The Asia Pacific International Arbitration Centre, known as APIAC, officially launched its Korea Center in Songdo, Incheon, marking a new step toward establishing an international arbitration base in the country for resolving commercial disputes.
APIAC Korea held its grand opening and global summit at the Songdo Central Park Hotel on Friday, drawing senior figures from government, business and the legal community at home and abroad.
The launch carries significance as rapidly shifting global trade conditions have fueled a rise in international disputes between countries and companies. The new center aims to give domestic firms a more specialized and efficient channel for resolving commercial conflicts that arise during overseas operations.
The event drew particular attention to the prospect of expanding APIAC Korea's international arbitration network, as specialists from Singapore, Hong Kong and China traveled to Korea from Wednesday through Saturday to take part in the opening.
Baek Seok-du, chairman of APIAC Korea, said in his welcoming remarks that "a reliable dispute resolution system is a critical element of corporate competitiveness as international trade and investment expand across borders."
He added that the center would "build a fair and trusted global arbitration platform connecting the Asia-Pacific region with Incheon at its core," and pledged to make the Korea Center "a safety net for domestic companies facing the diverse legal and commercial disputes that can arise when expanding overseas."
The event also featured sessions on APIAC's international arbitration network and its vision for future development.
Ma Zhongjin, chairman of APIAC, outlined the growth potential of international commercial arbitration built on a global network and introduced APIAC's role within it.
Son Young-hwa, dean of Inha University School of Law, presented the case for training specialists in international arbitration and legal services and for strengthening cooperation among academia, industry and institutions.
The parties also signed a series of MOUs to build a cooperative framework among the legal, business and academic communities.
APIAC and APIAC Korea entered into a three-way MOU with the Incheon Chamber of Commerce and Industry, agreeing to work together to prevent trade and commercial disputes that Incheon-based companies may encounter when expanding abroad and to improve the international business environment.
A separate MOU with Inha University School of Law covered cooperation in training specialists in international arbitration and mediation, facilitating practical exchanges, and advancing education and research in the field.
APIAC Korea said it plans to use the center's launch as a springboard to support domestic companies' overseas expansion while broadening Incheon's international role in commercial arbitration and legal services.
gilbert@heraldcorp.com
