Good progress has been made with the introduction of legislation that enables the use of ICT for national development. For example, the Electronic Transaction Act of 2007 provides for the facilitation and regulation of electronic communications and transactions to prevent abuse and misuse of information systems and to provide for related matters. It addresses the legal requirements for electronic transactions, electronic signatures, accreditation, cryptography providers, consumer protection, protection of critical information systems, liability of service providers, cyber inspectors, information systems and computer related crimes, and procedural powers. There have been workshops on the establishment of a regional Certification Authority which in a cost effective manner can approve the licensure of cryptography providers and accreditation electronic signature providers. The Information and Communication Technology Services Investment Incentives Act, 2007 encourages and facilitates investment in the information and communication technology services sector, and stimulates employment in, and the development of, the private sector of Saint Vincent and the Grenadines by: Action Item:  Enact the new Electronic Communications Act to replace the Telecommunications Act 2001.  Enact the new Electronic Communications Act currently under consultations to replace the Telecommunications Act of 2001. This will recognise the trends of convergence of Broadcasting, Telecommunications and the various forms of Technology.  Approve regulations for ICT Incentive Act, Electronic Transaction Act and establish a Regional Certification Authority Reducing impediments to investment in the information and communication technology services sector Providing appropriate inducements by way of tax reduction and other incentives specifically designed to encourage investment in the information and communication technology services sector. Adopting measures which are calculated to transfer technology and increase the rate at which the information and communication technology services sector is developed and expanded. The ICT legislative framework was enhanced by the introduction of the Small Business Development Act of 2007 and the Consumer Protection Act of 2008. A new Small Business Development Policy was approved and adopted by cabinet in 2010 and in view of the new global environment; a new Small Business Development Act was drafted to be enacted in 2010. A new Investment Act is also being developed to replace the Fiscal Incentive Acts No 5 of 1982, in order to be in compliance with WTO mandates. Defining the Re-launch Point P a g e | 27