SME Times is powered by   
Search News
Just in:   • Equity indices break two-day losing streak on value buying  • IMF urges Sri Lanka to tighten monetary policy  • Global semiconductor sales to reach $676 bn this year: Gartner  • Tinna Rubber hits upper circuit, investors accumulate 900% returns in year  • Availability of jobs in Japan improves for 1st time in 3 yrs 
Last updated: 06 Jun, 2016  

GIFT IFSC Signs MoU with Singapore's SIAC

NewsVoir | 02 Jun, 2016
Gujarat International Finance Tec-City Company Limited (GIFTCL) and GIFT SEZ Limited (GIFT SEZ) is pleased to announce that it has entered into a Memorandum of Agreement (MOA) with The Singapore International Arbitration Centre (SIAC). 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.

 

Mr. 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.”

 

Ms 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.”

 

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 27 Apr, 2022
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter