ICSID Establishes Regional Hub in Singapore for Investment Dispute Resolution

Singapore, Aug 25 (PTI) — The International Centre for Settlement of Investment Disputes (ICSID), a global arbitration body, is set to establish its first staffed office outside the United States in Singapore, focusing on regional dispute prevention, resolution, and education. "The ICSID Singapore Office will act as a regional hub, enabling ICSID to better cater to the region's requirements for investment dispute prevention, resolution, and education," announced Law Minister Edwin Tong on Monday, as he revealed the signing of a letter of intent to formalize the office's establishment.

Celebrating it as a "significant milestone," he noted that ICSID is one of five World Bank Group organizations that provide a forum for investor-state dispute settlement, as articulated in most international investment treaties, investment laws, and contracts. The Washington-based ICSID's move will also make Singapore the first country to host local offices for all five World Bank Group organizations.

The other four World Bank Group organizations already operating in Singapore include the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, and the Multilateral Investment Guarantee Agency. "We are pleased to welcome ICSID to Singapore, enhancing our city's offerings as a center for international dispute resolution and thought leadership," Tong remarked, as reported by Channel News Asia.

The minister highlighted his visit to ICSID's Washington office in June, where he met with Secretary-General Martina Polasek and signed a memorandum of understanding to register mutual interest in the establishment of the Singapore office.

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