Lahore Chamber of Commerce and Industry and the International Finance Corporation, a member of the World Bank Group, Tuesday joined hands to establish first of its kind Business Mediation Centre at Lahore Chamber of Commerce and Industry. On behalf of Lahore Chamber of Commerce and Industry, LCCI President Irfan Qaiser Sheikh inked Cooperation Agreement (CA) while IFC was represented by Manager Investment Magdi Amin. While LCCI Senior Vice President Kashif Younis Meher, Vice President Saeeda Nazar, Project Officer IFC Barrister Isfandyar Ali Khan and Project Analyst IFC Reshma Aftab were also present in the signing ceremony. Speaking on the occasion, LCCI President Irfan Qaiser Sheikh said that cooperation agreement between LCCI and IFC will help improve investment climate in the country by offering alternative avenues for swift dispute resolution through mediation between contracting parties. It will reduce the cost of doing business as contracting parties will be able to avoid expensive and lengthy court procedures to resolve their disputes. Although Pakistan fares relatively well on many business and investment climate indicators when compared with economies regional and globally, the country still has to make substantial progress in ensuring an overall enabling economic environment. LCCI-IFC initiative will go a long way in improving the quality of business environment in the country. Mechanisms of alternative disputes resolution especially through mediation are being favoured all over the world for being less costly and efficient in terms of time taken to settle violations of contractual obligations.
