Venezuela doesn't want investment treaties anymore if they give investors the right to drag the country before a commercial court. "The system has been set up to break down the nation-state."
If you want to make your developing country more attractive for foreign investors, try signing bilateral investment treaties (BITs) with rich countries. With these treaties countries promise to look after each others' investors.
The tide is turning against investment treaties and free trade agreements that contain the controversial investor-state dispute system, which allows foreign investors to take up cases against host governments and claim compensation of up to billions of dollars.