Bahamas Taking Forward Int'l Arbitration Ambitions
by Jason Gorringe, Lowtax.net, London
29 January, 2015
The Bahamas Government has announced its support for training and partnership initiatives to establish the territory as a center for international arbitration.
The Government is seeking to partner with the Bahamas Bar Association, the Bahamas Chamber of Commerce, the local chapter of the Chartered Institute of Arbitrators (CIARB), and the University of Miami to ensure that Bahamian practitioners are fully equipped to deliver international arbitration.
The Minister of Financial Services, Hope Strachan, said: "The success of an arbitration center will be determined primarily by the skill and expertise of the arbitrators, and therefore our focus is not only on leveraging arbitration for economic development, but also on capacity building."
"Foreign investors would appear to prefer having their disputes settled by way of arbitration," she said, describing it as an alternative to "prolonged, time-consuming, and costly" court processes. "With foreign investment fueling our economy, it is imperative that we share the responsibility of ensuring that we offer first-class service in every respect," she concluded.
Earlier this month, the Bahamas signed an agreement in principle with China relating to international arbitration under which the Bahamas could mediate in payment disputes involving international parties.
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