Why Investor-State Mediation (ISM)?
There is a growing interest in conducting mediation in conjunction with arbitration which is reflected in the encouragement provided by jurisdictions, economic systems, and international treaties such as the Singapore Convention to incorporate mediation as a mechanism for ISDS.
An invaluable merit of using mediation to resolve ISDS is the preservation of relationships and room to address non-financial aspects of investment such as reputation and broader policy considerations. In the context of investments provided by governments to develop infrastructure, inability to resolve disputes will not only affect the economic and political spheres but also adversely affect the livelihood of workers making a living through the investments flowing into the primary sector businesses.
Why Sri Lanka?
In the present day, Sri Lanka’s growth trajectory, the development of major infrastructures such as Colombo Port City, and the country’s key geographical positioning in the 21st Century Maritime Silk Road highlight Sri Lanka’s potential of becoming South Asia’s financial hub and one of Asia’s leading economies by 2040. The expected inflow of business and Foreign Direct Investment (FDI) creates a need for Investor-State Dispute Resolution mechanisms and practitioners who are equipped with the knowledge and skills to execute those mechanisms. This makes Sri Lanka a prime location to introduce, develop, and administer the concept of investment mediation.
Future of Investor-State Mediation
According to the Bureau of labour, employment of Mediators is projected to grow by 10 percent from 2020 to 2030. About 400 openings for mediators are projected each year on average over the past decade. With the urgent need for cost-efficiency of dispute resolution, now the time has evolved to revisit the benefits investor state mediation can create.
It’s clearly evident that, according to the statistics mentioned above that Investor-State mediation has the potential to be an effective dispute resolution mechanism, and the greater use of such mechanism should be encouraged among the youth in our society.
Individuals with great knowledge on investor-state mediation can engage in drafting and complementing rules for investor–state mediation, for instance engaging in the process of rules created by the IBA, ICC Mediation Rules and SCC Mediation Rules or at the ICSID (International centre for settlement of investment disputes), one of the world’s leading institutions devoted to international investment dispute settlement.
Taking part in IIMC will enhance your applications for the variety of job opportunities ahead of all participants.