INSUBCONTINENT EXCLUSIVE:
(26 Sep.).Speaking at the 2023 Commercial Mediation Symposium held at the Hilton Hotel in Colombo this afternoon, the Head of State revealed
relevant new law is expected to be enacted by the end of 2023, President Wickremesinghe said.
In his address to the symposium, the Head
of State emphasised the need for a cultural shift towards efficient dispute resolution in Sri Lanka
He acknowledged the long-standing reliance on trial courts and stressed the importance of embracing alternate dispute resolution
expressed support for its continued growth
We have to first find ways of how we can adjust to this process
You need a change of culture
Change of culture where disputes can be resolved in the shortest possible time
Which means we are in a way wedded to the old concept of the trial court? Whether we have a domestic inquiry, we all want to follow the same
The President mentioned forthcoming legislation to transform the Port City as the Colombo financial zone and the transition from the BOI to
the Economic Commission, both aimed at resolving disputes efficiently.President Wickremesinghe also underscored the significance of
international trade agreements and the need for Sri Lanka to become a center for alternate dispute resolution
One is the new legislation which will replace the port city to make it a Colombo financial zone with jurisdiction for offshore activity
The new law has been drafted
And we will see the light of day before the end of the year
Secondly, the BOI will be replaced with the Economic Commission
Which is also looking at the resolution of disputes
We will be entering a number of free trade agreements
We have got one with Singapore
We are about to finalize one with Thailand
We are discussing with India of upgrading agreement
to support learning and expertise development in these new areas, inviting all stakeholders to join in the journey towards a more efficient
and forward-looking legal landscape in Sri Lanka.President Wickremesinghe emphasized that Sri Lanka must position itself as the central
When examining Singapore as a benchmark, Sri Lanka should strive to match or surpass Singapore in various aspects, except for cost, where it
should maintain a competitive advantage
This approach is crucial because there exists a noticeable void in this region, which Sri Lanka can effectively fill if it acts
Furthermore, it is essential for all lawyers and individuals involved in legal services to broaden their perspectives and explore
Centre (IADRC) and the event was graced by the presence of the Minister of Justice, Prison Affairs and Constitutional Reforms Dr
Wijeyadasa Rajapaksha P.C., State Minister of Justice, Prison Affairs and Constitutional Reforms Mr
Anuradha Jayarathne, Judges of the Supreme Court, Attorney General, Former Attorney Generals, Retired Judges of the Supreme Court, Resident
Representative of UNDP Ms
Azusa Kubota, Secretary to the Ministry of Justice, Prison Affairs and Constitutional Reforms, Chairman of IADRC Dr
Kanag-Isvaran P.C, Director - Secretary General of IADRC Ms
Dhara Wijayatilake, legal professionals and the representatives of reputed companies in Sri Lanka.
