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Minister Thompson calls for GB arbitration hub

Minister of State for Grand Bahama Kwasi Thompson has called for Grand Bahama to become an arbitration hub at the opening of the Alternative Dispute Resolution seminar. 

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TheBahamasInvestor.com
Tuesday, September 26, 2017
Tuesday, September 26, 2017

Minister Thompson

Minister of State for Grand Bahama in the Office of The Prime Minister Kwasi Thompson addresses delegates at the opening of the Alternative Dispute Resolution Seminar at Pelican Bay Resort, September 21, 2017. (BIS Photo/Lisa Davis)

As the government continues its quest to make Grand Bahama the centre for industry and innovation, and the entrepreneurial hub, it is important to embrace new ways to resolve matters and maintain respect and peace among members of the community, according to Minister of State for Grand Bahama Kwasi Thompson.

The Minister’s remarks came during the opening of the Alternative Dispute Resolution (ADR) Seminar, which was held at Pelican Bay Resort September 21, 2017. The seminar was attended by local lawyers, business owners and executives of the Grand Bahama Port Authority.

Minister Thompson told attendees that as with all new initiatives, local support is needed in order to be effective. Therefore, he suggested partnership and cooperation among Grand Bahamians as a major component of Grand Bahama’s revitalization.


“And it can all start here, at a seminar like this,” said Minister Thompson.

“Grand Bahama really should be the centre of arbitration for The Bahamas. I say that without a doubt.”

As the Minister of State in the Office of the Prime Minister for Grand Bahama, Thompson threw his full support behind ADR Bahamas and the role they play on the island of Grand Bahama, which, he pointed out, is a commitment to the resolution of disputes and issues by means other than litigation.

He noted that there are always individuals seeking confidential, quick and convenient settlements.

“As we all know sometimes waiting for a court appointment or going through the process can, at times, prove to be tedious,” noted Minister Thompson. “Arbitration seeks to resolve disputes fairly and quickly. The resolution is recognized as equivalent to a court decision, in most cases, and both parties can move and have their disputes dealt with.

“It is my hope that ADR Bahamas will grow in popularity and eventually lead to an international arbitration centre that we seek to have operating here in Grand Bahama. This will bring opportunities for Bahamians, as well as for the business community and those persons who wish to do business and invest in The Bahamas.”

Alternative Dispute Resolution (ADR) Seminar

Pictured: Attendees of the Alternative Dispute Resolution seminar during the Minister of State for Grand Bahama Kwasi Thompson’s addresses September 21, 2017. (BIS Photo/Lisa Davis)

The Inter-American Development Bank this week is hosting its Caribbean Coastal Resilience Forum, the first of its kind in The Bahamas, under the theme "Innovation, Best-practice and Partnerships".

While delivering the keynote address at the Bahamas Financial Services Board meeting held this week, Minister of Financial Services Trade and Industry and Immigration Brent Symonette outlined some of the government’s objectives regarding financial services, saying that more has to be done to improve the country’s second industry in terms of ease of doing business and increasing competitiveness.

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