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Fiji to Increase Direct Foreign Investment through International Arbitration Sign Up

Fiji, being the first in the Pacific Islands to accede to the New York Convention 2017, has the potential to attract more direct foreign investment. This in turn creates a level playing field amongst private sectors in the implementation of Arbitration Laws.
29 May 2019 16:01
Fiji to Increase Direct Foreign Investment through International Arbitration Sign Up
From left: Asian Development Bank assistant general counsel, Damien Eastman, Barrister and ADB internationl arbitration consultant, Daniel Meltz and Hong Kong International Arbitration Centre secretary-general, Sarah Grimmer at Suva’s Grand Pacific Hotel on May 28, 2019. Photo: Sydnee Gonzalez

Fiji, being the first in the Pacific Islands to accede to the New York Convention 2017, has the potential to attract more direct foreign investment.

This in turn creates a level playing field amongst private sectors in the implementation of Arbitration Laws.

This was highlighted by Barrister and Asian Development Bank International Arbitration Consultant, Daniel Meltz, during an International Commercial Arbitration Seminar.

The seminar was attended by private and public enterprises at Suva’s Grand Pacific Hotel yesterday.

Mr Meltz said since the commencement of the new International Arbitration Act last year, Fiji was able to have its first case in court.

“Fiji has become the pioneer in the South Pacific and to implement laws which includes court processes for arbitration,” Mr Meltz said.

“Fiji will benefit hopefully from attracting more foreign direct investment to Fiji by creating a level playing field.

“Law firms would benefit by advising their clients on the benefits of arbitration and this this should be a win for their businesses as well because they will be readily enforcing judgement around the world.”

He added: “The New Act just commenced last year in December and already Fiji has had its first case before the courts.

“It was a good experience and the outcome was consistent with best global practice and we would expect the volume of cases to increase in Fiji.”

Speaking on the workshop, Mr Meltz stated the importance of understanding the benefits of arbitration for local business.

“Arbitration offers something that is quick and dispute resolution and a mechanism whereby businesses can make sure their judgement are able to be enforced in 159 countries around the world.” he said.

ADB Regional director Masayuki Tachiiri added Fiji was working toward adopting international system in trade, including the International Arbitration Act.

“To sustain and drive growth, Fiji needs to attract more private sector investment from the region and globally,” he added.

“More steps need to be taken to improve the overall investment climate to attract foreign direct investment and cross-border trade.” future,”.

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