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Lieutenant Governor Manoj Sinha on Wednesday inaugurated the Jammu and Kashmir International Arbitration Centre (JKIAC), saying its establishment in the time of liberal economy and globalisation is a significant move.
With this institution of arbitration, Jammu and Kashmir have secured its place in the commercial arbitration map of the world. The step will help the union territory to promote domestic and international investments, industry, business and trade, the LG said in his address.
"Globalisation has reduced the relevance of borders in trade and investments but we need to follow international practices to maximise benefits. Arbitration, as a mode of Alternate Dispute Resolution, gives flexibility, choice and confidence to investors," the Lt governor said.
Sinha said the establishment of the Jammu and Kashmir International Arbitration Centre in the time of liberal economy and globalisation is a significant move.
The setting up of the Centre is in line with requirements of modern-day borderless trade, business and investments which cannot flourish with legal issues of jurisdictions cropping up in the event of any dispute, he said.
This mechanism will do away with cultural and language barriers, confusion over legal language employed in different courts and delays which causes great financial and other hardships to investors, Sinha added.
The Lt governor said the Indian companies prefer arbitration for resolution of disputes half of the time. Good arbitration helps in improving ranking under the ease of doing business index.
"I believe that a robust arbitration institution would help strengthen India's position as a global leader in the business world," he said.
Underlining the importance of arbitration, the Lt Governor said that it suits foreign investors and traders who do not have knowledge about domestic laws and would like their disputes to be confidential and resolved faster.
"I have seen encouraging results emanate from the Mumbai Centre for International Arbitration and the Delhi International Arbitration Centre, " he said.