KUALA LUMPUR, Malaysia — Malaysia is committed to supporting the development of Alternative Dispute Resolution (ADR) as well as strengthening bilateral relations with the African nations.
Minister in the Prime Minister’s Department Liew Vui Keong said both Asia and Africa experienced a lot of investment and along with it investment-related disputes.
With more investments set to take place in the region, in particular those pertaining to the Belt and Road Initiative, investment and trade between Asia and Africa will soar in the coming years.
This calls for mechanisms in alternative dispute resolution and for a harmonisation of them, he said at a special address during the Asian-African Legal Consultative Organisation (AALCO) Annual Arbitration Forum recently.
Liew also noted that the Asian International Arbitration Centre Malaysia (AIAC) has made significant contributions in the field of ADR across Asia.
The AIAC also recently amended its Rules and played an instrumental role in the amendments of the Arbitration Act 2005 earlier this year.
The Malaysian Arbitration Act now reflects the most recent international standards and strengthens Malaysia’s position as the international arbitration hub.
This was a necessary and timely improvement to encourage more foreign investments in Malaysia, added Liew.
Themed ‘Connecting Asia and Africa, Connecting Investment and Alternative Dispute Resolution (ADR): Opportunities and Challenges’, the two-day conference touched on AALCO arbitration centres’ roles in facilitating investment and promoting the use of ADR across Asia and Africa, the opportunities and challenges ahead, as well as producing a practical guide for investors venturing into business in different regions across Asia and Africa.
Also present were AIAC director Prof Datuk Sundra Rajoo, AALCO secretary-general Dr. Prof. Kennedy Gastorn, Chief Justice of India Dipak Misra, Minister of Constitution and Legal Affairs of Tanzania Prof Palamagamba John Aidan Mwaluko Kabudi, and Court of Appeal Judge Nallini Pathmanathan.
Source: NAM NEWS NETWORK