We will utilize electronic technologies to facilitate and simplify the payments of public servants through the commercial banks We will introduce appropriate legal reforms to encourage and support electronic financial transitions, electronic legal communications and electronic documentation We will commit at least 5% of the National Budget to ICT promotion and development We will approach and negotiate with external agencies for funding and technical assistance for the ICT sector We will encourage foreign private direct investment into the local ICT sector DEVELOPMENT OF ICT INDUSTRY (a) - - - (b) - Key Principles The vision of ICT is to be used as a tool to enable economic growth and not the exclusive source of that growth. ICT would be the basis for new business as well as a means to increase the efficiency and marketability of established sectors. Concentrating on the latter in the early stages of the exercise may yield early benefits and will be a route to wider social identification with the policy; The capital requirements for implementation of ICT for economic growth in Grenada will necessitate creative (Smart) partnerships between government the private sector and other funding sources including civil society. However where tax revenues are expended for that purpose, there should be prior input/output analysis to ensure net positive returns on the investment. The potential for synergy should be a guiding principle in the identification of entrants and a strong element in promoting Grenada. Fostering Entrepreneurship For ICT business to flourish it requires a suitable enabling environment as will facilitate business development in general. 39 A STRATEGY AND ACTION PLAN FOR GRENADA Anurag Sinha