LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) and International Finance Corporation (IFC), a member of World Bank Group, on Tuesday joined hands to establish Business Mediation Centre (BMC) in LCCI's building.
On behalf of the LCCI its President Irfan Qaiser Sheikh inked the Cooperation Agreement (CA) while the IFC was represented by Manager Investment Magdi Amin. 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, Irfan Qaiser Sheikh said that the CA between the LCCI and IFC would help improve investment climate in the country by offering alternative avenues for swift dispute resolution through mediation between contracting parties.
LCCI-IFC initiative will go a long way in improving the quality of business environment in the country, he said adding 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.
He said that the Centre would be particularly useful for the members of the Lahore Chamber of Commerce and Industry as it would be helping them tackle risk perception when doing business with their global counterparts.
Alternative dispute resolution clause in the contracts to settle disputes pertaining to breach of contract, non-supply of consignment after receiving payment, supply of sub-standard goods, late shipment, etc. will help improve business relations while contributing to the quality of governance required for managing economic activities well, he said.
He said the IFC would help LCCI improve its capacity to do business mediation and develop rules to settle disputes through this method.
“Both the organizations will create awareness on the usefulness of dispute resolution through mediation," he added.
Irfan Qaiser Sheikh said the agreement will not only help local firms to be more competitive but also contribute to attract new foreign direct investment into the country on the heels of improved business climate.
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