Intl Arbitration Centre to be developed as Intl Commercial Dispute Resolution Centre for Port City

A Memorandum of Understanding between the Ministry of Justice and the Colombo Port City Economic Commission was signed on Wednesday at the Ministry of Justice, with a view to developing the Sri Lanka International Arbitration Centre as an International Commercial Dispute Resolution Centre for the Colombo Port City.

Development of the Sri Lanka International Arbitration Centre as a regional Arbitration hub and securing foreign exchange through facilitation of arbitrations pertaining to the Colombo Port City Economic Commission are among the main objectives of this initiative.

Justice Secretary M.M.P.K. Mayadunne and the Director General of the Colombo Port City Economic Commission Saliya Wickramasuriya signed the MoU on behalf of the Ministry of Justice and the Colombo Port City Economic Commission respectively.