A strong and effective judicial system is mandatory for the development of an economy. Take Singapore, for instance, where the judicial system is powerful, and the country is developing rapidly. Foreign direct investment (FDI) is also necessary for economic development, but without trust in the system, nobody brings money into a market.
Due to the sluggish judicial system in Pakistan, the FDI was around $2 billion in 2019.
According to a report by the judicial commission, about 2.2 million cases are currently pending with the courts across Pakistan.
Commercial cases take more than 1,046 days in Pakistan. On the other hand, these cases take only 164 days in Singapore. Investors avoid investing in Pakistan due to delays in commercial and corporate cases, and that affects economic development.
Moreover, Pakistan is far away from arbitration, which is a mode preferred by businessmen for dispute resolution.
In a nutshell, judicial delay is the root cause of economic instability. Pakistan may learn from Singapore, improve its judicial system, and intro- duce technology to unburden the courts.
ATIQA SOOMRO
KARACHI
