The Singapore International Arbitration Centre (SIAC) is pleased to announce that it has entered into a Memorandum of Understanding (MOU) with the Suzhou Industrial Park Administrative Committee (SIP) today to promote international arbitration as a preferred method of dispute resolution for resolving international disputes.
Under the MOU, SIAC and SIP will work together to jointly promote international arbitration to companies, businesses and investors in Suzhou for the resolution of their cross-border disputes. Further, the parties will set up the SIAC Suzhou (Arbitration) Working Group to exchange information and ideas on the development of international arbitration, and to discuss existing and potential avenues for collaboration to promote international arbitration. Upon SIP’s request, SIAC will share information on trends and experiences relating to international arbitration with SIP from time to time.
SIP will procure the entry of SIAC into the official list of recommended institutions of the Yangtze River Delta Overseas Investment Promotion Centre, and introduce SIAC to companies, businesses and investors in SIP for their outbound investments, and provide support for, and assist to invite key members of the local business community to attend and participate in, any major event organised by SIAC in Suzhou.
A launch ceremony was held in Suzhou Industrial Park on the same day to commemorate the establishment of the SIAC Suzhou (Arbitration) Working Group. Mr Xu Kunlin, Secretary of CCP Committee of Suzhou, and Mr Chua Teng Hoe, Consul-General of Consulate-General of the Republic of Singapore in Shanghai attended this ceremony.
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