The dream of founder & CEO of Executive Marketing Group International, Wayne Johnson, became a reality when his company organized its first in the series of E-Commerce Seminars.
Held on Sept. 12 at the British Colonial Hilton Hotel, the purpose of the seminar was to address three burning issues which include: The Legal and Regulatory Framework of E-Commerce; The opportunities for E-Commerce in The Bahamas and how they will impact employment and Bahamians in particular; and The challenges The Bahamas will face in competing in the new E-economy.
Johnson believes that in order for success in the new ‘digital economy’ and actualizing the potential of e-commerce and e-business, it is not enough just to have the physical infrastructure. “Once the infrastructure is in place, an optimal environment would require the availability of inexpensive computer hardware and software, wide unrestricted access to the internet at inexpensive rates, reliable electric power and a Banking system supportive of entrepreneurship,” he said.
“We must make an aggressive vertical move towards E-Commerce as a ‘Third Pillar.’
Bringing remarks during the opening of the seminar, Michael Halkitis, Parliament Secretary in the Ministry of Finance stated that the drawn-out process of legislation creation will soon end.
“This brand new piece of Legislation will deal with customer protection, understand the difference between electronic transactions and physical ones, computer-related crimes and holding Internet service providers liable for inffringements,” he said.
Halkitis also stated that the Government has looked at intellectual property rights laws for revision where its has the right to protect Bahamian material the are on the Internet.
Legal Advisory for E-commerce in the Ministry of Finance, Rowena Bethel, stated that with e-commerce laws, it is primarily about trying to ensure that they can work in the Global Marketplace.
“It will also serve to convey the degree of certainty and inspire confidence in using the internet particularly for commercial purpose and the laws, along with other plan to grow e-Commerce as the Third Pillar,” she said. “This will drive The Bahamas to become an information Society.”
Speaking at the seminar, Senior Vice President of Administration & Operation of National Bank of Canada, John Bain, said that US research had shown the cost of each banking transaction through an institution’s physical branch was about $1.07, where as the same transaction via the internet would cost just one cent.
“Internet banks save money,” he said.
General Manager of IBM Bahamas Ltd, Felix Stubbs, stated that the business
world has change because of one big dynamic thing called the Internet.
Likewise, he said that technology is changing so rapidly, that along with the world, his company had to change the way they did business.
“IBM save 1.6 billion in cost, because we implemented a new technology system, Stubbs said. “The Bahamas must change to meet the demands of the global marketplace.”
Bahamas Telecommunications Company Ltd Senior Vice President &Chief Operation Officer, Leon Williams, said that mass education must happen in order for The Bahamas to become an Information Society. More people need to get online to the Internet and understand that millions of dollars are being generated because of the new DSL technology product.
