The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A veteran diplomat believes there are no obstacles to the Bahamas establishing itself as an international arbitration hub provided it properly promotes itself to the global alternative dispute resolution (ADR) community.

Albert Nahas, international vice-president of government affairs with Cheniere Energy, and who has more than 30 years of diplomatic experience, told the Bahamas’ fourth annual arbitration and investment summit: “I have no doubt that this can be done here. It is better in the Bahamas, but you have to bring that message to the ADR network.”

He added: “The Bahamas has to get that message out, and tweak its many obstacles and get rid of them, so that the world would know that it’s better in the Bahamas.

“Being a hub would also mean that you are throwing business to other places in the region. It doesn’t diminish the Bahamas, but it’s basically more all-encompassing and broad-based, and brings everyone in.

“Seeing the Bahamas take an initiative like that would make them feel comfortable about the Bahamas being the hub,” said Mr Nahas.

Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC)chief executive, told the summit: “The Caribbean and Latin American, in my view, represent the most viable opportunities for investment and trade.

“And as the opportunities grow, so does the need for arbitration and other alternative dispute resolution alternatives.”

Mr Sumner added that the Bahamas does “not see Cuba as being a threat to trade services” in this nation.

“In fact, we see that there are new opportunities for further development of trade and trade relations with Cuba,” he said.

Last October, the BCCEC signed a Memorandum of Understanding (MoU0 with the Cuba Chamber of Commerce to explore and support trade relations between the two nations.

“This is important for us as we seek to identify markets for Bahamian exporters,as well as identify new foreign direct investors to make significant investments in the Bahamas,” Mr Sumner said.