The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Ministry of Financial Services has begun preparing a strategic plan for establishing the Bahamas as an internationally-recognised arbitration centre, Ryan Pinder told Parliament yesterday.

 Mr Pinder said he, along with members of his ministry, had completed a promotional tour to Switzerland and London, helping to raise the profile of the Bahamas’ financial service industry. 

“We also conducted private road shows to speak one-on-one with private practitioners in London and Geneva to better understand from an international industry level how to best position the Bahamas to encourage enhanced business development,” Mr Pinder said. 

“Off of these meetings we plan on hosting a technical training symposium in London for UK attorneys and practitioners to better present the technical side of the financial services industry, to ensure the Bahamas is the jurisdiction that is first off their lips when they are advising their clients.  The financial services industry has a bright future, one where growth is anticipated, and career opportunities for Bahamians are enhanced.” 

He added: “The Ministry of Financial Services has portfolio responsibility for the establishment of the Bahamas as an internationally recognised arbitration centre.

“As an internationally recognised arbitration centre, we will not only provide greater opportunities for Bahamian professionals, but also provide a competitive advantage for the Bahamas in the financial services industry as well as in maritime.

“We have been actively pursuing this mandate. I have met with international professionals in arbitration while in London, as well as Bahamian private sector professionals active in alternative dispute resolution.          

Mr Pinder added that the Bahamas received favourable feedback from World Trade Organisation members during a meeting last month. “Additionally, regarding our existing obligations under the Economic Partnership Agreement (EPA) executed with the European Union, the Trade and Industry Unit is preparing to participate in the Meeting of National EPA Coordinators and Heads of National EPA Implementation Units, to be held next week in the Dominican Republic,” he said. 

“During this meeting, the team will be in a position to give a favourable report on the steps taken to implement our obligations.  Moreover, the Bahamas will be able to report that it is in the process of securing technical assistance from the Caribbean Development Bank to assist us in fulfilling our EPA obligations, including public awareness initiatives to enable more information to be placed in the hands of all Bahamians.”