Malaysia Strategically Located To Be Global Arbitration Hub - Azalina

KUALA LUMPUR, Aug 27 (Bernama) -- The inaugural International Arbitration Congress 2024 in Malaysia underscores the country’s rising prominence and Asia’s expanding leadership in global arbitration, said Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said.

She said this conference signifies Malaysia's commitment to advancing and redefining arbitration practices on an international scale.

“By hosting this congress, Malaysia is making a powerful statement that we are not merely participants in the global arbitration landscape; we are architects of its future. Malaysia, and indeed the whole of Asia, stands ready to lead with innovation, integrity and a shared vision for what arbitration can and should be in the years to come,” she said.

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Azalina said this in her special address at the International Arbitration Congress 2024: Redefining Its Horizon–Malaysia, Asia and Beyond, organised by the Asian International Arbitration Centre (AIAC) here today.

The minister further said Malaysia’s strategic location at the crossroads of major trade routes enhances its position as a key arbitration hub.

She said beyond these geographical advantages, Malaysia’s multicultural society and deep respect for diverse legal traditions and languages enrich its arbitration framework.

“This inclusivity allows us to accommodate various legal perspectives and needs. By capitalising on these strengths, Malaysia is well-positioned to be a central hub for arbitration, not only within Asia but on the global stage. Our ongoing reforms and improvements ensure that we remain a premier choice for international arbitration,” she said.

Azalina also said Malaysia’s commitment to enhancing the legal infrastructure for advancing arbitration is further demonstrated by the recent amendments to the Arbitration Act in Malaysia, which were passed by the House of Representatives and Senate in July this year.

“The Malaysian government has consistently championed arbitration as a key component of a favourable business environment that is not only vital to economic growth but also crucial to upholding the rule of law on a global scale,” she said.

The International Arbitration Congress 2024 aims to redefine international arbitration by exploring the establishment of arbitration courts, strengthening regional and international cooperation, and identifying the key features of a premier arbitration seat.

Furthermore, Azalina emphasised the importance of aligning Malaysia’s arbitration practices with global standards following her recent visit to key arbitration hubs in Hong Kong, including the Hong Kong General Chamber of Commerce (HKGCC).

“These engagements and the upcoming outreach to China and India will guide our strategic initiatives, allowing us to position Malaysia and the AIAC as respected and innovative ground in the international arbitration community.

“Alongside this, our judiciary, known for its pro-arbitration stance, provides a stable and supportive environment, making Malaysia a reliable and attractive seat for resolving international disputes,” she added.

During the event, Azalina also witnessed the signing of two Memoranda of Understanding (MoUs) between the AIAC and ICM, as well as between the AIAC and BICAM.

-- BERNAMA