The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Prime Minister has vowed to create a “new era of possibility and prosperity” while pledging not to return to how business was conducted before Hurricane Dorian and COVID-19.

Philip Davis QC, speaking at the recent Arbitration & Investment Summit, said: “We are very clear that the goal is not to return to how things were before Hurricane Dorian and the pandemic. The goal is to surpass what came before, and usher in a new era of possibility and prosperity.

“Included within these reforms are improvements to the ease of doing business, a category in which our country has underperformed in the past, with reactive policies that were often rolled out too slowly to make up the difference with world leaders in this area.”

He added: “Revamping the approach to investments in The Bahamas requires clear and transparent application and approval processes for all investors. Approvals need to move faster – too many useful projects have been delayed by a slow and cumbersome process.

“Both the processes and the promotional mechanisms must also rely heavily on digital technologies to bridge international gaps, expand our reach, and evolve according to global norms, especially in the wake of COVID-19.

“There is a need for an island-by-island investment strategy, in which we identify which islands, and which locations on these islands, are best-suited to specific investments. At the same time, we need a country-wide investment framework in which we identify the resources and infrastructure needed to maximise our potential nationwide,” Mr Cooper continued.

“We need diversification within tourism and financial services, including tapping into new sub-sectors within these two pillars of our economy. In addition, of course, we need the strategic development of new industries.”

Turning to the prospects for developing alternative dispute resolution (ADR) as a means to resolve commercial conflicts, Mr Davis said: “Of course, whether we’re attracting lucrative investments or developing local businesses, crucial to our progress will be further developing our capacity for ADR.

“The Ministry of Economic Affairs is a new ministry charged with driving all initiatives that are high priority when it comes to the economic development of The Bahamas. This ministry, which works alongside the Ministry of Tourism, Aviation and Investments, will accelerate the advancement of The Bahamas as a centre of international commercial arbitration and other ADR processes.

“This is significant not only to prospective investors but to local businesses and entrepreneurs, international and domestic trade, and as a complement to financial services and national development.”

Mr Davis added: “The development of ADR will prove to be a boon to local legal professionals, providing new opportunities for specialisation. As international commerce and foreign investments continue to expand under this administration, The Bahamas will be prepared to meet the demand for conflict resolution through arbitration, mediation and construction adjudication.

“My administration looks forward to working with all of the major ADR stakeholders to achieve this important objective. I know today is only the beginning of elevating ADR as a crucial component of our national development.”