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The idea is really to provide users with an entire suite of dispute resolution services,
and they can choose from those which best meet their needs.
Let me say something about the SIMC. Mediation is an important complement to arbitration and litigation.
It allows parties to mutually arrive at a mix of legal and non-legal solutions in an efficient and cost-effective manner.
It is intended that SIMC will offer world-class commercial mediation services,
and it will have a panel of high quality international mediators and experts,
and it will provide innovative user-centric products and services.
My Ministry is currently working with industry stakeholders including the Singapore Business Federation,
Singapore Academy of Law and SIAC, to establish SIMC.
We will put in place the necessary legislation to strengthen and support the framework for mediation.
We expect that the SIMC will be launched later this year.
Now let me turn to SICC.
Similar to SIMC, SICC also aims to attract international cases which have little or no connection to Singapore.
Parties who prefer transparency of open court proceedings, the availability of appeal, or they are involved in multi-party
and non-arbitrable disputes, may prefer SICC to conventional international arbitration.
There are similar models elsewhere, for example
the High Court of England and Wales, has specialist Commercial Court in London,
well known for the large number of cases which involve international parties.
The Dubai International Financial Centre was established to handle international commercial disputes as well.
Now why would a party choose SICC?
Singapore is known for its commitment to the rule of law.
And our judiciary is well regarded internationally for the quality of judgments and efficiency.
And Singapore is a neutral venue in Asia.
It makes us especially attractive to foreign parties involved in cross-border disputes.