BOI highlights need to upskill arbitrators to boost investor confidence

BOI DG Renuka M. Weerakone addressing the gathering 

• Stresses need for country’s framework governing arbitration to be clear and well defined
• Says launch of newly expedited rules is a timely and progressive initiative
• Calls for stakeholders to take proactive stance to capitalise on the newly launched expedited rules

As Sri Lanka is gearing up to revive and promote the national economy to the next level, the Board of Investment (BOI) pointed out there is a mandatory need in the country to upskill arbitrators with expertise in the context of technology advancement, an effort that will help boost investor confidence, according to the agency’s chief.
As the new strategic initiatives of the investment promotion agency are geared towards attracting AI, cybertechnology manufacturing, big data, integrated technology, and Internet of Things (IoT)- based hi-tech manufacturing, BOI DG Renuka M. Weerakone asserted the need to step up efforts in boosting the skill set of arbitrators in the country.

The BOI made these observations speaking at the launch of the Expedited Arbitration Rules by the Sri Lanka National Arbitration Centre (SLNAC) this week.

“It is BOI’s responsibility to facilitate the investor sentiment and create a conducive investment environment to do business, which is a fundamental requirement for FDI attraction. 

“The absence of clearly defined procedural means to resolve commercial disputes, could lead to a lack of confidence among investors to commit themselves commercially in a foreign territory,” Weerakone said.
The DG reiterated that a clearly developed arbitration framework, and arbitrators re-equipped with updated expertise in this regard, will help to project Sri Lanka as a secure destination for foreign direct investment.
She went on to stress the need for the framework governing arbitration expounded by Sri Lanka to be clear, and well defined as it gives constitutional guarantee for investments.

Further, while recognising the newly expedited rules, Weerakone stressed the need to take a proactive stance to capitalise these expedited rules.

“This timely initiative symbolises a progressive step taken towards aligning our national laws with international practices,” she stated, while expressing confidence in the expedited rules bringing about a positive change, not only for investor–state arbitrations, but to Sri Lanka in general.