GIFT city inks MoA with SIAC to settle disputes

The Dollar Business Bureau

The Gujarat International Finance  Tec-City Company Ltd., also known as GIFT city, on Thursday signed an agreement with the Singaporean International Arbitration Centre (SIAC) to settle international commercial disputes which involve Indian companies. 

As part of the agreement, SIAC and the Singapore International Mediation Centre (SIMC) will cooperate with the Indian companies to sort out international commercial disputes in India's International Financial Services Centre (IFSC) in GIFT city. 

SIAC will also establish a representative office in the IFSC-GIFT city with an idea to promote SIAC's arbitration services to its Indian users. 

Indian parties remained the top foreign users of SIAC in 2013 and 2015. They have also been ranked among the top five foreign users of SIAC for the last five years. 

"We are delighted to have SIAC set up a representative office in the GIFT-IFSC. Any successful IFSC  requires an efficient dispute resolution mechanism, and in this regard, SIAC is the choice partner for IFSC-GIFT. Singapore is a reputable seat of arbitration,” said Ajay Pandey, Managing Director and Group CEO of GIFT city. 

“The SIAC Rules are already widely used by Indian companies, as well as international companies investing in India, to resolve their disputes," Pandey said. 

This collaboration will also encourage the Indian and international businesses in the IFSC-GIFT to choose SIAC as their preferred practice of dispute resolution. 

Lim Seok Hui, CEO of SIAC and SIMC  underscored that India has been an important market for SIAC and this agreement will further bolster SIAC’s relationship with Indian users.  

“Our partnership with GIFTCL and GIFT SEZ opens new doors for SIAC to promote its services to businesses and investors within the IFSC-GIFT,” Lim said. 

He said the SIAC aims to contribute to the economic development of GIFT City, and establishing a representative office in the IFSC-GIFT is based on the same vision.