Indonesia hopes that Singaporean investment could increase about 10 percent in the future following better knowledge of practice and procedure about arbitration in the country, an official told Xinhua in a recent interview.
Iwan Dermawan Hanafi, Chairman of Indonesian Chamber of Commerce and Trade for Singapore Committee, said that currently, Singapore is the biggest investor in Indonesia in business-to- business sector.
"Based on our data, in 2009, Singapore's investment reached 4,340.96 billion U.S. dollars and in the first quarter of 2010, the country invested 678.8 million dollars," said Iwan.
He said that with better knowledge of practice and procedure, Singaporean businessmen would be more aware with problems that might be occurred and how to resolve them.
For better knowledge, he said, Indonesia in cooperation with the Singapore International Arbitration Center (SIAC) held a workshop titled "International Arbitration in Indonesia: Practice and Procedure" on Monday.
"We want to socialize problems related to practice and procedure, both in international field and in Indonesia," he said.
Iwan cited an example of the current obligation that all contracts must also be in Indonesian language for better understanding.
"We are partnering with the SIAC to promote and facilitate problems that may occur so we can invest more comfortably," he said.
Iwan also said that arbitration in Indonesia is the ratification of those belongs to international.
"We are not independent in term of arbitration. We are included in the Indonesian National Arbitration Agency (BANI) which is grouped in the international arbitration," said Iwan, adding that the arbitration has norms and formats of cooperation that must be obeyed internationally.
Arbitration in Indonesia is also becoming more popular as a means of dispute resolution.
Indonesian Arbitration Law allows commercial dispute to be referred to arbitration in which dispute of a commercial nature or those concerning right which under the law and regulations fall within the full legal authority of the disputing parties may be settled through arbitration.