GIFT IFSC signs memorandum of agreement with Singapore International Arbitration Centre
Under the MOA, GIFTCL, GIFT SEZ and SIAC will collaborate to promote the 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 (SIMC), to resolve international commercial disputes in India's International Financial Services Centre in Gujarat International Finance Tec-City (IFSC-GIFT).
Under the MOA, SIAC will establish a representative office in the IFSC-GIFT, which will be instrumental in promoting SIAC’s world-class international arbitration services to Indian users. Indian parties have consistently ranked amongst the top five foreign users of SIAC in the last five years, and was the top foreign user of SIAC in 2013 and 2015.
Ajay Pandey, Managing Director and Group CEO of GIFTCL stated, “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; SIAC, and the SIAC Rules, are already widely used by Indian companies, as well as international companies investing in India, to resolve their disputes. 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.”
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 to businesses and investors within the IFSC-GIFT.
SIAC’s case management services offer the international investors and businesses from different legal systems and cultures the benefits of certainty and flexibility. SIAC’s Rules are user-friendly, efficient and cost-effective.
By establishing our representative office in the IFSC-GIFT, we aim to contribute to GIFT City's economic development.”
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
