The Indian Ocean Rim Association (IORA) has undertaken to create a center of excellence in the region. This will include a platform that will allow IORA countries to have their own seat of arbitration, mediation and other dispute resolution mechanisms.
With the support of the Mauritius Chamber of Commerce and Industry (MCCI), IORA plans to create a center of excellence in the IORA region. This center should, according to Mahen Seeruttun, serve as a hub where the wisdom of the past meets future innovations, fostering a culture where arbitration and mediation are not alternatives, but precursors to litigation. This project, explains the Minister of Financial Services, aims to promote the use of Alternative Dispute Resolution (ADR) tools, such as arbitration and mediation, in order to bring certainty and predictability to trade and investment in the IORA region.
An important element of this project is the establishment of an IORA dispute resolution platform, which will allow member countries to have their own seat of arbitration, mediation and other dispute resolution mechanisms. disputes. Mauritius is expected to host this platform.
An opening ceremony of the symposium on Alternative Dispute Resolution (ADR), jointly organized by the Mauritius Chamber of Commerce and Industry (MCCI) and the Mediation and Arbitration Center (Mauritius) Ltd (MARC), in collaboration with IORA took place on February 8 at the Labourdonnais Hotel, in Port-Louis.
Mahen Seeruttun, Minister of Financial Services, highlighted the importance for an international financial center to have a dispute resolution platform that allows disputes to be resolved quickly, inexpensively and efficiently. “Maurice is positioning itself to host this arbitration center. ADR is a necessity today,” he said.
For her part, Namita Jagarnath Hardowar, President of MCCI, made it clear that the time has come to define our strategy for the international financial center and Africa. According to her, this is about improving our visibility by offering a complete set of services including the routing of funds, asset management, financial optimization, project analysis and, in particular, effective resolution of disputes. “Encouraging international businesses to incorporate the clauses of the ADR model and resolve their disputes in Mauritius will not only create opportunities for all stakeholders, but will also strengthen the competitiveness of our international financial center. We expect that businesses that promote alternative dispute resolution in Mauritius will be incentivized to create an environment conducive to business growth,” she said.
