China’s Qingdao Law Society President Cheng Dezhi has emphasised the need to resolve legal issues and difficulties between the business communities of China and Pakistan so that both can advance together. He was talking to Special Economic Zones Authority (SEZA) Chairman S.M. Naveed along with his other executive members.

Cheng Dezhi said, “Our aim is to enhance the relationship between the party, governments, and law professionals, as well as the promotion of academic research and application, institutional innovation and the rule of law, participation in legalisation and supervision, providing legal services, and increasing public awareness.”

He said that the Qingdao Law Society is a local branch of the China Law Society and a people’s organisation under the leadership of the CPC Qingdao Committee.

He added, “We should be mindful that international investors, apart from evaluating economic, political, and sovereign risk, also focus on legal and quasi-legal factors before investing overseas.” Investors anticipate that a legal system should be able to support sophisticated and complicated concepts, transactions, and structures.

Special economic zones (SEZs) are larger estates that may be regarded as independent cities, according to SEZA Chairman S.M. Naveed. He said, they typically target both domestic and global markets, and encompass all industrial and service sectors.

Additionally, he stated that each SEZ should have an unbiased and independent alternative dispute resolution (ADR) body for quick settlement of civil and business disputes. To encourage Chinese investments across a range of industries, he urged the Chinese brothers to step up and make an investment as zone developers. For the interest of the business sector, dispute resolution cells should be formed in both countries, he added.

He said, “Through the ADR clause, the two parties can resolve their issues with the help of a mediator; facilitator, which I think is the most convenient way to solve such issues.” S.M. Naveed welcomed the Qingdao Law Society delegation for visiting Pakistan and expressed his optimism for the success and economic advancement of both countries through cooperative partnerships.

Credit : Independent News Pakistan-WealthPk