Stress on reforms of Arbitration Act to boost FDI

Business Desk :
Stakeholders at a seminar called for bringing reforms of the Arbitration Act aiming to boost Foreign Direct Investment (FDI).
A stable business environment featured by an efficient dispute resolution system is one of the prerequisites for attracting FDI, said Barrister Md Sameer Sattar, President of Dhaka Chamber of Commerce and Industry (DCCI) at the function.
The DCCI organised the seminar on “Revisiting Arbitration Act for Promoting FDI in Bangladesh” at its DCCI auditorium in the capital on Sunday.
Minister for Law, Justice and Parliamentary Affairs Anisul Huq was present there as the chief guest while Robert Chatterton Dickson, British High Commissioner in Bangladesh attended the programme as special guest.
The DCCI president also said in order to further promote the ongoing growth and success of our business climate; it is essential that we establish a legal framework that enables swift and efficient contract enforcements, particularly in the context of cross-border commercial disputes.
“It is essential to reform the Arbitration Act as the first step towards addressing such challenges existing in our legal atmosphere,” Barrister Sameer added.
Law Minister Anisul Huq said that through alternative dispute resolution mechanisms our country can get faster access to justice.
Government is committed to making the best possible business-friendly rules and regulations, he said, adding that Arbitration Act 2001 may be revisited.
British High Commissioner Robert Chatterton Dickson said Bangladesh has made tremendous progress, especially in the last two decades.
Moreover, Bangladesh will be graduated from the LDC group in the next three years and reforms of the arbitration act will help improve ease of doing business and that will attract FDI more, he said.
After LDC graduation Bangladesh will have to compete with other countries, the British envoy stated.
Once Bangladesh will work closely with international investors, regulatory and policy reforms with systematic improvement need to continue on this business climate improvement trajectory, he added.
Barrister Ashraful Hadi, advocate, Supreme Court of Bangladesh, presented the keynote paper.
He recommended that the arbitral tribunal should have the same power as the court.
Hadi also said that the definition of “Court” under the Arbitration Act 2001 should include the High Court in respect of international commercial arbitration.
Besides, the payment method of stamp duty in all aspects should be digitalised, Ashraful added.
Zaved Akhtar, CEO, Unilever Bangladesh Ltd, Yasir Azman, CEO, Grameenphone Ltd, and Promod Nair, Advocate of India, also spoke at the function.