I. INTRODUCTION The World has invariably transitioned into a global market place and one of the major contributors to this phenomenon is the wide scale use and application of Information Communication Technologies (ICTs). Developing countries such as Barbados, has in the past not been able to quickly streamline its ICT developments with that of the developed world. In this regard, the plan of action to integrate ICTs in all spheres of society fills a critical void and outlines the ways in which ICT strategies could stimulate change and foster opportunities for sustained growth and national development. Information and Communication Technologies Defined For the purposes of this National ICT Strategic Plan, the term ICT refers to any information storage and/or communications device including radio, television, the telephone, computer and network hardware and software, and multimedia tools, as well as the delivery devices, services and applications associated with them, such as satellite or cable TV systems, videoconferencing and distance learning, to name just a few. ICTs combine information technology and telecommunications infrastructures and the applications that support how they function with information processing power and connectivity to enable greater access to information and more effective communication. Importance of Information and Communication Technologies in Business Information is a resource that can stimulate various economic and social sectors. A lack of information has the potential to create certain imbalances that can disrupt the efficient functioning of economies and societies. This phenomenon is referred to as information asymmetry and occurs when one party to a transaction has more information or better information than another 9