Lahore, October 31, 2013 (PPI-OT): The Lahore Chamber of Commerce and Industry is committed to promote mediation for resolving commercial disputes as a way to improve enabling environment for investment and business activities in Pakistan.
“Businesses should avoid litigation as it is costly, time-consuming and blocks assets. Instead, businesses should try mediation to settle contractual disputes which may also help to protect relations with existing partners.” These views were expressed by the LCCI President Engineer Sohail Lashari while speaking at the Recognition Ceremony jointly organized by the Lahore Chamber of Commerce and Industry and International Finance Corporation.
The event was attended by the Senior Vice President Mian Tariq Misbah, Vice President Kashif Anwar, former presidents Mian Anjum Nisar, Mian Misbah-ur-Rehman, Muhammad Ali Mian, Irfan Qaiser Sheikh, Mian Muzaffar Ali, Farooq Iftikhar, prominent business leaders and executives from private and public sector organizations across a wide spectrum of trade and industry.
The LCCI President shared with the audience that LCCI is the first and only Chamber of Commerce and Industry in Pakistan that has a panel of more than 40 internationally accredited mediators having diverse professional backgrounds who are trained by the Center for Effective Dispute Resolution, United Kingdom. Qualified mediators are readily available at LCCI Business Dispute Resolution Center to help disputing parties settle general contract disputes and relating to trade and tax in particular.
President LCCI acknowledged the role of trained and registered mediators towards effective dispute resolution. “Businesses around the world are using mediation services to settle contractual disputes efficiently and out of court. LCCI is providing mediation services of international standards for the benefits of its members and business community at large.”
President LCCI also added that this is part of a series of joint initiatives of LCCI, IFC-World Bank Group, and the Department for International Development of the United Kingdom aimed at improving investment climate in Punjab and across Pakistan.
President LCCI expressed his concerns that Contract Enforcement remains weak in Pakistan. More needs to be done. This is essential for building investor confidence. He urged participants and media as well as invited all chambers and associations to join hands for promoting the use of mediation over litigation.
This is critical for Pakistan and Punjab to be considered a business-friendly investment destination. Saima Zuberi, Associate Officer IFC, expressed that the availability of mediation services as being provided by qualified mediators at LCCI Business Dispute Resolution Center would contribute to improving investment climate and will serve as a good signal for foreign and local companies to increase their business activities and create jobs.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854