The set-up of a global mediation centre in Hong Kong will catapult the city to the international arbitration stage, enhance its influence and bring in economic benefits, the chief executive has said.

Speaking to reporters ahead of his meeting with the Executive Council on Tuesday, Lee said the organisation would have a status on par with the International Court of Justice and the Permanent Court of Arbitration of the United Nations at The Hague.

“The mediation body will bring significant benefits on multiple fronts, including enhancing Hong Kong’s international status, significantly elevating its role and global influence in international mediation,” he said.

He also pointed to the “substantial” economic benefits the organisation would bring to the city. He said that demand for arbitration services would yield many job opportunities, such as positions for mediators, translators and researchers.

It would also attract other international organisations, NGOs and academic institutions to establish a presence in Hong Kong, and bring in high-quality conferences and exhibitions, Lee added.

The city leader also said the centre would stimulate growth in various sectors, including hospitality, food and beverage, logistics and transport.