KUALA LUMPUR: Malaysia's strategic location at the crossroads of major trade routes enhances its position as a key arbitration hub, said Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said.
Beyond these geographical advantages, she said the nation's multicultural society and deep respect for diverse legal traditions and languages enrich the arbitration framework.
This inclusivity allows it to accommodate various legal perspectives and needs.
"By capitalising on these strengths, Malaysia is well-positioned to be a central hub for arbitration, not only within Asia but on the global stage."
"Our ongoing reforms and improvements ensure that we remain a premier choice for international arbitration," she said during her speech at the first-ever International Arbitration Congress 2024 here today.
Commenting on the amendments to the Arbitration Act 2005 that recently passed in July 2024, Azalina said the aim is not only to be participants but also pioneers in ensuring that international arbitration continues to thrive as a cornerstone of global legal order.
She added that the government has consistently championed arbitration as a key component of a favourable business environment that is not only vital to economic growth but are also crucial to upholding the rule of law on a global scale. "My recent visit to key arbitration hubs in Hong Kong SAR including the Hong Kong General Chamber of Commerce (HKGCC) reinforced the importance of aligning our vision with global best practices."
"These engagements and the upcoming outreach to China and India will guide our strategic initiatives, allowing us to position Malaysia and the Asian International Arbitration Centre (AIAC) as a respected and innovative ground in the international arbitration community," she said.
Azalina said Malaysia's judiciary, which is known for its pro-arbitration stance, respects party autonomy and upholds the integrity of the arbitration process.
She added that this non-intrusive judicial stance provides a stable and supportive environment, making the country a reliable and attractive seat for resolving international disputes.