LAHORE: The Lahore Chamber of Commerce and Industry on Saturday stressed the need for further strengthening the institutional framework for mediation in Pakistan through legislative action as being done in many countries around the world.
LCCI President Engineer Sohail Lashari was speaking at the certificate distribution ceremony arranged by International Finance Corporation (IFC) for 18 professionals trained to resolve trade and tax disputes.
Saima Zuberi, Associate Operations Officer IFC also spoke on the occasion. Representatives of the leading public and private sector organizations including Federal Board of Revenue, Ministry of Commerce, Punjab Revenue Authority, Association of Chartered Certified Accountants, Punjab Finance Department, Lahore Tax Bar Association, Federation of Pakistan Chambers of Commerce and Industry, Board of Investment, Pakistan Institute of Trade and Development, and Institute of Chartered Accountants of Pakistan participated in the training event.
The LCCI president said Pakistan would achieve foreign investment target provided its mediation framework was strong enough to give due protection to investments, both local and foreign.
"Although laws are there but the procedures are so lengthy and cumbersome that it often takes decades to decide fate of business disputes."
The LCCI president also urged the local and foreign investors to insert mediation clause in contracts as it provides an efficient and low cost mechanism for dispute resolution.
"The investment scene in Pakistan is not as good as it should be as compared to other regional countries but it could get a boost in shortest possible time by strengthening an efficient and low cost mechanism for dispute resolution," he added.
Sohail Lashari said the establishment of Dispute Resolution Center was a milestone towards improving investment climate in Punjab as it would continue to give a good message to potential local and foreign investors who often show their reluctance to put money in any new venture in Pakistan only because of absence of such a mechanism.
The Lahore Chamber of Commerce and Industry in partnership with International Finance Corporation and Department for International Development (DFID) has opened the first of kind Business Dispute Resolution Center.
The LCCI president paid tributes to International Finance Corporation and the Department for International Development of the government of the United Kingdom for promoting mediation in Pakistan as an integral part of Alternative Dispute Resolution mechanism for settling commercial disputes in an amicable manner.
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