The Cabinet of Ministers has granted approval for two key legal reforms in Sri Lanka.
Justice Ministry Coordinating Secretary Attorney Shamir Zavahir said Cabinet approval has been granted to establish an Investor Disputes High Court (IDHC) and to draft a new Arbitration Act.
“A key concern for investors in any jurisdiction is the speed at which they can resolve any dispute that arises in relation to their investment. If the legal system doesn’t allow for a speedy resolution, they will see it as a risky environment for their money, and thus would discourage them,” he pointed out.
Zavahir further said that it is hoped that the Investment Disputes High Court and the new Arbitration Act will address these key concerns and ensure that Sri Lanka is a top-tier destination for investment. (NewsWire)
