LUSAKA INTERNATIONAL ARBITRATION CENTRE LAUNCHED

PRESIDENT Hakainde Hichilema has launched the Lusaka International Arbitration Centre, an institution which will provide speedy resolution of commercial disputes outside the courts of law.

Speaking during the launch in Lusaka, President Hichilema said the centre will give confidence to investors because the country will now resolve commercial disputes in a quicker and civilised manner.

He has urged the centre to help improve the quality of ambiguous contracts that Government engages in.

President Hichilema said Government has delayed in meeting some economic targets, because it could not access some mining assets, due to delayed court cases.

He explained that some of these assets, which he cited as Konkola Copper Mines (KCM) and First Quantum, could have been accessed earlier, if the country had an Arbitration Centre. The head of State said the centre should therefore rise to the occasion and contribute to development by ensuring that businesses focus on growth and not court cases.

And Justice Minister, Mulambo Haimbe said arbitration has been recognised as a preferred method to resolve commercial disputes outside courts.

Mr. Haimbe said this will reduce costs associated with court proceedings.

Commerce, Trade and Industry Minister, Chipoka Mulenga said the centre will allow businesses to concentrate on operations and growth as opposed to prolonged court cases.

Meanwhile, Centre Board Chairperson, Chabuka Kawesha said the facility has experts from several industries, such as mining, engineering, banking and finance.