The Korea In-House Counsel Association (KICA) has signed a memorandum of understanding (MoU) with the Singapore International Arbitration Centre (SIAC) to promote international arbitration as a preferred method of dispute resolution.
The agreement was signed on 21 July by the SIAC’s CEO, Lim Seok-hui, and the KICA’s chairman, Lee Wan-keun. The SIAC’s head of Northeast Asia, Michele Park Sonen, also attended the virtual ceremony.
Under the MoU, both parties will: Explore jointly organising conferences, seminars and workshops on international arbitration in South Korea and Singapore; provide marketing support for each other’s international arbitration events; and grant complimentary admission to each other’s paid or members-only events, training courses and workshops.
“We look forward to working with the SIAC to promote international arbitration as a preferred method of dispute resolution for Korean companies, and to enhance capacity building in international arbitration for KICA’s members,” said Lee.
Lim said that South Korean companies were valued users of the SIAC. “Through this collaboration, the SIAC hopes to better serve the needs of the Korean business community, by providing practical training programmes that deepen in-house legal teams’ expertise in international arbitration.
“The SIAC looks forward to working with the KICA to create specially tailored programmes for in-house counsel that cater to all levels and provide practical training on arbitration and the SIAC rules and procedures.”