If Bermuda intends to be taken seriously in the international financial community then it must ride the wave of e-commerce to the fullest, said Renee Webb, Minister for Telecommunications & E-commerce during a statement made before the Bermuda Chamber of Commerce 1999 e-commerce conference opened. A number of speakers criticised the Government for its lack of concrete plans over the issue of telecommunications.
Local businessman and e-consultant Bill Storie argued that the outcome of the e-commerce initiative is speculative. Mr. Storie mentioned Malaysia's plans to invest $15 to $25 billion into the e-commerce sector and that the Government of Singapore had moved to control the e-commerce sector there. Hong Kong has invested $1.6 billion and Ireland plans to develop as a leading European e-commerce centre. Tony Blair wants the UK to be a world leader in this field by 2002. Bermuda's other competitors include France, Denmark, the United States, the Channel Islands and others. Mr. Storie mentioned obstacles to the development of e-commerce in Bermuda such as restrictive legislation from the OECD and G-7, the shortage of qualified labour, lack of co-operation within the industry and the exorbitant cost of communications. On the last point, he accused the Government of legislating the telecommunications industry to benefit the shareholders of the companies and not the consumers.
A local internet service provider complained that it was impossible to promote the use of e-commerce in Bermuda when the jurisdiction cannot even provide 24-hour-a-day telephone service on a consistent basis.
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