During his opening address at the Chartered Institute of Arbitrators (CIArb) Bahamas Branch Centenary Celebrations Conference Prime Minister and Minister of Finance Perry Christie asserted that The Bahamas' dynamic and emerging services industry and robust legal traditions make the jurisdiction "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," Christie told the delegates, adding that both Hong Kong and Singapore had been successful in establishing centers that are comparable to the Hague.
"The Bahamian agenda is to replicate this primacy for the Caribbean region," he said. "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."
Christie said that as the government continues to collaborate with the private sector for the establishment of The Bahamas' International Commercial Arbitration Centre, "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 center, utilizing the brains and resources, both technical and financial, of both the government and the private sector," the prime minister said.
Specialization
He also noted that 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 - Christie said the government continues to consider new opportunities for establishing a branch, if not the main body, of the international arbitration center in 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 redouble 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."
Perhaps hinting at his own leanings in the debate before the Bahamas Bar Association now about liberalization, Christie pointed out that the focus of the 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," he said.
Financial services
Christie noted that the Ministry of Financial Services continues to promote this jurisdiction as an international financial service center.
"Central to this must be the International Commercial Arbitration Centre,which can become the very centerpiece of what The Bahamas has to offer," he said.
According to the prime minister, establishing The Bahamas as a preeminent international commercial arbitration center requires a disciplined plan, the strategic and legislative framework, development of technical capacity and professional investment.
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