An increasing number of Indian companies are using Singapore as an arbitration destination, a top Singaporean Minister said.
"We have witnessed an increase in the number of Indian companies using Singapore as an arbitration destination. About 21 per cent of the 114 international cases Singapore International Arbitration Centre (SIAC) saw in 2009 involved at least one Indian party," Singapore's Law Minister, K Shanmugam, said on the sidelines of a CII-organised conference here today.
"The numbers have doubled from 2008 -- from 12 cases to 24 cases and we expect a further surge in numbers as bilateral trade relations between the two countries have more than doubled in the recent past," he said.
A lot of the island nation's laws are established on the basis of the Indian Penal Code and they are culturally compatible or neutral, he said.
The Singapore Government now plans to develop the country as an international arbitration centre and a hub of business activities, he said.
"Our aim is to establish ourselves as a key global arbitration centre and a hub of business activities. Due to the strict adherence of the rule of law and neutrality, we found 19th place in the Global Competitiveness Report of World Economic Forum ahead of the US, France and Japan," the minister said.
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