Scandinavian ambassadors to Bangladesh visited Bangladesh International Arbitration Centre (BIAC) in the capital on Sunday.
Ambassador of Sweden Charlotta Schlyter, Ambassador of Denmark Winnie Estrup Petersen and Ambassador of Norway Sidsel Bleken were welcomed at the BIAC secretariat by its Chairman Mahbubur Rahman while CEO of BIAC Muhammad A. (Rumee) Ali briefed the ambassadors about the importance of alternative dispute resolution (ADR) and background of emergence of BIAC, said a statement.
The BIAC chairman told the ambassadors that the presence of a licenced ADR option in enforcement of contracts is not well-known among foreign investors.
He requested the ambassadors that the embassies can play an important role in helping BIAC to disseminate this information to potential investors.
The CEO of BIAC pointed out that the present process of loan recovery of financial institutions under the Money Loan Court Act 2003 aims at recovery of bad debts through liquidation of impaired assets.
It is considered that in many situations recovery through a going-concern concept is a better option for the economy and other stakeholders.
A presentation on the activities and achievements of BIAC over the years was delivered by M A Akmall Hossain Azad, Director, BIAC.
Mahbuba Rahman Runa, Senior Counsel, BIAC shared her perspective on the importance of creating a human resource capacity in the country for the best practice of ADR.
Rubaiya Ehsan Karishma, Counsel, BIAC mentioned how BIAC can assist potential investors in protecting themselves against the risk of non-performance of contracts.
The ambassadors appreciated the efforts BIAC continues to make in the country and expressed willingness to assist in the advocacy of ADR by BIAC.
Subsequently Sidsel Bleken, Ambassador of Norway, tweeted, "Thank you Bangladesh International Arbitration Centre for good discussions on alternative ways for contract enforcement, conflict resolution out of courts. Need to strengthen investment climate in Bangladesh."
Winnie Estrup Petersen, Ambassador of Denmark, also tweeted, "Assurances of contract enforcement are essential for trust of international investors. Thank you for interesting discussions, Bangladesh International Arbitration Centre.''
In the briefing session at BIAC, Anwar-ul Alam Chowdhury (Parvez), President of Bangladesh Chamber of Industries and Managing Director of Evince Group encouraged the ambassadors to get more involved which in turn will also encourage the government to take ADR forward.
Other guests present were Rokia Afzal Rahman, Vice President, International Chamber of Commerce-Bangladesh, Ataur Rahman, Secretary General, ICCB, Md. Fazlul Hoque, Managing Director of Plummy Fashions Limited and Parveen Mahmud FCA, Chairman, UCEP Bangladesh.
