It is my great pleasure today to welcome
this important Conference of the International Chamber of Commerce on topics of
great interest to our country’s commercial-industrial and business circles, as
well as for legal and other professional experts.
I warmly congratulate the Cyprus National
Committee of the International Chamber of Commerce for bringing this conference
back to Cyprus for a second time, in collaboration with the ICC’s International
Court of Arbitration. It aims to highlight the multi-level importance of alternative
dispute resolution (ADR), as well as promote Cyprus’ ability 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 internationalisation of trade often
causes disputes between traders, who may be located in different states and
subject to multiple jurisdictions. The complexity of the legal issues that may
arise in such disputes often make it unavoidable to turn to the recourse of
dispute resolution methods, which are beyond the traditional framework of regular
justice and serve the needs of speed and simplicity that characterise entrepreneurial
activity.
The out-of-court settlement of such
disputes is parallel to the state’s jurisdictional order. It is in fact a legal
form of self-regulation providing speed to administering justice, giving the
parties involved the initiative, until the final result.
The institution of arbitration,
particularly international commercial arbitration as a method of settling disputes
arising from cross-border trade or business, has significant advantages such as
flexibility in the rules of procedure, adaptability to the specific nature of
each case and to the particular needs and wishes of the parties, and speed in
processing the case as well as confidentiality, a feature of interest to and in
the service of businesses.
The various aspects of this successful
institution will be elaborated, analysed and discussed, with the valuable
contribution of renowned experts in this specialised field from the
international arena and from Cyprus.
I warmly welcome all the distinguished
delegates and speakers, and especially the President of the International Court
of Arbitration, confident that the exchange of specialised knowledge,
experience and expertise will be beneficial on many levels.
If one considers that commercial
arbitration concerns and is essentially an economic activity, it is evident
that full and detailed information for all concerned about the institution and
its advantages, and the widespread use of arbitration to resolve disputes in
appropriate cases, proves beneficial not only to the parties involved in a
dispute, but has a positive impact on the economy in general, as long as it
provides rapid and reliable solutions in areas where the economic chain of
activity presents problems. At the same time, it is also beneficial to
traditional courts, relieving them of technically complex cases that can
conveniently be resolved outside the courtroom.
It is perhaps worth noting that organisations
such as the World Bank use the existence of alternative forms of dispute
resolution as a positive rating factor of a country’s business environment, something
which shows that the way we solve our differences is not only a standard of our
legal and general culture, but a key factor in business.
Dear friends,
It is with great pleasure that I note that
among the objectives of the conference is the confirmation of Cyprus as a
regional centre for international arbitration in Europe and the wider region.
Cyprus’ strategic position, its favourable
tax environment, highly-educated workforce, the advanced telecommunications and
information services and 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 centres attracting foreign investment.
A decisive factor for Cyprus as a
regional centre of international arbitration is that it has the specific legal
framework for conducting international commercial arbitrations, and the high-level
of legal specialists in the issue, some of whom have offered their services as
arbitrators in very complex disputes.
I have no doubt that from the
proceedings of the Conference, including from contacts with Cypriot
professionals, all the benefits that Cyprus has to offer as a centre for
conducting international commercial arbitration will emerge convincingly and in
a detailed manner, and I look forward to the continued cooperation between the Cyprus
National Committee and the International Chamber of Commerce to encourage and
promote the realisation of this ambitious prospect.
I wish you every success in your proceedings.
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