The new International Organisation for Mediation launched in Hong Kong will be an efficient, fair and credible mechanism for dispute resolution and attract investors from the Global South as the economy shifts towards these developing countries, the city’s finance minister has said. Secretary for Finance Paul Chan Mo-po said on Sunday the inauguration of the China-led body on Friday established Hong Kong’s role as the global legal and mediation centre for the Asia-Pacific region. “An efficient, fair, just, and credible dispute resolution mechanism is one of the important pillars for promoting more international investment and trade, and helps to enhance investor confidence,” Chan wrote in his weekly blog. “As China’s only common law jurisdiction, Hong Kong has excellent rule of law, comprehensive legal and dispute resolution services, coupled with a trilingual environment and tolerance for different cultures, making it the most ideal location for the International Organisation of Mediation.” Chan also said that the establishment of the legal body would enhance the competitiveness of Hong Kong’s international financial, trade and shipping industries, and promote good ties with the Global South, referring to countries in Africa, Latin America and Southeast Asia. Chan noted that the global economy was “shifting eastward”, and developing countries in Asia, including China, which made up one-quarter of the world’s gross domestic product, wanted more say on global governance. “In recent years, more Asian and African countries have also stated their desire to adopt mediation as an alternative to arbitration for resolving disputes,” said Chan, noting that mediation was more “flexible, economical and efficient” than arbitration. Chan also said Hong Kong was “naturally an ideal partner” for Asean countries and those in the Middle East which had very young populations and relatively stable governments. “They all hope to focus on the economy, promote diversified economic development, and are willing to invest more resources in infrastructure development, green transformation, digital economy, and the improvement of public services such as healthcare and education,” he said. Located at the former Wan Chai Police Station, the headquarters of the International Organisation of Mediation is set to open as early as the end of this year and is the first intergovernmental organisation to be based in Hong Kong. Chinese Foreign Minister Wang Yi took the lead at a high-level ceremony on Friday for countries to formally sign on as founding members of the organisation. Most of the 33 signatories of the Convention on the Establishment of the International Organisation for Mediation were African countries, such as Algeria, Ethiopia and Cameroon. Alongside them were countries from Asia, including Pakistan, Laos and Indonesia; five from Latin America and the Caribbean; five from Oceania; and two from Europe. Many are part of the Belt and Road Initiative, a push by Beijing to link economies into a China-centred trade and development network. Wang, China’s top diplomat, said the new legal body would fill the “institutional gap” in international mediation and serve as “an important public good” in the field of the rule of law, ensuring better global governance.