Kyrgyzstan speeds up creation of dispute resolution center based on English law

Prime Minister Adylbek Kasymaliyev held a working meeting on the implementation of the Law “On the Tamchy Special Financial Investment Territory.” The key issue of the meeting was to accelerate the creation of an independent international center for dispute resolution under English law, one of the central elements of the reform.

The law on the Tamchy Special Financial Investment Territory was adopted in accordance with a presidential decree providing for the formation of a special investment territory with a special legal regime in the Issyk-Kul region and the creation of an international dispute resolution center operating under English law. A roadmap for the preparation of subordinate legislation was previously approved for its implementation.

The meeting discussed specific steps to accelerate the implementation of the provisions of the law, eliminate identified problems, and agree on mechanisms for interagency cooperation. Following the meeting, protocol instructions were given to the responsible authorities.

Particular attention was paid to the international dispute resolution center itself. Minister of Justice Ayaz Baetov and the ministry's consultants on English law gave a detailed presentation outlining the structure of the future body, its operating mechanisms, the principles of English law that will be applied, and the centre's potential significance in ensuring predictability and protecting the interests of investors.

The center's operation is expected to be a key factor in increasing the confidence of foreign investors by providing access to international standards for commercial dispute resolution in Kyrgyzstan.

The creation of the Tamchy International Arbitration Center is aimed at strengthening the country's investment attractiveness and creating a favorable business environment, including the availability of a modern, independent, and authoritative arbitration mechanism.