Bahrain eyes key role in commercial arbitration
Manama, September 5, 2013
Bahrain’s government is striving to make the kingdom the GCC's commercial arbitration centre in line with its distinctive economic and financial position in the region, Industry and Commerce Minister Dr Hassan Fakhro said.
He was delivering the inaugural speech at the International Commercial Arbitration seminar under the theme "Overview of the main arbitral institutions in Europe and their practices", reported the Gulf Daily News, our sister publication.
The event, the first of its kind in Bahrain, was organised by the Association of International Arbitration based in Belgium in co-operation with Gulf International Conferences Management Company at the Crowne Plaza Hotel.
"Bahrain, with its solid, historic legal and legislative base, is keen to provide the necessary legal foundation to attract regional and international investments," he said.
The minister pointed out that the government is striving to spread the culture of commercial arbitration and boost its role as a safe instrument for prompt and fair settlement of commercial disputes, in addition to provision of the necessary legal procedures.
"Everybody knows that commercial arbitration has become a key issue in strategic planning of countries that seek to consolidate an investment-attractive legal and legislative structure.
He expressed hope that commercial arbitration will become a vital tool for establishments in the local market.
Dr Fakhro said competitiveness and economic challenges today require everyone to keep pace and catch up to maintain the gains and consolidate the kingdom's long history as a strategic location for businesses and economic services and a gateway for global investments.
Association of International Arbitration (AIA) chairman John Billiet stressed Bahrain's importance in the Middle East as an investment hub.
"The enforcement of basics of commercial arbitration encourages more investors to enter the market and generates great economic opportunities in the countries which apply it," Mr Billet said.
"We live in a micro-world and there is need to explore and avail of opportunities," he added.
The seminar also addressed and discussed a lot of research and studies on international commercial arbitration processes and arbitration institutions in Europe and their practices in terms of quick decisions, confidentiality, and commercial issues fees in this field.
It also provided an opportunity to interact and exchange opinions and experiences.
A number of international experts on commercial arbitration also shed light on the advantages and disadvantages of international arbitration organisations. – TradeArabia News Service