Lieutenant Governor Manoj Sinha of Jammu and Kashmir has inaugurated the Jammu and Kashmir International Arbitration Centre (JKIAC) on Wednesday. Governor has said the JKIAC establishment in the time of liberal economy and globalisation is a significant move. With this centre, Jammu and Kashmir have secured its place in the commercial arbitration map of the world.
This will help the UT to promote domestic and international investments, industry, business and trade, said the LG 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," said the Lt governor.
This 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, says Governor. The arbitration is preferred by the Indian companies for resolution of disputes half of the time. Good arbitration helps in improving ranking under the ease of doing business index. The arbitration suits for foreign investors and traders with no knowledge about domestic laws and those who would like their disputes to be confidential and resolved faster.