Minister of Finance, Prime Minister the Most Hon. Dr. Hubert Minnis addressed the financial services virtual symposium Thursday.
He said that although legislation has been enacted, the Bahamas still has a way to go to become a leading centre for international commercial arbitration in the Americas.
“We are on the cusp of the Bahamas becoming an answer trialed model law jurisdiction once the international commercial arbitration bill is enacted.
“This is a key step to accomplishing our fore mentioned goal.
“We also recognize that for the Bahamas to successfully compete as a dynamic jurisdiction for international commercial arbitration we must expand our efforts to also include other forms of ADR.
“In charting a new course, we intend to develop a model which encompasses all forms of ADR and that reflects the strong partnership between government and industry” the Prime Minister said.
According to the Prime Minister, industry stakeholders have the full backing of his government as they carry out information on the legislative agenda and consulting opportunities.
“The government intends to enhance the existing ADR legislative framework through the introduction of legislation that supports international commercial arbitration domestic arbitration as well as International and domestic mediation and construction adjudication” he said.