 "GIFT city signs MoA with Singapore arbitration centre")
The Gujarat International Finance Tec-City Company Limited, known as GIFT city, today entered into an agreement with the Singaporean International Arbitration Centre (SIAC) to resolve international commercial disputes involving Indian companies.
Under the memorandum of agreement (MoA), SIAC and the Singapore International Mediation Centre (SIMC) will collaborate with the Indian companies to resolve international commercial disputes in India's International Financial Services Centre (IFSC) in GIFT city.
SIAC will establish a representative office in the IFSC-GIFT, which will be instrumental in promoting SIAC's arbitration services to Indian users.
Indian parties have been consistently ranked among the top five foreign users of SIAC in the last five years, and was the top foreign user of SIAC in 2013 and 2015.
"We are delighted to have SIAC set up a representative office in the GIFT-IFSC. Any successful IFSC requires an efficient dispute resolution mechanism, and in this regard, SIAC is the choice partner for IFSC-GIFT. Singapore is a reputable seat of arbitration. The SIAC Rules are already widely used by Indian companies, as well as international companies investing in India, to resolve their disputes," said Ajay Pandey, Managing Director and Group CEO of GIFT city.
"Through this collaboration, the Indian and international businesses in the IFSC-GIFT will be able to choose SIAC as their preferred mode of dispute resolution," he said.
Lim Seok Hui, CEO of SIAC and SIMC commented that India has always been an important market for SIAC and this MoA reflects our continuous commitment to maintain and strengthen our relationship with our Indian users. Our partnership with GIFTCL and GIFT SEZ opens new doors for SIAC to promote its services tobusinesses and investors within the IFSC-GIFT.
"By establishing our representative office in the IFSC-GIFT, we aim to contribute to GIFT City'seconomic development," Lim said.