Legal academics here need to deepen their expertise in areas such as the laws of other Asian countries, in order for Singapore to become an important legal centre in the region.
This is an area of opportunity for Singapore, in the light of the regional economic development forecast to grow in the next few decades, Minister for Law and Home Affairs K. Shanmugam said on Tuesday (June 11).
He was delivering the keynote address at the launch of the 16th Asian Law Institute (ASLI) Conference at the National University of Singapore's Bukit Timah campus.
Hosted by NUS Faculty of Law, the two-day conference will see legal academics and scholars from ASLI member institutions and around the world discuss contemporary legal issues relevant to Asian countries, such as environmental law, human rights, and information technology law.
Mr Shanmugam said analysts predict growth in economic activity in this region, with an Asian Development Bank report forecasting Asia's share of global GDP to be 40 percent by 2030 and 50 percent by 2050.
Such developments will raise demand for professional services, such as law firms with project financing and infrastructure dispute resolution expertise."The economic growth is linked inextricably with the framework of law," he said.
He said the Singapore Government is "deeply committed" to developing Singapore into "the most important legal centre in the region", and has allocated financial resources for it. [read more]
Source: Fabian Koh - The Straits Times