The Colombo Port City Economic Commission (CPCEC) yesterday announced it has entered into an agreement with the International ADR Centre (IADRC), fulfilling the statutory requirement of establishing an independent International Commercial Dispute Resolution Centre (ICDRC) within the Area of Authority.
The move is in line with the Colombo Port City Economic Commission Act and is a significant milestone in its mission to establish the Colombo Port City special economic zone, as a globally competitive business environment.
Section 62 of the CPCEC Act requires the Commission to facilitate the establishment of an ICDRC for the purpose of resolving disputes between the Commission and Authorised Persons and Residents of the Port City.
The IADRC is currently engaged in providing ADR services including training of arbitrators and mediators, has its institutional rules for the conduct of ADR processes, and is a joint venture between the Ceylon Chamber of Commerce (CCC) and the Institute for the Development of Commercial Law and Practice (ICLP).
The IADRC will maintain its Colombo Port City office at its Secretariat on the 22nd Floor of the West Tower of the World Trade Centre Building, Echelon Square, Colombo 01 until relocated to the Colombo Port City as infrastructure permits.
The Commission, as the Single Window Investment facilitator is confident that these key measures will strengthen investor confidence and position Sri Lanka as a significant contributor to the service export industry within the region.
CPCEC said this partnership was achieved with the support of the Ministry of Justice, Prison Affairs and Constitutional Reforms, Ministry of Finance, Economic Stabilisation and National Policies, and the Ministry of Investment Promotion.