Arbitration court will at­tract for­eign in­vest­ments, says Jus­tice Min

Financial Mirror (Cyprus) - - CYPRUS -

Es­tab­lish­ing a Com­mer­cial Arbitration Court will turn Cyprus into a hub for pro­vid­ing busi­ness ser­vices and at­tract for­eign in­vest­ment, said Jus­tice Min­is­ter Ionas Ni­co­laou.

Ni­co­laou made the com­ments as dis­cus­sion on the pro­posed gov­ern­ment bill re­gard­ing the cre­ation of the Arbitration Court be­gan in par­lia­ment this week.

In his state­ment, Ni­co­laou said that al­ter­na­tive dis­pute res­o­lu­tion meth­ods and fast-track­ing com­mer­cial cases to the Arbitration Court, will play an im­por­tant role in the coun­try’s long-term eco­nomic growth.

He ex­plained that the re­form of the Ju­di­cial sys­tem, to be com­pleted in 2020, is for a spe­cial court for cases of a com­mer­cial na­ture, in which one side is de­mand­ing more than EUR 2 mln in dam­ages.

The new court will be es­tab­lished once a bill pre­pared by the Jus­tice Min­istry is passed by par­lia­ment.

It aims

to

strengthen

Cyprus’ com­pet­i­tive­ness as a cen­tre for the pro­vi­sion of qual­ity ser­vices and at­tract­ing for­eign in­vest­ment.

The move is wel­comed busi­ness com­mu­nity.

Cyprus Cham­ber of Com­merce and In­dus­try (CCCI) said the estab­lish­ment of the Court will also help at­tract for­eign in­vest­ment by en­hanc­ing the coun­try’s longterm eco­nomic growth.

“Faster de­liv­ery of jus­tice and the fight against cor­rup­tion are ma­jor is­sues for the

by

the

lo­cal busi­ness world as they hin­der healthy busi­ness and dis­cour­age for­eign in­vestors,” said CCCI.

Em­ploy­ers fed­er­a­tion (OEB) of­fi­cial An­to­nis Fran­goudis told the Fi­nan­cial Mir­ror that Cyprus is pay­ing a price for re­ports and in­dices pre­pared by in­ter­na­tional bod­ies re­veal­ing on the one hand the high level of cor­rup­tion and on the other our low per­for­mance in gov­er­nance.

“Cur­rently there is no such arbitration court, and such cases take up to 10 years to

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