Bahamas to be Established as Arbitration Center
Tuesday, October, 6, 2015
The Bahamas is in the process of becoming a center for arbitration, hoping to tap into the lucrative market in the country. The goal is to make The Bahamas the top arbitration center in the region, but first the country needs to attract numerous professionals from a range of industries and ensure they are certified in arbitration.
A number of people recently completed certification, which occurred in conjunction with the 100th anniversary of The Chartered Institute for Arbitration. Participants were congratulated in remarks that also included acknowledgement that The Bahamas is mandated to act as an international arbitration hub and that the Institute created the timely theme “Arbitration, essential to the national development – a national solution that cannot be ignored.”
The goal is to identify key markets that can seek arbitration in The Bahamas and leaders hope to take advantage of the countries proximity to the Americas and the Caribbean. The Ministry of Financial Services plans to continue its work with various stakeholders, a group which includes The Bahamas Bar Association, Chamber of Commerce, Maritime Authority, Financial Services Board, and The Grand Bahamas Port Authority.
There are also plans underway to establish The Bahamas as a “sophisticated and reputable regional hub” that can provide services that are acceptable for states’ different legal and economic conditions. There will also be a lecture and technical workshop presented by the Principal Legal Advisor of The United Nations Commission on International Trade Law on the Model Law in mid-November, as well as several partnerships between the ministries and private sectors.