International Arbitration in Sri Lanka soon

The first ever International Arbitration Centre in Sri Lanka will be opened on May 7. The centre will be housed in the World Trade Centre in Colombo, a spokesman for the Ministry of Justice said.

Earlier, the Ministry said that the opening was to be held on April 30 which was postponed due to a minor construction delay of the centre, according to the spokesman. Funded by the Government the construction work was coordinated through the Ministry of Justice.

Developing Sri Lanka as a regional hub in relation to allied services was highlighted in the 2010 Budget. The Ministry of Justice announced the beginning of construction work in 2011. The centre will help international companies to settle any commercial-related disputes. International arbitration is a much preferred method to solve disputes among companies under international commercial contracts as the settlement through courts is a time-consuming procedure. This is widely conducted in the world through arbitration centres.

The American Arbitration Association, International Centre for Dispute Resolution, the London Court of International Arbitration and the Hong Kong International Arbitration Centre are the most popular arbitration institutions.