Singapore International Arbitration Centre (SIAC) opens second office in India in GIFT cityAugust 10, 2017
Gandhinagar: The Singapore International Arbitration Centre (SIAC) has opened its second representative office in India at Gujarat International Finance Tec-City (GIFT) International Financial Services Centre Zone (IFSC) near here.
CEO of GIFT city, Ajay Pandey today informed this.
The office opened yesterday was second one of the SIAC in India (the first one was set up in Mumbai in 2013). This is pursuant to the Memorandum of Agreement entered into between SIAC and GIFT last year. Indian parties have consistently ranked amongst the top three foreign users of SIAC in the last five years, and were the top foreign user of SIAC in 2013, 2015 and 2016.
A credible, neutral and independent dispute resolution mechanism is one of the most important pillars of the IFSC. SIAC and GIFT will collaborate to promote to all companies and investors in GIFT, the use of arbitration and related dispute resolution services such as the Arb-Med-Arb service jointly provided by SIAC and the Singapore International Mediation Centre.
Mr Pandey said, ” We believe SIAC will provide a neutral and independent dispute resolution platform to parties, thereby enabling them to undertake large international financial transactions from GIFT IFSC. GIFT companies will also start adopting SIAC’s model clause as their preferred dispute resolution clause for international contracts exceeding a certain value. With increasing participation by international and domestic parties in GIFT IFSC, an international dispute resolution mechanism will be useful in making GIFT IFSC a global financial hub along the lines of London, Dubai, Hong Kong, Singapore and New York.”
Ms Lim Seok Hui, CEO of SIAC, commented that “SIAC greatly values its Indian users who have contributed significantly to the success of SIAC as one of the world’s premier arbitral institutions. Opening a second SIAC office in India in GIFT IFSC will allow SIAC to participate in GIFT’s economic development through the provision of a world-class dispute resolution mechanism to businesses and investors within GIFT IFSC, and will deepen SIAC’s existing ties with the legal and business communities in India.”
Notably, GIFT, a Government of Gujarat Project in partnership with IL&FS is developing India’s First Global Financial Hub. GIFT is India’s first multi-service SEZ with International Financial Service Centre (IFSC) status which is catering to India’s large financial services market by offering global firms, world-class infrastructure and facilities. It is attracting the top talent in the country by providing the finest quality of life. It is estimated that GIFT would provide 5,00,000 direct and an equal number of indirect jobs which would require 62 million square feet of office and residential space. Like other leading global financial centres, GIFT will target a 6-8% share of the financial services potential in India.
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