Source: Date: Updated: Author: |
TheBahamasInvestor.com
Monday, January 25, 2016 Monday, January 25, 2016 Catherine Morris |
The Ministry of Financial Services is stepping up efforts to create an international arbitration hub in The Bahamas, hosting a three-day workshop and continuing with plans to review and amend the relevant legislation.
“The time is right for accelerating our efforts to establish The Bahamas as a commercial arbitration hub,” said Minister of Financial Services Hope Strachan, speaking at the 4th Annual Arbitration and Investment Summit held at the College of The Bahamas last week. “These are exciting times. We have taken the bull by the horns and are now actively engaged with the private sector. This is a long time dream of many professionals [and] we are moving strategically to build an industry of which we can all be proud.”
“It will not happen overnight but it is within our grasp.”
The Ministry is hosting the three-day workshop from March 30 to April 1, 2016, which will offer a range of training sessions. Strachan said the government has a “laser focus” on building capacity throughout the sector and stressed the importance of “equipping and training practitioners to the highest degree possible.”
The Bahamas’ currently relies on the 2009 Arbitration Act but Minister Strachan indicated that a review of this legislation is currently underway to modernize the country’s regulatory framework.
She emphasized the opportunities available through arbitration, particularly international investment disputes with a focus on emerging markets and the maritime sector.
“We need to diversify our economy if we want to survive,” she continued. “There is a critical need to find new and innovative avenues. We in The Bahamas are fortunate to have a well established financial services industry. The convergence of these circumstances – the need to diversify [and] our financial services industry – creates an ideal environment for the establishment of The Bahamas as an arbitration hub.”
cmorris@dupuch.com