The 57th Annual General Meeting of the International Chamber of Commerce Sri Lanka was held at the BMICH, Colombo on 20 December 2023.
The ICC Sri Lanka has been operating in Sri Lanka for over 70 years and was incorporated 57 years ago.
The ICC Sri Lanka journey has been memorable and one of incomparable achievements in supporting the business community of Sri Lanka.
Through its commitment, the hard work of staff members and the unstinted support and guidance of the Executive Committee under the able leadership of the Chairman, ICC Sri Lanka is happy to note that a positive recovery has been achieved following the adverse effects of the pandemic and the global and Sri Lankan economic turmoil.
Chairman Shanil Fernando is a lawyer by profession and Director of Asian Logistics Park Ltd., World Express (CMB) Ltd., AFA Corporate Ltd., and Air and Sea Logistics Ltd.
He is also a partner of Anton Fernando Associate Law firm and Director of AFA Corporate Services Ltd. and Director of Ceylon Port City Corporate Ltd. as well as former Director of the Colombo Stock Exchange.
The International Chamber of Commerce Sri Lanka (ICCSL) is the domestic chapter of the Paris based international world business organisation.
ICC Paris is over 105 years old and is represented in 170 countries with over 45 million corporate members around the world.
Trade and investment facilitation, export and import and cross border issues pertaining to goods and transport and arbitration are some of the areas addressed by the ICC.
The ICC was accorded a seat as an observer in the UN, the first time a private-sector chamber received such an honour.
The ICC is a global business organisation that represents the interests of companies from all sectors and regions.
It serves as a platform for businesses to engage in dialogue, shape policy, and promote international trade and investment.
The ICC provides a range of services and initiatives to support businesses, including arbitration and dispute resolution, policy advocacy, and the development of international trade rules and standards.
With its extensive network of members and expertise in global business, the ICC plays a crucial role in fostering economic growth and promoting a rules-based international trading system.
ICC Arbitration is a widely recognised and trusted method for resolving international commercial disputes.
It is administered by the International Court of Arbitration, a part of the ICC that offers a neutral and efficient process for parties to resolve disputes outside of national courts.
The ICC Arbitration process is guided by the ICC Rules of Arbitration that provide a comprehensive framework for conducting arbitration proceedings.
These rules ensure fairness, transparency, and enforceability of the arbitral awards.
Parties involved in an ICC Arbitration have the opportunity to select arbitrators with relevant expertise and experience in their specific industry or legal field.
The arbitrators, who act as neutral decision-makers are chosen based on their impartiality and independence.
ICC Sri Lanka will setup the proposed Colombo International Arbitration Facilitation Centre to promote the hearing of ICC Arbitration in Sri Lanka.
ICC Arbitration also benefits from the support and expertise of the ICC Secretariat that assists parties throughout the arbitration process.
The Secretariat helps with administrative tasks, facilitates communication between the parties and the tribunal, and ensures compliance with ICC Rules.
A key advantage of ICC Arbitration is its global enforceability.
The resulting arbitral awards are widely recognised and enforceable in over 160 countries, by virtue of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
Overall, ICC Arbitration provides a reliable and effective means for businesses to resolve their international disputes in a fair and efficient manner, contributing to the stability and predictability of international trade and investment.
The Board of Directors of ICCSL for year 2024 includes representatives from leading listed companies, banks such as, the People’s Bank, Commercial Bank, Hatton National Bank, LOLC, Aitken Spence, Dilmah Ceylon Tea, Huawei, MAS Intimas, World Express (CMB), Green Fabric, Cornucopia Lanka, Monaco International, Expo Industrial Engineering, Rhino Roofing Products, Colombo Stock Exchange, EDB, Graphic System, Vinu International Trading, CICRA Solution, International Distillers Ltd., Maxims Overseas Holdings, etc.
ICC sub-committee Chairs as at 2023 are as follows: Policy and Advocacy Committee Prof. Ajantha Dharmasiri, Sustainable Financing facilitating green bonds Shanil Fernando, Integrity Darshana Gunasekera, Finance Indika Rajapakshe, Trade Facilitation P.M. Abeysekera, Audit Janek Jayasekara, Banking Prasad Fernando, Agriculture and Food Security Amrith Fernando, Insurance Surekha Alles, Membership Johnny Fernando, Arbitration Shanil Fernando, Training and Education apt. Nalin Peris, the new additional committees to be added this year as well, the Digital Economy Committee Boshan Dayaratne.
New sub committees to be added for 2024 are the Marketing and Advertising Committee, Environment and Energy Committee and Taxation Committee.
(Daily FT)
