On December 6, Mayor Park Won Soon signed “A Three Party MOU for the Opening of the Seoul International Dispute Resolution Center” with the presidents of the Korean Bar Association and the Korean Commercial Arbitration Board.
The Seoul International Dispute Resolution Center (Seoul IDRC) will provide an international arbitration space, for both companies and nations, for the worldwide arbitration agencies. The center is scheduled to open its doors in the first quarter of 2013 in the Seoul Global Center Building. The arbitration and mediation room will be equipped with cutting-edge teleconferencing and presentation systems.
The opening of the Seoul IDRC will resolve the inconveniences that local companies are suffering from with their use of the IDRC in Hong Kong or Singapore to settle their international disputes and will save them a significant amount of costs and expenses. Already, Singapore and Hong Kong IDRCs and the London Court of International Arbitration have decided to open their offices in Seoul.
Mayor Park Won Soon is planning to announce that the city administration will actively support the development of Seoul into the hub of the Northeast Asian legal market and as becoming the center of international dispute settlement in the region.