Tanzania is in the final stages of setting up an International Arbitration Centre that aims to hasten settlement of commercial disputes and promote foreign investments.
The Tanzania Private Sector Foundation (TPSF) executive secretary, Godfrey Simbeye, said all technicalities have been completed and they were awaiting to launch the centre in July this year to start its operations.
"Our country has contracted major foreign investments and usually such investments encounter disputes which if taken to court take up to 10 years to reach a verdict thereby discouraging investors from investing in our country and the region as a whole," he said.
In line with this, Dar es Salaam will be hosting the third East African International Arbitration Conference (EAIAC) early April this year, that is expected to highlight the importance of international arbitration as a tool for promoting foreign investment in the region with a focus on Tanzania. Read more. Source | The East African