LAHORE, Oct 26: Institutional framework for mediation should be further strengthened in Pakistan through legislative action as is being done in many countries around the world.

Local and foreign investors should also include mediation clause in contracts as it provides an efficient and low-cost mechanism for dispute resolution, said Lahore Chamber of Commerce and Industry President Engineer Sohail Lashari at the certificate distribution ceremony arranged by International Finance Corporation (IFC) here on Saturday.

A total of 18 representatives of Federal Board of Revenue, Ministry of Commerce, Punjab Revenue Authority, Association of Chartered Certified Accountants, Punjab Finance Department, Lahore Tax Bar Association, Federation of Pakistan Chambers of Commerce and Industry, Board of Investment, Pakistan Institute of Trade and Development, Institute of Chartered Accountants of Pakistan and other leading public and private sector organisations participated in the course arranged to train professionals to resolve trade and tax disputes.

The LCCI president said Pakistan would achieve foreign investment target provided its mediation framework was strong enough to give due protection to investments, both local and foreign.

“Although laws are there but the procedures are so lengthy and cumbersome that it often takes decades to decide the fate of business disputes. The investment scene in Pakistan is not as good as it should be as compared to other regional countries but it could get a boost in shortest possible time by strengthening an efficient and low-cost mechanism for dispute resolution,” he said.

Engineer Lashari said the establishment of Dispute Resolution Centre was a milestone towards improving investment climate in Punjab as it would continue to give a good message to potential local and foreign investors who often show their reluctance to put money in any new venture in Pakistan only because of absence of such a mechanism.

Earlier, IFC Associate Operations Officer Saima Zuberi thanked the participants for taking keen interest in the training and appreciated their commitment to the promotion of mediation in Pakistan.