President Lazarus McCarthy Chakwera has singled out the strides towards establishment of an International Commercial Arbitration Centre as one of his achievements during his tenure as Chairman of the Southern Africa Development Community (Sadc)
The President said this on Monday at the opening of an engagement conference that seeks to establish the Malawi International Commercial Arbitration Centre underway in Lilongwe.
“As I go to Kinshasa to pass on the baton of SADC’s Chairship this week, I am glad to see that one of the benefits to Malawi of my tenure as SADC Chair has been the speedy progress we have made together towards establishing Malawi’s international arbitration centre,” he said.
The centre is being implemented jointly by the Malawi Law Society, the Arbitration Foundation of Southern Africa, and the SADC Lawyers Association whose effort is to create an institutionalized commercial arbitration seat of international standards in Malawi
Once in place the facility will act as an alternative channel of commercial dispute resolution in the country and across the SADC region.
“This is something all of us can support, whether we are in the public sector or private sector. The gains we stand to have from establishing an arbitration Centre have already been made clear,” said President Chakwera.
The Malawi leader added that the facility will strengthen a framework upon which local businesses will thrive within the larger network with international stakeholders.
“In short, by strengthening alternative dispute resolution through arbitration, we are taking steps to offer a solid support system to local and international businesses plying trade in and outside Malawi. This is not an isolated initiative.”
Other speakers on the day pointed out that the arbitration centre will also boost investor confidence for Malawi and spur tourism owing to the many visits foreigners will make into the country for commercial dispute resolution.