In order to have investments there is necessity to have appropriate conditions and infrastructure for it. If you want to have any business in a country, there must be proper legal framework. With such proposals Vitaliy Kozachenko, Managing Director, Fortior Law S.A., Geneva, Switzerland starts the panel.
Olga Sorokina, Managing Partner, O2 Consulting, Moscow, Russia believes that to be international nowadays you need to know how to cooperate with partners, customers from different countries; how to protect your worldwide assets; how to minimize your legal risks; how to resolve disputes or conflicts. The quantity of transactions where one of the partners is from the Greater Caspian Region is growing these days. These companies are required to comply not only with a variety of contract provisions drafted by legal teams from different countries, but also with national and international law and have fair and supportive dispute resolution system. There are some significant problems and conclusions the specialists come up with examining the Greater Caspian Region. One of them is access to arbitration. In Russia we have only five arbitrary institutions located in Moscow instead of more than thousand that we had previously. We encounter the same problem in Turkmenistan and Azerbaijan and the only exception is Kazakhstan with about twenty well-equipped arbitrary institutions. The lack of trust to arbitrators is another serious problem we can face. To deal with it we need to engage worldwide experts to promote the region as centers of international trade and promote the idea of local arbitration centers.
Guy Blackwood, Barrister (QC), Quadrant Chambers, London, UK speaks about progression and regression trying to analyze whether we are moving forward or backward. Common law tends to be very flexible unlike civilian courts that draw more on rules. The English law has never been clarified till the end of last year, we can serve de facto directors out of jurisdiction and hold them liable to contemptive court. He talks about remedies available in English Law and gives strong supportive examples.
Irina Paliashvili, President of RULG Ukrainian Legal Group talks about ECA Region (Europe-Caucasus-Asia) and states that now it is undergoing innovations and becoming global infrastructural center. That is why it is especially important for investors to feel protection in case of disputes. Enforcement and collection are big problems in cases when an inventor wins the dispute in International Investment Arbitration but cannot collect the debts. The New Silk Road lawyers should think hard on what they can propose as new solutions for the investors to feel comfortable. One of the ideas can be International Convention of the Greater Caspian Region where governments will reserve funds and allocate money there.
Vitaliy adds that here are cultural and technical issues that must be addressed to any International Arbitrations and in Caspian Region specifically. To have the issues understood and resolved we need to have Forum of Arbitration Practitioners.