The Malawi Law Society (MLS) says the establishment of Malawi International Commercial Arbitration Centre and signing of the project partners’ memorandum of understanding provides an opportunity for the country to instill confidence among investors.

The Society’s President Patrick Mpaka said this on Monday during establishment of the Centre in Lilongwe.

According to Mpaka, an investor would not risk their investment in an economy if justice system is characterised by delays and inefficiencies.

He said: “This conference provides an opportunity through which stakeholders can further deliberate and share insights in how we can standardise and harmonise the Southern African Development Community (SADC) arbitration activities in order to effectively function at international level.”

Mpaka said investors prefer certainty, predictability and speed in the resolution of commercial and investment disputes.

He added that Malawi’s decision of coming forth establishing the Arbitration Centre provides a suitable jurisdiction for justice delivery on commercial disputes.

On his part, President Lazarus Chakwera, who graced the ceremony, directed his justice minister to expedite the process of domesticating the United Nations Convention in which the country is party to in accordance with arbitration issues.

“This convention is a cornerstone for international arbitration and once we are done domesticating it and making it part of our law through the passing of Arbitration and Mediation Bill, arbitration awards granted here in Malawi will be recognised and enforced worldwide and vice versa,” Chakwera said.

The Malawi Leader has since called for collaborative efforts by putting in place mechanism that would protect investors’ wealth.

The Centre will be an alternative channel towards ensuring that commercial disputes are handled in Malawi as well as within SADC region.

The development is expected to assist in boosting investor confidence and opening international connections.