Freeport, Grand Bahama - The prime minister is pursuing a shipping and aircraft registry in Grand Bahama linked with the establishment of an arbitration center, a move that would generate considerable prestige for the island. Perry Christie urged delegates at the Bahamas International Investment and Business Forum (BIIBF) yesterday to recognize the growing strategic importance of Grand Bahama as a "gateway" to the Americas. He said the Grand Bahama Port Authority (GBPA), the Ministry of Grand Bahama and the Ministry of Financial Services are all working to begin construction on the arbitration center as soon as possible.
"I also want a dynamic shipping and aircraft registry," he told the audience. Ryan Pinder, the minister of financial services, said that the GBPA has emerged as an important ally in the process. Chairman of the GBPA Ian Fair has extensive experience in arbitration, particularly in the maritime industry, and was chairman of the Bahamas Maritime Association (BMA). "Arbitration for maritime issues can be a significant niche for our shipping registry," Pinder told Guardian Business. "On matters related to Grand Bahama, the container port and the shipyard, we think it's a natural connection." The senior government official added that the center would be "state of the art and high tech", using video conferencing and hearing rooms, where individuals from around the world can participate in proceedings.
Pinder explained that an arbitration center offers the ability for the services industry to diversify activities economically, with lawyers, engineers and accountants all capable of participating. It expands the portfolio of services, he added, and brings more international companies to these shores. In that sense, the benefits can be both tangible and intangible. Meanwhile, the creation of an aircraft registry has long been the ambition of one of the country's top attorneys, Llewellyn Boyer-Cartwright. The senior partner at Callenders & Co. said such a registry can generate around $20 million annually for the public coffers. Aruba, Malta and the Isle of Man have all recently established their own registries.
It would add security, help complete the financial services package and create a number of employment and business spin-off opportunities, while also helping the aviation industry to grow to "unprecedented levels", he noted. The announcement concerning the arbitration center comes shortly after the Ministry of Financial Services announced the formation of an arbitration council. Pinder confirmed yesterday that invitations to the council have been sent out and the first meeting is scheduled for March 4. The hope, he said, is to run the council in parallel with developments in Grand Bahama as officials "put some meat on the bones".
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