President Anastasiades envisages Cyprus as a Center of International Arbitration

President Anastasiades envisages Cyprus as a Center of International Arbitration

 

Review Hari Stefanatos

According to the President of the Republic of Cyprus, Nicos Anastasiades, his government is actively seeking ways to develop and use all available mechanisms to resolve disputes out of court, expressing his belief that Cyprus could become a regional Centre for International Arbitration in Europe.

Anastasiades addressed an international conference, organised by Cyprus Chamber of Commerce and Industry (CCCI) on the New Trends in ICC Arbitration and Mediation, noting that the aim was to highlight the importance of alternative dispute resolution (ADR) in addition to promoting Cyprus’ potential to become a regional Centre for International Arbitration in Europe and the broader region.

“These efforts facilitate the policy of the present government, which is actively interested in the development and wider use of all available mechanisms to resolve disputes out of court, with all the potential advantages provided to serving the public, strengthening entrepreneurship and in developing our country”, the President he pointed out, adding that “Cyprus’ strategic position, its favourable tax environment, highly-educated workforce, the advanced telecommunications and information services, secure legal system are factors that make our country an ideal bridge between the trade routes of three continents, and one of the major regional, financial and business centers attracting foreign investment”.

Presdident Amastasiades concluded by pointing out that Cyprus has the specific legal framework to conduct international commercial arbitration, in addition to high-level legal specialists on the issue, some of whom have offered their services as arbitrators in very complex disputes.

(Source CNA)