ISLAMABAD:
In a significant move aimed at ensuring both national and international investment security, the Pakistan Engineering Council (PEC) has decided to establish technical arbitration tribunals.
These tribunals will be staffed by expert technical professionals who will mediate in major disputes arising in large-scale projects. Following hearings involving all concerned parties, these technical tribunals will provide opinions.
According to Engineer Najeeb Haroon, chairman of the PEC, the council will set up alternative dispute resolution centers in all major cities of Pakistan.
“These centers are being established in collaboration with the Pakistan Institute of Corporate Governance (PICG). The first of these ADR centers will be inaugurated in Karachi on May 11,” he stated.
Haroon emphasized that in cases where projects face delays or come to a halt, experts will be brought in for mediation.
“The cost of completion escalates when projects experience delays or interruptions. Swift resolution of disputes will enhance investor confidence,” he said.
The PEC chief noted that the establishment of alternate dispute resolution centers would aid courts in handling technical matters, especially considering the significant backlog of cases they currently face.
Referring to the Special Investment Facilitation Council (SIFC), he said the council has extended invitations worldwide to invest in Pakistan.
“The SIFC has introduced a one-window operation for investors. The success of the SIFC is tantamount to the success of our nation,” Haroon said, while also emphasizing the plethora of investment opportunities available in Pakistan.
The former PML-N led government, in June 2023, formulated a plan to attract investment from Gulf Cooperation Council (GCC) countries as part of an “Economic Revival Plan”. Prime Minister Shehbaz Sharif sanctioned the establishment of the SIFC as per this plan.
Comprising three tiers, the SIFC includes a six-member apex committee chaired by the prime minister, with its executive committee featuring eight members, including representatives from the Pakistan Army.
