BOI reviewing its dispute resolution methods
The Board of Investment (BOI) is reviewing its dispute resolution clauses to adopt a three-tier ADR mechanism covering negotiation, mediation and arbitration, its chairman Arjuna Herath said recently.
He was speaking at the third Regional ADR Symposium in Colombo hosted by the CCC–ICLP International ADR Centre (IADRC), in collaboration with the Commercial Law Development Programme (CLDP) of the US Department of Commerce. It brought together regional centres from Bangladesh, Hong Kong, Malaysia, Mumbai, the Maldives, Nepal, Pakistan, Singapore and Thailand.
The two-day symposium featured the participation of senior representatives from regional dispute resolution institutions, alongside members of the diplomatic, business and legal communities. The event focused on developing regional standards, adopting new technologies such as virtual hearings, and creating multidisciplinary units that combine legal, economic and technical expertise.
Delivering the keynote address, Mr. Herath underscored the importance of efficient dispute resolution in attracting investment. “A robust dispute resolution regime is part of our economic infrastructure, as essential as ports, highways or energy systems,” he said, noting that Sri Lanka had attracted US$ 1 billion in Foreign Direct Investment over the past year.
Mr. Herath also highlighted Sri Lanka’s accession to the Singapore Convention on Mediation and the enactment of corresponding domestic legislation as a sign of the country’s alignment with international standards. He further stressed that ADR offers distinct advantages in investment contexts, including early resolution of disputes, confidentiality and the preservation of commercial relationships.
At the inaugural session, the IADRC signed Agreements of Cooperation with the Singapore International Mediation Centre (SIMC) and the Maldives International Arbitration Centre (MIAC). The agreements provide for collaboration on conferences, training, and joint research to advance alternative dispute resolution practices across the region.
They were signed by Sim Siong Koon, Director for Strategic Partnerships (SIMC), Ma-asha Luthfee, Board Member (MIAC), and Dhara Wijayatilake, Director and Secretary General (Hon.) of the IADRC.
Regional centres attending the symposium shared legal developments and institutional practices in their jurisdictions, and acknowledged the need to strengthen a regional ADR network for knowledge sharing and community building.
In its continuing efforts to develop Sri Lanka’s ADR landscape, the IADRC, with the CLDP, also hosted a Judicial Colloquium on ADR on September 13. The colloquium covered judicial involvement in arbitral processes, enforcement of awards, the use of AI in proceedings and Sri Lanka’s engagement with the Singapore Convention.
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