The Tribunal noted that the ICSID Convention left the contracting parties with a large measure of freedom to define the term “investment” and that the definition of that term in the Switzerland–Pakistan BIT is broad, including “every kind of asset” and, in particular, “claims to money or to any performance having economic value” and “concessions under public law… as well as all other rights given by law, by contract or by decision of the authority in accordance with law”.