which seem set to attract a fresh onrush of international business to the Island. Ahmed ElAmin reports Government plans on implementing legislation to make Bermuda the premier offshore centre for electronic commerce.

In unveiling a policy statement on electronic commerce, Finance Minister Grant Gibbons said the proposed legislation would help attract international business to Bermuda and foster online ventures by local companies.

"E-commerce has already turned some of the rules of traditional commerce upside down,'' he said at a Press conference. "There is no longer any compelling reason why business in completely disparate parts of the world should not compete for the same customers, especially if they are providers of a service which can be delivered electronically -- financial services, for example or airline and hotel reservations.'' The policy statement commits Government to promote electronic commerce and to establish legislation protecting transactions and intellectual property rights on the Internet and other computer networks.

The legislation will contain provisions to: establish the formation and validity of electronic contracts; authenticate identity and digital signatures; establish an electronic contract as having been done in Bermuda and as subject to Bermuda law; make electronic documents acceptable for legislative and regulatory purposes; protect telecommunications and network services providers from liability from information and contracts transmitted on their networks; cover new forms of computer crime; enable Government departments to accept electronic filings and to issue permits and licences electronically.

Government is also proposing to continue investing in education on information technology, and move towards requiring proficiency in computers at secondary school level.

As a first step Cabinet has appointed a steering committee to spearhead the process. The steering committee will be working with the Bermuda International Business Association (BIBA) and the private sector.

International Data Corp. estimated commerce on electronic networks would grow to be worth $400 billion by 2001, he said.

BIBA President Glenn Titterton said the Bank of Bermuda was already doing $100 million worth of credit transactions through an electronic network provided by Logic Communications. Such types of transactions could open up a whole new sector of the economy.

"We intend to attract E-commerce business to Bermuda as part of BIBA's mandate, through promoting the Island in this context to the marketplace, in order to build a new stream of international business for the Island,'' he said. "Developing Bermuda as an attractive jurisdiction for locating, or transacting E-commerce, will create a whole new industry, which will generate additional foreign exchange earnings, thereby contributing to our overall continued prosperity.'' Dr. Gibbons noted other offshore countries, such as Singapore and Ireland, were also moving to promote electronic commerce. Some had even started forging legislation for the growing sector.

However he said Bermuda's ability to move fast and work with the private sector would help it gain an advantage over the competition.

Development and Opportunity Minister Jerome Dill said financial assistance would be provided to help workers upgrade their computer skills.