Singapore, May 8: Singapore aims to be an arbitration hub for Indian businesses dealing with global parnters, according to a Straits Times report today.
Touching on the economic and political cooperation between India and Singapore, Singapore Deputy Prime Minister Professor S. Jayakumar pointed out that the City State's financial service and legal infrastructure can act as a bridge between businesses in the East and West. He noted the common law heritage shared by India and Singapore, with the island state's courts and arbitration centres offering a reliable option for Indian businesses and their global partners in any dispute.
"Singapore's established financial markets can serve as a bridge between India's huge domestic investment needs and the global pool of funds seeking out investment prospects," said Prof Jayakumar at a Singapore seminar on better understanding of cross-border transactions and the options for dispute resolution yesterday.
The Singapore International Arbitration Centre has handled 46 cases involving Indian parties between 2000 and last year.
These cases have addressed potential deadlocks where Indian businesses encountered difficulties with non-Indian partners requiring dispute resolution outside of India, he pointed out.
Several key Indian corporations have also signed a statement in May last year endorsing the use of Singapore law and use the island state as dispute resolution location when alternatives to India are required.