Isle of Man Guide

CHIEF Minister Allan Bell MHK has welcomed Tynwald’s unanimous backing this week for a resolution highlighting the importance of economic growth.

Mr Bell said the motion from Michael MHK Alfred Cannan urging policies to support growth and promote investment and innovation was very much in line with Government’s existing priorities and direction of travel.

The Chief Minister commented:

‘In arguing that economic development is key to the future Mr Cannan was pushing against an open door, but I thank him for initiating a debate underlining the critical importance of this issue. It was encouraging that all Members of Tynwald voted in favour of the motion and I look forward to their support for, and input into, the measures that will be required to achieve the growth that the Island needs.’

In his message to the people of the Island in January this year, the Chief Minister stressed that economic growth and diversification was a top priority for his Government, along with rebalancing the public finances and protecting the vulnerable in society.

Under the heading ‘Spearheading growth’ Mr Bell wrote:

‘Politicians and the public must remember that central to everything we do is the need to protect and grow the economy. Without a strong economy the Island will neither create the new jobs our people, especially our young people, need nor produce the revenues required to protect our essential public services. I intend to work closely with the Minister of Economic Development to spearhead the drive for growth. We must work with the private sector and across Government to co-ordinate efforts and target resources so the Island can effectively confront the challenges from competitor jurisdictions. My aspiration is to ensure the Island as a whole becomes an enterprise zone committed to promoting innovation and entrepreneurialism and I have tasked my Minister for Economic Development, John Shimmin, to deliver this. We must clear away impediments to economic growth, ensuring that our policies and processes facilitate rather than inhibit the future prosperity of our Island. The Department is developing an effective, long-term international marketing strategy, while encouraging and supporting the further development of local business activities. Under its lead, the Island needs to continue to pursue further diversification of the economy, including into new areas such as clean tech and bioscience technology, based upon our established corporate tax strategy, to promote inward investment. In tandem with this approach, and to help pave the way for it, my Government is placing renewed emphasis on the importance of promoting the Island’s international reputation and external relationships and this has already started. It is Government’s responsibility to make the overall infrastructure, general environment and its operations more business friendly. We must also ensure that as a nation the public and private sectors invest in our workforce to equip people with the skills they need to get into work, stay in work, develop to their full potential and play their full part in our nation’s economic future.’

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