Credible new global mediation body will draw investors to Hong Kong: Paul Chan
Finance chief says ‘fair’ dispute resolution mechanism will boost city’s appeal, especially to developing nations, as global economy shifts eastward
The new International Organisation for Mediation launched in Hong Kong will be an efficient, fair and credible mechanism for dispute resolution and attract investors from the Global South as the world economy shifts towards these developing countries, the city’s finance minister has said.
Financial Secretary Paul Chan Mo-po said on Sunday that the inauguration of the China-led body on Friday established the city’s role as the global legal and mediation centre for the Asia-Pacific region.
“An efficient, fair, just and credible dispute resolution mechanism is one of the important pillars for promoting more international investment and trade, and helps to enhance investor confidence,” Chan wrote on his weekly blog.
“As China’s only common law jurisdiction, Hong Kong has excellent rule of law, comprehensive legal and dispute resolution services, coupled with a trilingual environment and tolerance for different cultures, making it the most ideal location for the International Organisation for Mediation.”
Chan also said that the establishment of the legal body would enhance the competitiveness of the city’s international finance, trade and shipping industries, and promote good ties with the Global South, referring to countries in Africa, Latin America and Southeast Asia.
The finance minister noted that the global economy was “shifting eastward”, and developing countries in Asia, including China, which made up one-quarter of the world’s gross domestic product, wanted more say in international governance.