A delegation of the Sri Lanka National Arbitration Centre visited Dhaka, Bangladesh from 21 to 23 April 2024, to promote Colombo as an arbitration hub and enhance awareness of the importance of commercial arbitration.
The four-member delegation led by Chairman of the Sri Lanka National Arbitration Centre (SLNAC) Hiran De Alwis had fruitful discussions with leading institutions and chambers in Bangladesh, which were facilitated by the High Commission of Sri Lanka in Bangladesh.
Discussions were held with the Bangladesh International Arbitration Centre (BIAC), the Federation of Bangladesh Chamber of Commerce & Industry (FBCCI), the Dhaka Chamber of Commerce & Industry (DCCI), the Foreign Investors’ Chamber of Commerce & Industry (FICCI), the Bangladesh Investment Development Authority (BIDA), and the Sri Lanka Bangladesh Chamber of Commerce & Industry (SLBCCI), which represents the interests of Sri Lankan businesses/professionals in Bangladesh.
During the discussions, the delegation explained to their Bangladeshi counterparts the importance of using Colombo for Commercial Arbitration, the services which SLNAC can offer, the global recognition of the services provided by SLNAC, the cost and time advantages of the services provided by SLNAC compared to those in Singapore and London, the possibility of SLNAC to offer training on arbitration and the way forward. The Bangladeshi counterparts showed a high interest in the services offered by SLNAC and pledged their cooperation to SLNAC for further promotion.
On 22 April 2024, the SLNAC signed a MoU with the Bangladesh International Arbitration Centre (BIAC), marking a new chapter in the bilateral relations between Bangladesh and Sri Lanka and underlining the shared commitment towards promoting effective commercial dispute resolution mechanisms. Vice Chairman of BIAC Muhammad A. (Rumee) Ali and Chief Executive of SLNAC Seedantha Kulatilake signed the MoU on behalf of their respective organizations.
High Commission of Sri Lanka
Dhaka
25 April 2024
