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SINGAPORE: Singapore's Deputy Prime Minister S Jayakumar says Singapore can be a neutral venue for arbitration for Indian businesses.
Speaking at the Global Indian Diaspora Conference in Singapore, Professor Jayakumar noted that arbitration is one area that can enhance business cooperation between both sides.
The growth in global business partnerships will inevitably lead to more commercial disputes.
Already, there is a steady flow of Indian businessmen settling disputes in Singapore.
Between 2000 and 2007, the Singapore International Arbitration Centre handled almost 50 cases involving Indian parties.
Some of these have come from the 3,000 or so Indian companies now operating in Singapore.
Prof Jayakumar said it is quite natural that Indian nationals and businesses should be drawn to Singapore as an arbitration venue.
That's because of the shared heritage and similar legal infrastructure between both countries.
Singapore also has the advantage of being a less expensive venue in which to conduct international arbitration. The Permanent Court of Arbitration is now in Singapore.
Moving forward, Singapore will have a dedicated hearing facility for arbitration.
This will be in the form of the Maxwell Chambers, constructed from the former Customs House in Maxwell Road.
The new venue, to be ready by the middle of next year, will provide state-of-the-art facilities, including verbatim recording and translation services.
It will also house several international arbitration institutes including the Singapore International Arbitration Centre (SIAC) and the Permanent Court of Arbitration.
Currently, the SIAC is housed at City Hall and arbitration cases are conducted at ad-hoc venues.
- CNA/ir
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