The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas Chamber of Commerce (BCCEC) is planning to emulate its Panamanian counterpart by becoming “more involved” in developing this nation’s Arbitration Centre, its chairman yesterday disclosing that the two bodies had “agreed in principle” on a Business Development Alliance.

Chester Cooper told Tribune Business that the proposed agreement between the two Chambers was “absolutely critical” in driving trade, business and joint venture opportunities for Bahamian and Panamanian companies, arguing that private sector relationships was where “the rubber hits the road”.

Speaking after returning to Nassau from last week’s Trade Mission to Panama, Mr Cooper said the ability of that nation’s private and public sectors to “work in unison” provided the way forward for the Bahamas in marketing itself as an international business centre.

Disclosing that the BCCEC was planning a follow-up Trade Mission to Panama on April 16-19 to enable Bahamian businesses to further develop contacts made last week, Mr Cooper again urged Bahamian companies to “expand beyond our borders”.

Noting that Panama’s current construction boom provided fertile ground for such growth, the BCCEC chairman said that teaching Spanish in the Bahamas’ school system was vital if this country was to attract commerce from Latin America.

“We were quite intrigued by some of the things the Panama Chamber of Commerce is doing,” Mr Cooper told Tribune Business. “One is that they are involved with their nation’s arbitration centre.

“We are looking at how, and have started discussions with the Ministry of Financial Services, the Chamber can be more involved in developing the Bahamas as an Arbitration Centre.

“It’s important for advancing the Bahamas as this global, or Western Hemisphere, business hub that we have all the infrastructure in place to make it happen. A key element in driving financial services and business generally for Panama is an arbitration centre.”

Mr Cooper described developing the Bahamas as an Arbitration Centre as “key”, something the Government agrees with. In his address to the weekend’s International Business and Financial Summit (IBFS) in Bimini, Ryan Pinder, minister of financial services, pledged to focus the Bahamas on “niche” arbitration markets such as maritime services, financial services and trade, acting as “the gateway to Latin America”.

Meanwhile, disclosing the planned follow-up Panama Trade Mission in April, Mr Cooper said the BCCEC was looking to offer its members a “subsidised package for air and hotel rooms” to facilitate their participation.

Last week’s mission included Bahamian companies in industries such as IT and communications, financial services, transport and logistics providers, and wholesalers and retailers.

Mr Cooper said retailers and wholesalers, who had been seeking Panamanian suppliers, and made direct contact with both individual companies and the Colon Free Trade Zone, would have an opportunity to follow-up on those meetings second time round.

Noting that the Trade Missions allowed the BCCEC to provide “value-added benefits” to its members, Mr Cooper told Tribune Business: “We have to now expand beyond the borders of the Bahamas.

“We are a 300,00-odd population, and there’s relative saturation in some of the markets. We must now look outwards, and look at countries and markets doing what we seek to do already very successfully.”

Given Panama’s current construction boom, and general economic momentum, the BCCEC chairman added: “Bahamian companies should look at Panama and aspire to do business outside the Bahamas.

“One of the things very clear to me is that learning Spanish must be a critical aspect of the education curriculum of schools in the Bahamas. If we’re going to expand our relationship with Panama and other Latin American countries, it’s absolutely critical to break down the language barrier.”

This would not only make Spanish-speaking tourists feel comfortable in the Bahamas, but aid negotiations and relationships with Latin American firms.