Business based rifts: Mediation centre to resolve disputes

LCCI and IFC have decided to establish the first-of-its-kind business mediation centre at LCCI.

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) and the International Finance Corporation (IFC), a member of the World Bank Group, have decided to establish the first-of-its-kind business mediation centre at LCCI. In this regard, LCCI President Irfan Qaiser Sheikh and IFC Manager Investment Magdi Amin inked a cooperation agreement. Irfan Qaiser Sheikh said the agreement would help improve investment climate in the country by offering swift dispute resolution through mediation between contracting parties. He said it would reduce the cost of doing business as contracting parties would be able to avoid expensive and lengthy court procedures to resolve their disputes. “Although Pakistan fared well in many ‘doing business’ and ‘investment climate’ indicators compared with regional and global economies, the country still has to make substantial progress in ensuring an overall enabling economic environment,” he said.

Published in The Express Tribune, December 21^st, 2011.