(a) shares, stocks, debentures and other equity instruments of the enterprise or another enterprise; ·(b) a debt security of another enterprise; (c) loans to an enterprise; (d) movable or immovable property and other property rights such as mortgages, liens or pledges; (e) claims to money or to any performance under contract having a financial value; (f) copyrights, know-how, goodwill and industrial property rights such as patents, trademarks, industrial designs and trade names, to the extent they are recognized under the law of the Host State; and (g) rights conferred by law or under contract, including licences to cultivate, extract or exploit natural resources. Investment shall not include: (a) debt securities issued by a government or loans to a government; (b) portfolio investments; (c) claims to money that arise solely from commercial contracts for the sale of goods or. services by a national or enterprise in the territory of a State Party to an enterprise in the territory of another Stae Party, or the extension of credit in connection with a commercial transaction, or any other claims to money that do not involve the kind of interests set out in subparagraphs (a) through (g) above. "Investment Promotion Agencies (IPAs)" means the investment promotion agencies of State Parties that: (a). actively promote and facilitate investments; (b) proactively identify investments; (c) encourage expansion of existing investments; (d) develop a favourable investment environment of their countries; make recommendations for improvements of their countries as investment destinations; (e) 7 business opportunities for