KUCHING: Sarawak is set to become a regional hub for international arbitration in Borneo with the establishment of an office of the Asian International Arbitration Centre (AIAC) in the state, said Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said.
She said the office was also expected to spur international business and trade activities in Borneo.
"The facility will provide opportunities for legal practitioners in Sarawak and Sabah to explore international arbitration, which operates according to international standards, particularly as Sarawak is experiencing rapid growth in business and international trade.
"The establishment of the second office after Kuala Lumpur is expected to expand AIAC's activities in Sarawak while benefiting the legal community, particularly lawyers in Sarawak and Sabah," Azalina told reporters after attending the signing ceremony for the agreement to establish the AIAC Sarawak office, witnessed by Sarawak Premier Tan Sri Abang Johari Tun Openg.
The agreement was signed by Sarawak State Secretary Datuk Amar Mohamad Abu Bakar Marzuki and AIAC chief executive officer Datuk Danesh Chandran.
Azalina said the Sarawak government had not only approved the proposal but also allocated RM10 million to upgrade the Kuching Textile Museum building, which will house the AIAC Sarawak office.
She said the establishment of AIAC Sarawak also reflected Malaysia's efforts to strengthen its position as a destination for international-standard dispute resolution services.
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