A parliamentary select committee has approved handing over the International Arbitration Centre to the Colombo Port City.
This was sanctioned at a meeting of the PSC on ease of doing business index yesterday (15) on a proposal by its chairman Madhura Withanage.
It came to light that the International Arbitration Centre remains closed for several years.
Also, justice minister Wijeyadasa Rajapakshe has given an assurance to update arbitration laws within four weeks.
Members of the PSC and Colombo Port City officials attended the meeting.
