Addressing the House of Assembly on Wednesday, Minister of Financial Services & Investments, Mrs. Allyson Maynard-Gibson, said the economic health of The Bahamas will depend on how people, the government, and the business community embrace E-business.
MInister Maynard-Gibson was advocating The Bahamas as a reputable E-commerce centre during the House debate on a package of E-commerce Bills.
The main objective of the legislation is to ensure e-business can develop in an environment of integrity, she said.
In the global arena, the internet, according to internet economy indicators, generated an estimated $830 billion in revenues in 2000, a 58 percent increase over 1999.
The $830 billion in reserves is a 156 percent increase from 1998, when the internet accounted for $323 billion in revenues.
IDC estimates show that while some 600 million people will access the internet via PCs, 1.4 billion people will access much of the content and commerce on the web through wireless devices.
It is estimated that by 2005, three-quarters of all web transactions, totalling $200 billion will take place over the air.
According to the Financial Services Minister, the purpose of the legislation is to create a degree of legal certainty necessary to inspire confidence in on-line commercial activity according to legal recognition to electronic contracts.
The legislation also sets out duties and liability of e-commerce service providers and intermediaries such as web hosts and ISPS. It makes it an offence to unlawfully interfere with computers and computer systems and creates framework consistent with international standards on privacy of personal information and the use and disclosure of such information.
“Foreign Direct Investment, global services firms will consider the efficiency of all aspects of doing business in The Bahamas as it directly impacts on their level of competitiveness,” Minister Maynard-Gibson said. “The Government can only present the framework and opportunity. Success is up to each and every Bahamian.”
For E-commerce to flourish, there must be empowerment to people via E-government. This requires a complete transformation of internal and external processes that include data sharing, mobile government, on-line procurement and seamless, 24/7 access to government transactions.
With E-government in place, there could be an improvement of services and economic development. Operational efficiencies would increase allowing citizen participation to redefine communities.
E-government would greatly reduce time and costs of doing multiple transactions with government. Not only would citizens see improved access to public information, but new opportunities for learning with a readiness for the new digital economy.
Minister Maynard-Gibson noted that with E-commerce, the average Bahamian business would have the ability to efficiently pursue the primary values of all businesses.
E-business is inevitable in The Bahamas. It is the use of internet technology to improve and transform key business processes. To ensure the necessary framework for the country to compete with other jurisdictions, there must be strengthening of customer service operations, which streamline supply chains and reach existing and new customers.
E-commerce is vital to the economy of The Bahamas as it possesses new opportunities of global trade that is largely facilitated through e-business.
“The FTAA’s focus on e-business demonstrates its central role in the conduct of business in the Caribbean and the world,” Minister Maynard-Gibson said. “One of the major purposes of e-business is to give consumers what they want without the expense of traditional business operations.”
Small and large businesses would be able to facilitate an establishment of new business while accelerating new economic development. There will also be a strengthening of industry growth while those businesses get opportunities to function as government vendors.
E-commerce levels the playing field as well, the Minister said. It matches the convenience offered by non-Bahamian businesses, minimises the impact of capital encouraging new entrants and entrepreneurs while allowing small niche providers to co-exist profitably alongside the big players.
The opportunities E-commerce can bring to the Bahamian economy are many. Use of the internet will make charter companies accessible to tourists. Cottage industries products like soaps, baskets, or straw goods will also be on display.
The e-marketplace for tourist attractions including real estate sales, retail store sales specialty goods and services such as concerts and tournaments, gives new meaning to “stop n’ shop” for internet consumers on the go.
By Lisa Albury, The Nassau Guardian
