Senior Secretary at the Legislative and Parliamentary Affairs Division M Shahidul Haque briefed foreign investors at a recent conference on the benefits of using Dhaka as a seat of arbitration.
Presenting a keynote paper on 'New Innovations in Alternative Dispute Resolution (ADR) by arbitral institutions', he briefed the investors at the 2nd International ADR Conference in Bangkok, Thailand.
Thailand Arbitration Center (THAC) with the support from Bangladesh International Arbitration Centre (BIAC) organised the two-day event from May 13, said a statement issued in Dhaka on Thursday.
In his deliberation, the senior secretary lauded the role of BIAC for creating awareness on ADR and providing training to people to develop pool of ADR professionals in the country.
He added that BIAC's rules for arbitration and mediation can be used effectively in resolution of commercial disputes out of court in Bangladesh.
He said that user-friendly laws are the prime need of time to attract more FDIs in the country.
Delegates from around 20 countries and 50 organisations, law firms and a number of experts on ADR from throughout the globe participated in the conference.
A 17-member delegation from Bangladesh participated at the conference representing Bangladesh Bank, City Bank, Janata Bank, Krishi Bank, Islami Bank Bangladesh, IDCOL and a practicing lawyer along with Tarique Afzal, Managing Director of AB Bank and BIAC Director M A Akmall Hossain Azad.
On sidelines of the conference, BIAC also signed memorandum of understanding (MoU) with BANI Arbitration Center, Indonesia and Philippine Institute of Arbitrators (PIArb) during this event.
Husseyn Umar (Chairman of BANI) and Jared Amoroso (Vice Chairman of PIArb) and Akmall Azad of BIAC signed the documents on behalf of their respective organisations.
Mr. Tarique Afzal and Mr. Pasit Asawawattanaporn (Managing Director, THAC) were present during these signing ceremonies.