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PM Christie Remarks at the Chartered Institute of Arbitrators Centenary Celebrations Bahamas Conference‏
Nov 14, 2015 - 9:24:53 AM

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Opening Address by The Rt. Hon. Perry G. Christie, M.P.Prime Minister and Minister of Finance at The Chartered Institute of Arbitrators  (CIARB) Centenary Celebrations, Bahamas Branch Conference held at The Melia Hotel on 13th November, 2015 at 9:00a.m:

“Arbitration and Alternative Dispute Resolution: The Bahamian Agenda”

Distinguished delegates

Ladies & Gentlemen

It is a pleasure to be here with you today on the occasion of your Centenary celebrations.

Globally we continue to witness the growth and development of arbitration as a viable alternative to judicial dispute resolution in commercial matters.  Inexorably, arbitration is taking an increasingly significant lead on the traditional court system in a number of important respects. Indeed arbitration offers time and cost efficiencies with assurances of speedier outcomes, enhanced privacy and specialist expertise for dispute resolution, all in more relaxed, less “procedure-centric” framework.

Moreover, arbitration is increasingly being viewed as a form of alternative dispute resolution under which arbitral awards are readily enforceable abroad, thereby adding a crucial requirement to both their legitimacy and efficacy.

The Bahamas, with its dynamic and emerging services industry and robust legal traditions, makes us the obvious choice for an international commercial arbitration center in this region. We have the capacity to facilitate the highest level of arbitration, and our strength, stability and, most importantly, our sovereignty, are key selling points as well.

The Bahamian Agenda

Countries such as Singapore and Hong Kong have chartered the course for arbitration in the Asia-Pacific jurisdictions and they have long been considered centres of the “new world of arbitration.  Both centres have typically succeeded in meeting the needs of the international commercial arbitration community through the consistent application of the UNCITRAL Model Law.

Both centres have been successful in establishing centres that are a comparable to the Hague. The Bahamian agenda is to replicate this primacy for the Caribbean region.   

For a jurisdiction, such as ours, there are key attributes that continue to make our country attractive to the international market. Our country enjoys  deeply rooted and highly sophisticated, well-regulated financial services sector, a demonstrated commitment to long–term planning for economic growth and development, and a highly developed professional services industry

Public Private Sector Partnerships

As the Government continues to collaborate with the private sector for the establishment of The Bahamas’ International Commercial Arbitration, we continue to recognize that international arbitration is a market driven area of specialization.  We are therefore committed to the ongoing development of the framework for the establishment of an International Commercial Arbitration Centre on the basis of a public-private sector partnership.

In particular, there must be a more focused approach to the development, training, and marketing of the centre, utilizing the brains and resources, both techical and financial, of both the Government and the private sector.

It is my very firm conviction that The Bahamas has the capacity and the will to develop an International Commercial Arbitration Centre of the finest quality.

Specialized Areas of Arbitration

The Government continues to research possible niche areas for attracting the international market. With the development of The Bahamas’ maritime industry - in particular, the expansion of the Freeport Container Port and the sophisticated industrial sector of Grand Bahama - the Government of The Bahamas continues to consider new opportunities for establishing a branch, if not the main body, of the international arbitration centre in Grand Bahama.

The economy of Grand Bahama is continuing to develop, both in the tourism and industrial sectors. Increased investments by companies such as the Sunwing Group in hotel development and Tui in ground and air transportation are adding economic depth and value to the island of Grand Bahama.

We understand that commercial parties have a choice in the jurisdictions in which they commence arbitral proceedings. If our country’s legal system does not provide an attractive environment in which international arbitrations can occur, the parties will simply opt to go elsewhere. That is the competitive reality.  There is no escaping it. The Bahamas must therefore re-double its efforts to better ensure the ease of doing business in our country. Clearly there is a room for greater bureaucratic efficiency and for enhanced synergies between the public and private sectors. Collaboration, not confrontation, must become our mantra.   

The Bahamas Investment Authority continues to promote The Bahamas as a premier destination for investments. Foreign investors continue to look for jurisdictions with a mature services industry. Therefore, the focus of our Government continues to be to assess and develop new ways for advancement.  We continue to examine how we can liberalize our country in a way that maximizes the benefits and returns to us as a people.

Our country’s sovereignty continues to be a principal attraction for international business. This should figure prominently in the promotion of The Bahamas as a premier destination for investments and the seat of choice for arbitration centre.

Financial Services

Financial services is our second leading industry. It is continuing to successfully evolve and adapt. Since re-assuming office in 2012, my administration has implemented financial services legislation and provided the framework for compliance with international best practices, in order to ensure that as a nation we maintain our standing as an important, well-regulated jurisdiction committed to best practices while at the same time allowing for innovation and adaptation to the realities and opportunities of 21st century globalization.

The Ministry of Financial Services continues to promote our jurisdiction as an international financial service centre.  Central to this must be the International Commercial Arbitration Centre which can become the very centrepiece of what The Bahamas has to offer.

The Government’s “Charter for Governance”, upon which the strategic development of our country is based, speaks to the importance of establishing The Bahamas as an internationally recognized International Commercial Arbitration Centre, providing the requisite infrastructure for the Arbitration centre, strengthening the financial services sector and providing suitable paying job for Bahamian professionals.  

Establishing The Bahamas as a pre-eminent international commercial arbitration centre requires a disciplined plan, the strategic and legislative framework, development of technical capacity, and professional investment.

Long term Planning and Development- The National Development Plan
 
The Government remains committed to ensuring that there is a stable macro-economic environment in The Bahamas that will generate new opportunities for our growing society.

Job creation remains one of the primary goals of the Government. The implementation of a national development plan seeks to provide a technologically innovative approach to all aspects of development for Bahamian society.

Planning for the future will be a key component of ensuring that programs and practices are implemented that are geared towards sustainable economic development.
 
As the strategic framework of the National Development Plan continues to unfold, the International Commercial Arbitration Centre must play an important role in our evolving economy, especially in the financial services and maritime industries.

Development of Human Capital

An International Arbitration centre provides new opportunities for thriving young professionals, looking to make their mark in our country. Arbitration provides specialized opportunities for young professionals to contribute to untapped markets. My Government remains committed to facilitating the broadening of these opportunities.

The quality of professional services offered in The Bahamas is exceptionally high, a factor that makes the establishment of The Bahamas’ International Commercial Arbitration Centre a realistic and viable prospect.

Of particular note, there continues to be a fruitful partnership between the Government and the Chartered Institute of Arbitrators’ Bahamas branch.

It is important to ensure that we facilitate Bahamians participating in arbitrations internationally. We believe that The Bahamas has the professional capacity to serve on international arbitration panels. Under the Economic Partnership Agreement (EPA), qualified Bahamians would be able to represent CARIFORUM on CARIFORUM-EU arbitration panels.  

CONCLUSION

I want to conclude by wishing you every success in your deliberations at this conference. It is my firm belief that The Bahamas as an international financial services centre, investment and trans-shipment hub, has the capacity to develop an international commercial arbitration centre of world renown.

The Bahamas’ international commercial centre has the potential for serving global demands for dispute resolution and targeting niche markets.

I commend the Minister of Financial Services for the advancements made thus far in making the business community’s desire a reality, and the Chartered Institute of Arbitrators for its pioneering role in the development of an International Commercial Arbitration Centre.

As these initiatives continue to advance and bear fruit, you can rest assured that the Government of The Bahamas will be a true and reliable partner and ally of yours each step of the way. Working together in a spirit of collaboration and common endeavour there is no limit to what we can accomplish.

So, let’s make it happen!

Good luck with your conference and hearty Bahamian welcome to you all!

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