The Bahamas is hosting a two-day arbitration training workshop in collaboration with the International Centre for the Settlement of Investment Disputes (ICSID). The Hon. C.V. Hope Strachan says the March 30 - 31 event is providing training for individuals who will be serving in the area of arbitration, positioning the jurisdiction for the establishment of an International Arbitration Centre. “The establishment of an International Commercial Arbitration Centre will reaffirm the Government’s commitment to creative management and economic diversification,” she said. This is intended to allow professionals to expand the services they currently offer internationally and to establish a niche that can be marketed internationally - and differentiate The Bahamas from other Caribbean countries.
“Last year we held three educational seminars, and my ministry is continuing these educational efforts by hosting the two day workshop in conjunction with ICSID”, the Minister continued. “An International Arbitration Centre will provide a forum for rapidly and affordably resolving disputes, and it will provide an alternative to litigation thus increasing investor confidence.”
The centre will not only complement the legal profession, but will also allow The Bahamas to capitalise on its pristine shipping registry and maritime services, its foreign direct investment projects, and its financial services and international business initiatives.
ICSID Secretary General Meg Kinnea notes that the workshop is aptly timed, given The Bahamas’ current objective. “We knew for quite some time that we wanted to do a specific seminar in the Caricom region and given that The Bahamas is vying to become an international arbitration centre, we believe that this is an excellent opportunity for training for those individuals who would be participating in this area.” Secretary General Kinnea will serve as the instructor for the workshop.
