Law Event
Workshop : Investing across borders
Bangladesh International Arbitration Centre (BIAC) has come forward by the view that business requires arbitration to settle disputes that emerge in the implementation of contracts. On the 14th of May, 2011 this institution has organised a workshop on 'Investigation Across Borders' which was held in MCCI Conference Hall, Motijheel. The presenter was Ms. Antonia Presciosa Menezes, who is a Private Sector Development Specialist in the World Bank in Washington, DC and co-leading the Arbitrating Commercial Disputes indicators of the Investing Across Borders project.
The presentation was focused on the arbitrating commercial disputes indicators, which measure the quality of countries' arbitration and mediation frameworks. A comparative analysis was also provided regarding countries alternative dispute resolution (ADR) frameworks within the South Asia region. The presenter has also given an overview and the role of ADR in loan recovery, especially for the stakeholders of small and medium enterprises.
The Chairman of BIAC Mr. Mahbubur Rahman stated that “time has come to a more formularize arbitration of business disputes, this is where the BIAC will fit in. It will provide roads for arbitrations under the Arbitration Act 2001 and will also provide secure facilities for those wishing to undertake arbitration under other rules.” He also pointed out the role of BIAC by saying that, , “for ensuring business and investment friendly environment, mechanism for settlement of business dispute outside the Court, is an important element in the decision making process of the entrepreneurs. As such, ICC Bangladesh, DCCI and MCCI took the initiative to set up the 'not for profit' organisation called Bangladesh International Arbitration Centre (BIAC) with the license granted by the Government of Bangladesh. For resolving contractual dispute both foreign and local investors as well as the Government as a party; shall take full advantage of BIAC and I am confident, it will add a new dimension in improvement of invest climate of Bangladesh.”
Dr. Toufiq Ali, BIAC Chief Executive who moderated the Workshop in his concluding remarks added that World Bank project 'Investing Across Borders 2010' spanning over 87 countries is a good document depicting picture of investment climate with particular reference to the business dispute resolution mechanism in place. In Bangladesh all justifiable matters of civil nature can be referred to Arbitration and award given by the arbitrators is enforceable as a decree of a Court of Law. To create public awareness for institutional arbitration, we have planned a massive program over the next three years; which is going to change the shape of business dispute settlement in Bangladesh.
The participants in the workshop included the Chairman of BIAC & President of the ICC-Bangladesh Mahbubur Rahman, President of the DCCI Asif Ibrahim, President of the MCCI Major General Amjad Khan Chowdhury (Rtd.), Dr. Masrur Reaz of IFC, Barristers and Lawyers, representatives of the Law Commission, Ministry of Law, Former Presidents of DCCI, MD of SME Foundation and other stakeholders. The Moderator was Dr. Toufiq Ali, Chief Executive, BIAC. The workshop ended by an effective question answer session between the participants and the presenters.
Compiled by Law desk.
