ISLAMABAD:The Ministry of Law and Justice successfully concluded a settlement agreement with Ozpak, a Turkish company in longstanding arbitration proceedings pending in the ICSID.
The signing ceremony, held in the Ministry of Law and Justice, was witnessed by the representative of the Turkish Embassy, said a press release.
The ceremony was also attended by key figures of the Government of Pakistan including the additional secretary of BOI, Mr Someir Siraj, Head International Disputes Unit of the Attorney General’s Office, and Barrister Zahoor Ahmad, Senior Consultant of the Ministry of Law and Justice.
Lahore Waste Management Company CEO Mr Babar Sahib Din and other officials also attended the ceremony. From the Turkish investor’s company, Mr. Nizam Uttin, Country Head of Pakistan Ozpak, Afzal Shah Operation Pakistan Ozpak, and Azhar Muir, CFO Ozpak, were also presented to witness the historic agreement.
Representative of the Turkish Embassy highlighted the strong brotherly relations of Pakistan and Turkiye and the settlement of the disputes by negotiation, thereby fostering a positive atmosphere for future investments.M/s Ozpak also acknowledged the dedication efforts of the Ministry of Law and Justice, BOI, and International Disputes Unit for the settlement of the dispute.
This resolution not only brings closure to the dispute but also reinforces investors’ confidence in Pakistan’s commitment to a conducive business environment. This successful resolution underscores the government’s commitment to maintaining a fair and transparent business environment, promoting international cooperation, and fostering enduring partnerships.