Chinese entrepreneurs want JVs in Construction
read more

ICCI asks NBP to offer easy credit scheme for SMEs
read more

Business community asked to focus on Uzbekistan
read more

Pakistan and Malaysia focus on trade
read more

UAE Ambassador eyes Ä20 billion export potential
read more
Loading

 
 
Events Calendar

M T W T F S S
 
 
 
 
Urgent Attention
Events
News
Press Statements
Photo Gallery
 
 
 
 
This Week Events

    No Events available
view past events
 
Latest News
view past news
 
 
 
 
Press Statements
 
 
 
  Important Links
 
 
 
IFC will help ICCI for housing a Mediation Center for disputes settlement April 15, 2013
Meeting at ICCI
 
The Economic Reforms Unit of Ministry of Finance in collaboration with International Finance Corporation (IFC) organized an awareness seminar at Islamabad Chamber of Commerce & industry for the establishment of Alternate Dispute Resolution (ADR) mechanisms in Islamabad Region.
 
Mr. Umer Khalid, Industrial Policy Advisor, Economic Reforms Unit, Ministry of Finance, Mr.Muhammad Naveed Iftikhar, Governance Specialist, Economic Reforms Unit and Mr.Asfandyar Khan, Project Officer IFC highlighted the role of IFC as private sector arm of the World Bank Group which has launched an ADR project in Karachi and Lahore.
 
The Economic Reform Unit also offered technical assistance to Islamabad Chamber for housing mediation center for its members which would reduce time and cost of dispute settlement and reduce backlogging of cases in courts. Mr.AsfandYar Khan, Project Officer IFC said that around 60% to 70% cases were resolved through mediation because it works as an ADR mechanism which has the potential of reducing burden of caseload on formal justice system and complements efforts of judiciary in early settlement of disputes.
 
While highlighting aims and objectives of mediation, IFC representative said that IFC intended to improve ranking of Pakistan in Contract Enforce Index in which currently our country ranked at 160 out of 180 countries of the world according to the report of WB.He said that steps are being taken to extend the scope of this center to other chambers of commerce in the country which would help the private sector companies to resolve disputes quickly. 
 
Speaking on the occasion, Mr.Mehmood Ahmed Waraich, Senior Vice President ICCI said thatappreciated the initiative of Ministry of Finance for developing Alternative Dispute Resolution mechanism and said that ADRis a very important framework in enhancing the business enabling environment by reducing pressure on the clogged courts.
 
He said that businessmen avoid approaching to courts for disputes resolution because it proves very costly for them as courts take 3-5years for settlement of cases. He said that due to these lengthy procedures businessmen also distracts their attention from focusing on their businesses. In such a scenario, it is really appreciable that Ministry of Finance in collaboration with IFC has taken a positive initiative to establish an ADR mechanism in Islamabad region, he added.
 
Senior Vice President expressed hope that the presentation of IFC on ADR would create better awareness in our members about this mechanism and they will definitely avail of this innovative method as its usefulness and necessity is now universally accepted and this mechanism being successfully used almost all over the world.