Lieutenant Governor, Manoj Sinha inaugurated the Jammu and Kashmir International Arbitration Centre (JKIAC) and launched its website.
The Lt Governor, during his address, observed that the establishment of International Arbitration Centre in Jammu and Kashmir in the time of Liberal Economy and Globalization is a significant move. With this institution of arbitration, Jammu and Kashmir has secured its place in the commercial arbitration map of the world. The step will help J&K to promote domestic and international investments, industry, business and trade.
The Lt Governor observed that the expert panel in the Jammu and Kashmir International Arbitration Centre consists of retired judges, senior officers, architects, engineers, professors and veterans of various walks of life and all would ensure effective resolution of disputes in a set time frame.
The quality and performance of arbitrators would also be monitored and they would be provided timely training also if needed. This would help establish norms and fix accountability. And ,it is as effective in terms of relief as arbitration awards are binding on the parties.
India has already introduced appropriate changes in the legal framework. We need to take advantage of it. Our Arbitration and Conciliation Act is in line with the framework prepared by the United Nations Commission on International Trade Law. The common legal framework in line with the international requirements opens up India for foreign investments and business.
I hope that with the establishment of Jammu and Kashmir International Arbitration Centre, India would stand equal with other leaders in the field, said the Lt Governor.
Highlighting the efforts of the UT Government in revival and growth of the business sector, the Lt Governor observed that the government is working tirelessly to bring big industries in Jammu and Kashmir in order to revive the economy of the region.
The Lt Governor said that the setting up of the Centre will only boost our effort as this will do away with Investors apprehensions while considering investment. It would also help reinforce the investors’ trust in the region.
