Africa-Press – Mauritius. The significant role of an arbitration centre and the importance of clear Alternative Dispute Resolution processes for the Mauritius International Financial Centre were highlighted by the Minister of Financial Services and Good Governance, Mr Mahen Kumar Seeruttun, this morning, at the Labourdonnais Waterfront Hotel, in Port Louis.
The Minister was launching the Alternative Dispute Resolution Symposium 2024, jointly organised by the Mauritius Chamber of Commerce and Industry (MCCI) and the Indian Ocean Rim Association (IORA), in collaboration with the MCCI Arbitration and Mediation Centre (MARC).
The event is deemed to be a milestone in the ‘Creation of a network of Alternative Dispute Resolution Centres’ and a ‘Centre of Excellence for Dispute Resolution in the IORA Region’ Project.
The Secretary-General of the IORA, Ambassador Dr Salman Al Farisi; the President of the MCCI and Chairperson of the MARC, Mrs Namita Jagarnath Hardowar; Members of the Diplomatic Corps; representatives of the public and private sectors as well as the Judiciary; and other eminent personalities were also in attendance.
In his opening address, Minister Seeruttun stated his conviction that Alternative Dispute Resolution was an important feature of an International Financial Centre.
“The rise of the Alternative Dispute Resolution mechanism is not a matter of choice, but a necessity of modern commerce and governance,” he said.
According to the Minister, most of the International Financial Centres around the world were equipped with an Arbitration Centre and clear Alternative Dispute Resolution mechanisms in a bid to facilitate the seamless flow of trade and investment, thereby providing investors with certainty, stability and predictability.
Speaking about the IORA project of establishing a platform for dispute resolution enabling IORA countries to have their seat of arbitration, mediation and other dispute resolution mechanisms, Mr Seeruttun mentioned his expectations as Mauritius was being considered to host the platform.
“As we are encouraging stronger south-south relationship and embarking in multilateral agreements towards African countries, we are expecting more trade and transaction to take place in the region; thus the IORA platform dispute resolution should be a platform where best practices will be forged,” he averred.
As such, Minister Seeruttun seized the opportunities to underline Mauritius credentials as an International Financial Centre of repute which complies with international norms.
“Over the years, Mauritius has meticulously crafted a legal and infrastructural edifice, conducive to business and investment, and which has merited recognition from global indices such as Ease of doing business, and Economic freedom and governance,” he asserted.
Moreover, Government’s unwavering commitment to make the country the premier investment gateway to Africa was reiterated by Mr Seeruttun. “Our adherence to international compliance standards, both with regards to fiscal regime and anti-money laundering regime, are unflinching commitment, sustained by robust legal and regulatory framework,” he pointed out.
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