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Last Updated: Feb 13, 2017 - 1:45:37 AM |
Members of the Legal sector participated in the 3rd Annual Arbitration and Investment Forum, January 23, at The College of The Bahamas. (BIS Photo/Kristaan Ingraham).
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NASSAU, The Bahamas – The Government of the Bahamas supports the initiative of becoming a regional Arbitration centre. To that end, Minister of Financial Services the Hon. Hope Strachan said that efforts have already been made to position the country to participate in that industry. The Minister was speaking during the 3rd Annual Arbitration and Investment Forum held at The College of The Bahamas on Friday, January 23.
“The success of an Arbitration centre will be determined primarily by the skill and expertise of the arbitrators, and therefore our focus is not only on leveraging arbitration for economic development, but also on capacity building,” Minister Strachan said.
Minister of Financial Services, the Hon. Hope Strachan addresses attendees of the 3rd Annual Arbitration and Investment Forum, January 23, at The College of The Bahamas. (BIS Photo/Kristaan Ingraham).
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She said that the Ministry of Financial Services intends to support training initiatives in the science of Arbitration, both locally and internationally, and that action is being taken to seek to partner with internal and local stakeholders, such as The Bahamas Bar Association, The Bahamas Chamber of Commerce, the local chapter of CIARB and the University of Miami, among others to ensure that Bahamian practitioners are fully equipped with the ‘necessary’ tools, that would allow for the development of the a ‘first-class international Arbitration centre.’
Minister Strachan said that Commercial Arbitration is quickly becoming the mechanism of choice for the settlement of international trade and investment disputes. “Foreign investors would appear to prefer having their disputes settled by way of arbitration rather than through the courts, which oftentimes leads to prolonged, time-consuming and costly processes. With foreign investment fueling our economy, it is imperative that we share the responsibility of ensuring that we offer first class service in every respect.”
The Bahamas is an international financial centre with financial services accounting for some 27% of the country’s gross Domestic Product (GDP). Accordingly, the Minister said that the country has the infrastructure, facilities and trained professionals to support a regional Arbitration Centre.
Attorney Peter Maynard speaks during the 3rd Annual Arbitration and Investment Forum, January 23, at The College of The Bahamas. (BIS Photo/Kristaan Ingraham)
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