Economic Development Minister John Shimmin MHK has set out his vision to establish the Isle of Man as the world’s leading small international business centre.
He said that delivering further dynamic growth and economic diversity remained at the heart of efforts to secure the future prosperity of the Island.
The Department of Economic Development, which draws together the various revenue generating strands of Government, is driving forward a range of proposals in support of the Chief Minister’s recently announced ‘agenda for change.’
It will continue to work in close partnership with the private sector to develop the Island’s business base, create new employment opportunities, and boost Government income to assist the rebalancing of public finances.
Work will focus on helping existing industries to flourish and identifying new opportunities in order to strengthen the Island’s economic offering and build on the success of the past 25 years.
Minister Shimmin said:
"Our ambition to be seen as the best small international business centre in the world is entirely achievable with the skills and resources we have available in the public and private sectors. We must continue to provide a nimble, responsive and business-focused environment to create the foundations for a prosperous and caring society."
The Minister highlighted the Department of Economic Development’s four main priorities:
- To promote the Isle of Man as a location for international business and finance;
- To seek out and encourage new businesses to establish in the Isle of Man;
- To identify and pursue the development of new business sectors, sub-sectors and markets;
- To support existing businesses in the Island to ensure their continued presence and development.
He described the diversity of the Island’s economy as its "overriding strength" which provided great resilience against a backdrop of ongoing uncertainty in international markets and crisis in the Euro Zone.
While sounding a warning against the dangers of complacency, the Minister said the Island could draw strength and encouragement from its recent economic successes, including:
- Economic performance: growth in Gross Domestic Product (GDP) of 2%;
- E-Gaming: providing nearly 10% of GDP and employing approximately 700 people;
- TT Festival: 2011 visitor numbers up 21% on 2010; sponsorship income up 34%; global TV coverage secures; strong demand for 2012;
- Ship Registry: second fastest growing yacht register in Europe;
- Aircraft Registry: seventh largest business jet register in the world (by volume);
- Entrepreneurship: 47 new businesses established since April 2011 through Small Business Start-Up Scheme.
Minister Shimmin added that his Department was continuing to target overseas markets, with a co-ordinated strategy in place to capitalise on opportunities in countries including China, the Middle East, India, Japan and Korea, in addition to the United Kingdom.
In tandem with these efforts to attract new inwards investment, is a drive to equip the local workforce with the skills and training necessary to meet the employment demands of emerging sectors.
The Department of Economic Development is working collaboratively with the Department of Education and Children and a broad range of industries to ensure future generations can fill jobs in sectors such as hi-tech manufacturing and aerospace engineering.
Minister Shimmin concluded:
"There is no doubt that there are huge challenges ahead, but I am confident that the Isle of Man can adapt to its new realities and embrace the changes required to survive, and indeed, prosper. The Department of Economic Development will continue to work with the private sector to deliver the can-do culture that will underpin our nation’s future success."
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