Gujarat International Finance Tec-City Company that houses the country's first international financial services centre (IFSC), has entered into an agreement with the Singapore International Arbitration Centre (SIAC) to resolve international commercial disputes.
Under the agreement, IFSC and SIAC will collaborate to promote use of arbitration, mediation, and other dispute resolution mechanisms, including the innovative Arb-Med-Arb service offered by the SIAC and the Singapore International Mediation Centre, to resolve international commercial disputes at the IFSC, Gift City said in a statement today.
Under the agreement, SIAC will set up a representative office in the IFSC, which will be instrumental in promoting SIAC's world-class international arbitration services to domestic companies.
Indian parties have already been amongst the top five foreign clients of SIAC during the last five years in a row, and were the top foreign user of SIAC in 2013 and 2015.
"Through this collaboration, the Indian and international businesses in the IFSC will be able to choose SIAC as their preferred mode of dispute resolution," Gift City chief executive Ajay Pandey said.
SIAC chief executive Lim Seok Hui said : "India has always been an important market for SIAC and this agreement reflects our continuous commitment to maintain and strengthen our relationship with our Indian users. By establishing our representative office at the IFSC, we aim to contribute to Gift City's economic development.
