Today, Singapore is the world's third-largest financial centre.
Though I am an engineer, I have been observing Singapore's legal sector and its remarkable achievements.
Ten years ago, almost no international arbitration was done in Singapore. Now, not only there are many such cases, but also, last month, the International Court of Arbitration of the International Chamber of Commerce (ICC) announced that it will have a case management office in Singapore (International arbitration body to open office here; June 29).
Of course, the push to promote Singapore as an arbitration centre played a part in this.
The Ministry of Law and the ICC also signed a memorandum of understanding to develop and promote Singapore as a venue for arbitration in Asia.
This will not only create job opportunities for the legal professionals but also create jobs for supporting industries like IT support.
My hope is that Singapore will soon become one of the top arbitration centres in the world. All who have contributed to this excellent progress should be congratulated.
Sim Lim Onn