BIAC to boost up investment flow
Experts told discussion
Bangladesh arbitration law and judicial procedures will generate confidence to increase investment in the country, particularly foreign investment. This was the unanimous view expressed at a dialogue organised by the Bangladesh International Arbitration Centre (BIAC) at Ruposhi Bangla Hotel in Dhaka on Tuesday.
To address the theme ‘Arbitration as an out-of-court dispute settlement tool: Global Experience and Implications for Bangladesh’, Nina Machova from the World Bank Group and Professor Arif Ali, head of the International Arbitration Practice of the Washington-based law firm Crowel and Moring, gave two presentations.
Machova describe the importance of arbitration from the investment perspective, elaborated global arbitration practices and also compared them with those of Bangladesh. She emphasised that institutional arbitration was vital for generating confidence and hoped that BIAC would be developed to meet that pressing need in Bangladesh.
Prof. Arif Ali, with video presentation, described how the arbitration process actually works. Citing specific problems that he has encountered during his professional works, he made recommendation for the Bangladesh.
Participants from the legal and business community also made their comments on the subject. Former Justice Awlad Ali emphasised that arbitration must be simplified and speedy to make the centre effective.
Former Adviser to a caretaker government and also a former attorney general Hassan Ariff stated that arbitration tribunals not made an extension to the courts, which he said would contribute to a loss of time.
He referred to about 17 articles in the Arbitration Act 2001 where the judiciary comes in, whereas the intention of arbitration is to minimise intervention of the judiciary. He suggested that the law for arbitration be amended to meet the needs of the investors. An International Finance Corporation representative explained that the IFC is supporting BIAC as such institutions are essential for generating confidence among investors.
The Chairman of the Board of BIAC, Mahbubur Rahman, stated that there are roughly 2.5 million cases pending before the lower judiciary and about 350,000 cases before the Supreme Court. Many business-related cases can be disposed of through arbitration, relieving the pressure on the judicial system and helping business.
The Dialogue was moderated by BIAC Chief Executive Dr Toufiq Ali, who explained that BIAC had been established by the MCCI, DCCI and the ICC-B, with support from the IFC, to assist in the quick, cost-effective and reliable solution to business disputes. Such centers exist in most countries, and are essential to investors and businesses.