against the backdrop of rising…

Written by Anna Vlasiuk Nibe, CFIS 25 Programme Sherpa. In an era marked by geopolitical instability, rapid technological advancement, and strategic uncertainty, Europe faces the complex task of strengthening its defence industrial base, fostering innovation, and ensuring competitiveness while managing cross-border cooperation and protecting national security and public order. This evolving landscape presents significant opportunities…

Written by Francesco Giovanni Lizzi, CFIS 25 Programme Sherpa. The European Union is at a strategic crossroads as it seeks to enhance its strategic autonomy in key high-tech sectors amidst increasing geopolitical tensions and technological competition. The European regulatory tools, particularly the Foreign Direct Investment Screening Regulation and the Foreign Subsidies Regulation, aim to strike…

Written by Simon Sharghi-Erdmosa, Programme Associate at the CELIS Institute and Master Candidate in International Security at Sciences Po Paris. Until Donald Trump’s return to the White House in January 2025, the European Union’s (EU) economic security considerations had focused primarily on China and Russia. However, the Trump administration’s rapid diplomatic, military, and economic recalibration…

Written by Dominika Pietkun, Programme Associate at the CELIS Institute and PhD Candidate at the Institute of Legal Sciences of the Polish Academy of Sciences. The final panel at CFIS Investment Screening and Economic Security 2024 (CFIS 24) was dedicated to the European Union’s Foreign Subsidies Regulation (the “FSR”)1 which entered into force on January…

Written by Simon Sharghi-Erdmosa, Programme Associate at the CELIS Institute and MA Student at Sciences Po Paris.   During CFIS Investment Screening and Economic Security 2024 (CFIS 24), the panel discussion titled “Sovereign Wealth and Pension Funds & Investment Screening” gathered experts to explore the evolving roles of sovereign wealth funds (SWFs) and pension funds…

Written by Neil Noronha, Law Student at the University of Virginia. This non-paper reflects on the CFIS 24 panel discussion on investment screening in the defence sector. It examines how governments and industry define critical sectors, the importance of cooperation in shaping effective screening regimes, and the challenge of balancing security with openness. The panel…

Written by Simon Shargi-Erdmosa, Programme Associate at the CELIS Institute and MA Student at Sciences Po Paris. As geopolitical tensions intensify and technological advancements accelerate, export controls and investment screening policies are undergoing significant transformation. During the CFIS 24 Paris Conference, a panel discussion titled “Preserving the Battlefield Gap: Between Export Control and Outbound Investment Screening” brought…

Written by Liam McGrath, Programme Associate at the CELIS Institute and LL.M. Candidate at Leiden University. The increasing involvement of certain foreign interests in EU candidate countries poses a significant threat to their economic security. Russia has employed a destabilising strategy of leveraging economic assets—particularly in the energy sector—as tools of political influence. Meanwhile, China’s…

Written by Dominika Pietkun, Programme Associate at the CELIS Institute and PhD Candidate at the Institute of Legal Sciences of the Polish Academy of Sciences. CFIS Investment Screening and Economic Security 2024 (CFIS 24) brought together a diverse panel of experts to discuss the regulatory and investment challenges from the perspective of economic security. The…