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Conference on International Arbitration as a Mechanism to Attract Foreign Investment to Azerbaijan

Conference on International Arbitration as a Mechanism to Attract Foreign Investment to Azerbaijan, which was co-organized by American Chamber of Commerce in Azerbaijan (AmCham), Baker & McKenzie, Baku Law Center and Dentons, took place in “Baku Boulevard Hotel” on September 30, 2016. Chairman of Managing Board of Azerbaijan International Commercial Arbitration Court (ICAC) Mr. Gunduz Karimov delivered the opening speech and greeted the guests. Then he spoke the participants about purpose of the conference, role of international arbitration in settlement of disputes in international practice and positive incentives of arbitration for Azerbaijan. Mr. Karimov did also addressed the formation, success and recent state of the ICAC and talked that support to international arbitration courts in Azerbaijan turns out to be an indication of creation of favourable legal machineries in order to protect the investors’ economic and civil rights.

 

 

 Afterwards, Executive Director of the AmCham Mrs. Natavan Mammadova talked about  advantages  of international arbitration for foreign investors and generally for business environment of the country. She pointed out some adavantages as party control and promptness principles and noted that parties, in state courts, have not right to choose their judge. Despite state courts, in the arbitration, parties are able to choose an arbitrator in their dispute. It allows the parties to enlist a specialized, skilled, authoritative professional to the subject matter in question.

Later on, director of Baku Law Center Mr. Anar Baghriov spoke about existence of proper legislation  on functioning of international arbitration courts and international treaties that Azerbaijan has ratified.  He remarked that the Law of Azerbaijan Republic on International Arbitration which was adopted on November 18, 1999 and the New York Convention on Recognition and Enforcement of Foreign Arbitration Awards, dated June 10, 1958, which was ratified on November 9, 1999. As a significant event in the course of legal reforms, it enabled foreign arbitration awards to be enforced in Azerbaijan and simplified the procedure of recognition and enforcement these awards in more than 143 contracting states.

 

 Later, contracts of co-operation between the ICAC and AmCham, as well as the ICAC and Russian Arbitration Association were signed.

Afterward, Head of Executive Board of Russian Arbitration Association Mr. Vladimir Khvalei talked about arbitrators’ independence, impartiality and specializations on appropriate fields and noted that international arbitration is an important factor in the way to success in economic system of a country.

 

 After that, Toghrul Quluzadeh, a lawyer from Baku Law Center, delivered comprehensive insights about place of arbitration research and recognition and enforcement of an arbitration award in the world.

Then, Managing Partner of Dentons Mr. James Hogan talked broadly about the role of international arbitration courts as a means of assurance for activities of foreign investors in a country.

Later on, candidacy and appointment of arbitrators was done. In the end, the Conference was finalized with Q & A session.

 

 

 (c) AmCham


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