Culture influences, and is influenced by, development. The protection of cultural heritage may foster development, understood both as economic development induced by a sustainable use of a state’s cultural patrimony, and human and cultural development sustained by a society’s sense of identity and continuity with the past. As foreign direct investment (FDI) fosters economic development, there can be positive synergies between the promotion of FDI and the protection of cultural heritage. However, this is not always the case. This study aims to explore the complex interplay between cultural policies and international investment law with a special focus on the EU external relations. As there is an increasing tension between the two different sets of normative values, which is shown by the boom of relevant international disputes, this study aims at 1) mapping in a systematic and complete fashion the relevant investor-state arbitrations in order to give policy makers, arbitrators, stakeholders and the public at large a complete survey of the relevant case law; 2) proposing legal methods to reconcile these different values both de lege lata and de lege ferenda; and 3) scrutinizing and critically assessing the EU external policies concerning investment law and culture. The key objective of the study is to find ways to reconcile economic development with cultural heritage protection. The underlying thesis of this work is that reconciliation is possible, and that development should be conceived as a broad concept inclusive not only of mere economic growth, but also of human flourishing and well-being to which cultural elements are crucial. The Fellowship would allow the applicant to conduct this research, thus having a strong impact on her scientific profile and her professional prospects. As cultural entitlements are deeply linked to human dignity and human rights, the project will have a high cultural and societal relevance.