Wednesday, 16 June 2010 15:02 Jeremy Mullins
CAMBODIAN businesses will have an alternative to settling disputes in law courts when the National Arbitration Center (NAC) opens at the end of this year, Commerce Minister Cham Prasidh said Tuesday.
Speaking to 54 potential arbitrators, who are set to begin training on Friday, he said the NAC would be an improvement on existing options available for domestic businesses.
“The advantage of arbitration for companies is that it is quicker, more flexible, and also firms can choose their own individual arbitrator,” he said.
Experts from the International Financial Corporation (IFC) say the NAC is an important development.
IFC resident representative Julia Brickell said a World Bank report showed it took on average in excess of 400 days to navigate the Kingdom’s commercial courts.
“The establishment of the NAC will be critical to building a strong business environment in Cambodia,” she said Tuesday.
The IFC is assisting technical aspects of the NAC programme, with 80 percent of the funding provided by the European Union.
Success for the centre depends on the credibility and integrity of its arbitrators, Cham Prasidh said.
“I do not set a quota for the number of graduates, but I set a performance standard. Students must score at least a B+ to graduate.”
Two training programmes are scheduled for students, including lessons on arbitration from Singaporean experts, and a commercial law course.
Around US$500,000 has been earmarked by the Ministry of Commerce for the NAC building, MoC Secretary of State Mao Thora said, but the location has yet to be determined.
Garment Manufacturing Association in Cambodia chairman Van Sou Ieng welcomed the NAC on the event’s sidelines, but said it was important to permit foreigners to qualify as arbitrators.
Friday, June 18, 2010
- Bank's golden opportunity
- Island project sparks concerns
- First Cambodia overpass road cut ribbon by PM
- Govt seeks to boost tourist arrivals by land
- On the Frontier of investment
- Decentralisation gets a mixed NGO review
- Buzz of success for forest honey hunters
- Restoration of Baphuon temple
- Arrest in Samlot land row
- Market plan meets rejection
- Nine most horrible places in the world-Bassac apar...
- Cambodian PM says war left over 90,000 disabled pe...
- Cotton exports
- PP gold dealers sell at record prices
- Vietnam to boost investment in Kingdom's rubber in...
- Modern Masterpieces
- Vision for Eco Resort Island continues in Cambodia...
- WING launches bill payments
- Bourse seminar
- tech 'tipping point'
- PP Water awards tender
- Asia-Pacific air growth heads for the skies
- Housing for the poor
- Turning data into a precious asset
- Cambodia: Real estate boost predicted
- Nation preps to drop tariffs
- Education from commerce
- ACLEDA set to launch Unity mobile banking
- World Bank consults with Cambodia on ‘constitution...
- World Bank applauds Cambodia for success in financ...
- Cambodia Cashew price spikes at end of harvest
- Int'l organizations help digging wells for Cambodi...
- Cambodia applies for coastline award to promote to...
- Khmer alt-rock band releases first album
- Lakeside corruption claim
- UN raises concerns over Cambodia's human rights re...
- The demise of Cambodia's cyclo drivers
- Cambodia's cyclo drivers pin hopes on tourism
- UN official accuses Cambodia of human rights breac...
- How plastic bag was banned in Cambodia
- Cambodia: No depicting statue of living politicial...
- Meeting of GMAC for garment wage increase
- Cambodian national anthem
- Pom Savada Khmer song in Karaoke format
- Japanese photos capture life in Cambodia
- Wholesaler eyes Cambodia-made chocolate
- Cyclo drivers face losing their occupation
- Rubbish exhibits with an aim to clean up city
- Fund manager warns not to link GDP, stocks
- A fund with a future in Cambodia
- Vietnam investors hit Cambodia
- Assessing Cambodia's HR needs
- Cambodia Business Arbitrators to start their train...
- Canadia Tower pencilled in as temporary bourse hom...
- CDC approves $230m in agro investments from across...
- Two men sentenced to 2 years after land dispute wi...
- Cambodia: 60,000 sign land-dispute petition
- Battambang labourers to demand back pay
- Govt to launch policy protecting migrant labourers...
- Khmer Govt OKs guide to resettlement
- Cambodia Govt aims for trade union law next year
- Cambodia: Draft union law is sent out for consulta...
- Cambodia: Property law changes in pipeline
- ▼ June (63)