International investment dispute body to open branch in Singapore
It will be the first such office of the International Centre for Settlement of Investment Disputes outside Washington, DC
[SINGAPORE] The International Centre for Settlement of Investment Disputes (ICSID) will set up a branch in Singapore, which will be the organisation’s first staffed office outside its headquarters in Washington, DC.
On Monday (Aug 25), Minister for Law Edwin Tong and ICSID secretary-general Martina Polasek signed a letter of intent at Singapore Convention Week to formalise the establishment of ICSID’s Singapore office.
Tong described it as a “significant milestone”.
“The ICSID Singapore Office will serve as a regional hub, to allow the ICSID to better serve the region’s needs in investment dispute prevention, resolution and education,” he said in a Facebook post.
He added that the move would “undoubtedly strengthen Singapore’s service offerings as a hub for international dispute resolution and thought leadership”.
The move follows the memorandum of understanding signed by the two parties in Washington last June.
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The office will administer cases, provide training and further provide capacity-building and training, and increase interactions with government officials, law practitioners and organisations in Singapore and the region.
The office will be located in the World Bank Group Singapore headquarters at 10 Marina Boulevard, though the ICSID will maintain satellite premises at Maxwell Chambers Suites, the world’s first integrated dispute resolution complex that houses hearing facilities, international dispute resolution institutions, law firms, arbitration chambers and ancillary services.
Part of the World Bank Group, ICSID was set up in 1966 as an institution for arbitration; it facilitates the legal resolution and conciliation between international investors and states.
Tong, who is also second minister for home affairs, noted that an ICSID branch would make Singapore the first country in the world to have local offices of all five World Bank Group organisations.
The four other World Bank organisations with offices in Singapore are the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, and the Multilateral Investment Guarantee Agency.
Organised by the Ministry of Law, Singapore Convention Week focuses on dispute resolution, arbitration, mediation and litigation. It runs from Aug 25 to 29 at various locations across the island.
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