4 days ago
- Business
- South China Morning Post
‘Credible' new global mediation body will draw investors to Hong Kong: Paul Chan
The new International Organisation for Mediation launched in Hong Kong will be an efficient, fair and credible mechanism for dispute resolution and attract investors from the Global South as the economy shifts towards these developing countries, the city's finance minister has said.
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Secretary for Finance Paul Chan Mo-po said on Sunday the inauguration of the China-led body on Friday established Hong Kong's role as the global legal and mediation centre for the Asia-Pacific region.
'An efficient, fair, just, and credible dispute resolution mechanism is one of the important pillars for promoting more international investment and trade, and helps to enhance investor confidence,' Chan wrote in his weekly blog.
'As China's only common law jurisdiction, Hong Kong has excellent rule of law, comprehensive legal and dispute resolution services, coupled with a trilingual environment and tolerance for different cultures, making it the most ideal location for the International Organisation of Mediation.'
Chan also said that the establishment of the legal body would enhance the competitiveness of Hong Kong's international financial, trade and shipping industries, and promote good ties with the Global South, referring to countries in Africa, Latin America and Southeast Asia.
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Chan noted that the global economy was 'shifting eastward', and developing countries in Asia, including China, which made up one-quarter of the world's gross domestic product, wanted more say on global governance.
'In recent years, more Asian and African countries have also stated their desire to adopt mediation as an alternative to arbitration for resolving disputes,' said Chan, noting that mediation was more 'flexible, economical and efficient' than arbitration.
