Minister of Justice, Awqaf and Islamic Affairs Yaqoub Al-Sanea stressed on Wednesday the significant role of arbitration in the resolution of international economic conflicts and issues.
In a keynote speech at a conference on international arbitration held in Kuwait, the minister said arbitration is a core mechanism for international investment, and helps the judicial system in the settlement of disputes.
He called for introducing effective approaches and alternative ways for resolving and settling commercial and economic disputes amid the widening scope of the current global economic impacts and reflections and relevant regional ramifications. Al-Sanea added that the International Court of Arbitration would not mind opening offices in world countries and that's why Kuwait would sign soon an agreement with it for hosting a regional court branch.
The Kuwaiti minister considered the conference as a good opportunity for regional and international lawmen to exchange views and experience in the field of arbitration for international investment disputes. Themed "Arbitration in International Investment", the two-day gathering is attracting experts and specialists from Arab and foreign countries, in addition to large participation from Kuwait.
The event highlights the importance of arbitration as an additional option for investors and businesspeople in case of disputes, in addition to an array of key issues related to commercial arbitration.