ISLAMABAD: Recognizing the importance of alternate dispute resolution mechanism for effective and speedy resolution of trade disputes, Islamabad Chamber of Commerce and Industry (ICCI) has signed MoU with Economic Reforms Unit of Ministry of Finance ( ERUMF) for the establishment of Alternate Dispute Resolution Center at its premises to facilitate the local business community in out-of-court settlement of business to business disputes.
Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce and Industry (ICCI) and M. Yasin Gohar, Joint Secretary, Finance Division signed the MoU.
ICCI in collaboration with ERUMF signed another MoU with SECP, FBR and EOBI for establishment of a Physical One-Stop Shop (POSS) at its premises for registration of new companies and businesses. The POSS will facilitate the incorporation of new companies with SECP, obtaining national tax number with FBR and employer registration with EOBI under one roof at ICCI. Muzzamil Hussain Sabri President ICCI, Syed Iqbal Haider Zaidi Director General (Ops) EOBI, Mubasher Saeed Saddozai, Director SECP and Zain-ul-Abedin Sahi, Secretary (IT) FBR signed the MoU.
Speaking at the occasion, Muzzamil Hussain Sabri, President, ICCI said that settlement of trade disputes through litigation was a time consuming and costly process while establishment of ADRC will provide a good opportunity to local business community to seek out-of-court and speedy settlement of such disputes. He said the POSS would also prove highly beneficial for the local business community as it will enable them to get registered with SECP, FBR and EOBI at one location.
Madam Fauzia Abid Deputy Secretary and Mr. Umer Khalid Industrial Policy Advisor, ERUMF of Finance said that establishment of ADRC and POSS will contribute positively in improving Pakistan’s ranking on ease of doing business benchmarks. The representatives of SECP, FBR and EOBI also pledged full support to ICCI for making POSS successful and productive for the business community.
