Press briefing of Cabinet Decision taken on 2020-03-04

Continuation of the Sri Lanka International Arbitration Centre

- The Cabinet had granted approval to establish a Sri Lanka International Arbitration Centre as a regional hub in the year 2012, for resolving disputes arising out of International Commercial Agreements and other International affairs. Further, the Cabinet had approved to establish the Sri Lanka International Arbitration Centre as a limited guarantee company in the year 2015 and accordingly, the Sri Lanka International Arbitration Centre (Guarantee) Limited Company has been incorporated on 2016 12 20.
While certain countries are engaged in generating a colossal sum of income by way of involving in the international arbitration, the establishment of an International Arbitration Centre in Sri Lanka as well and resorting to action to get the international arbitration pertaining to commercial matters in the region attracted to the International Arbitration Centre in Sri Lanka will make it economically beneficial to Sri Lanka. Accordingly, the proposal made by the Minister of Justice, Human Rights & Law Reforms, to continue the International Arbitration Centre independently, was noted by the Cabinet.
At the same time, the Cabinet further decided that when including the provisions related to arbitration in the agreements entered into in future by the Government Institutions, to include the said provisions as well to the effect that arbitration activities should be carried out by the International Arbitration Centre in Sri Lanka.