Arbitration court will attract foreign investments, says Justice Min
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.
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
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