Bloomberg reports that? K. Shanmugam, Singapore?s Law Minister has made some general comments on the city?s legal services market and its development as an arbitration hub.
Shanmugam made the comments in an e-mailed statement? to the press yesterday.
On having more Qualifying Foreign Law Practice licenses he said?
?We will review the QFLP scheme later this year with a view to further liberalization.?
On legal services? contribution to the economy:
?In 2009, the legal services sector contributed 0.6 percent to Singapore?s GDP, or S$1.59 billion. This represents a year-on-year growth of 6 percent from S$1.5 billion in 2008. The growth compares favorably against the overall Singapore economy, which shrank by 0.5 percent in 2009.?
On Singapore as an arbitration center:
?Underpinning this all is Singapore?s reputation as a neutral venue, as well as the independence of our judiciary and its emphasis on party autonomy and the finality of the arbitral award. Parties are assured that the courts do not intervene too readily in arbitral proceedings in Singapore, and they respect party autonomy and parties? decision to arbitrate.
??Our rules essentially give complete freedom to disputing parties to have their arbitration heard in Singapore, use any governing law, and to have lawyers from any country and jurisdiction represent them.?