The establishment of the SIMC Suzhou (Mediation) Working Group improves access to international commercial mediation for companies, businesses and investors in Suzhou.
SINGAPOREāThe Singapore International Mediation Centre (SIMC) today announced the establishment of the SIMC Suzhou (Mediation) Working Group in the Suzhou Industrial Park (SIP) to promote access to mediation as an avenue to resolve cross-border commercial disputes.
The collaboration with the Suzhou Industrial Park Administrative Committee (SIPAC) will enable SIMC to support the dispute resolution needs of companies, businesses and investors in Suzhou and the Greater China region. The Working Group allows SIMC to share knowledge and information on cross-border commercial mediation ā a time- and cost-efficient, and effective method to manage business disputes while preserving commercial relationships ā a mainstay in Asian deal-making.
The SIMC Suzhou (Mediation) Working Group will also facilitate the development of further areas of collaboration in SIP. These may cover areas such as the provision of mediation services, joint events, training, and the exchange of thought leadership in the fast-developing space of international commercial mediation.
Launched in 1994, the Suzhou Industrial Park (SIP) is the first governmental cooperation project between China and Singapore[1]. Now home to 1.19 million people and some 5,000 foreign enterprisesāmost of them involved in cross-border transactionsāthe SIP in 2019 reported a GDP of RMB 274.3 billion (US$42 billion)[2], mirroring the strong trade ties and growth potential of investments between Suzhou, Singapore and the region.
The SIMC Suzhou (Mediation) Working Group was unveiled during the Signing Ceremony for Major Projects of Suzhou Industrial Park 2021 at the Suzhou Industrial Park this afternoon. The unveiling ceremony was witnessed by Mr Xu Kunlin, Secretary of CCP Committee of Suzhou, and Mr Chua Teng Hoe, Consul-General of the Consulate-General of Singapore in Shanghai.
Also unveiled was the SIAC Suzhou (Arbitration) Working Group. SIAC ā the Singapore International Arbitration Centre ā and SIMC operate the SIAC-SIMC Arbitration-Mediation-Arbitration (AMA) Protocol, which offers businesses the combined benefits of arbitration and mediation.
[1] April 9, 2019; China-Singapore Cooperation Example. Retrieved http://www.sipac.gov.cn/
[2] December 10, 2020; Suzhou City Profile: Investment Stronghold and Innovation Trailblazer. https://www.china-briefing.com/news/suzhou-investment-stronghold-innovation-trailblazer-yrd/#suzhouindustrialparkHeader