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.
Ahead of next week’s Budget, Mr Shimmin said that delivering further dynamic growth and economic diversity remained at the heart of efforts to secure the future prosperity of the island.
He said that the Budget was ‘inevitably going to be a challenge’.
‘It’s a necessary Budget to suit the times in which we live. It will be interesting to see what the reaction will be politically and by the public. I believe it’s the right thing to do at the right time. We need the public, the business community and members of Tynwald to support us in our efforts.’
Mr Shimmin said the Department of Economic Development, which draws together the various revenue generating strands of government, was driving forward a range of proposals in support of Chief Minister Allan Bell’s recently announced ‘agenda for change.’
He said his department’s four main priorities were to promote the Isle of Man as a location for international business and finance, to seek out and encourage new businesses to establish here, to identify and pursue the development of new business sectors, sub-sectors and markets – and to support existing businesses to ensure their continued presence and development.
Mr 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.’
He described the diversity of the Manx economy as its ‘over-riding strength’ which provided great resilience against a backdrop of on-going uncertainty in international markets and crisis in the Euro Zone.
The Minister said 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 UK.
He said the clean-tech sector was one area where there was real opportunity for growth. Two Japanese companies are moving to set up business here, he confirmed, with the island well placed for trailing new technologies.
Running 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.
Mr Shimmin said the island’s tax rates were one reason why countries from overseas would first look at the island - but just as important were the skills base and ‘can-do’ approach.
He added: ‘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.’