GIFT City,Gandhinagar To Have An Office Of Singapore International Arbitration Centre (SIAC)
The Gujarat International Finance Tec-City also known as GIFT city has signed a memorandum of agreement with Singapore International Arbitration Centre (SIAC) on Thursday to offer arbitration and commercial disputes resolution services to companies situated at the International Financial Services Center (IFSC) .
IFSC is being set up GIFT Special Economic Zone (GIFT SEZ) at Gandhinagar , the capital of Gujarat in India.
Singapore International Arbitration Centre (SIAC) is opening an office in GIFT City due to the following three factors :
i) Indian companies are amongst top 5 foreign users of SIAC,
ii) Indian and international businesses in the IFSC-GIFT can prefer SIAC as their preferred mode of dispute resolution and
iii) Success of an Indian IFSC also requires an efficient dispute resolution mechanism.