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Economic Strategy Approved 25 October 2004

Tynwald has given its approval to Government's Economic Strategy.

The strategy document was debated last Thursday and follows a twelve month period of consultation and review since the initial report 'Review of Economic Strategy' was received.

The strategy recognises both the benefits and costs of economic growth and sets out a framework and attendant policy actions that would seek to maximise the benefits from economic development but minimise the costs that could result from heightened demand for labour.

The strategy presents policies aimed at raising the value of the economic activity undertaken on the Island and at improving the deployment and productivity of the labour force.

The policy direction provided by the strategy covers areas ranging from marketing and overseas market access to training and education.

Commenting on the strategy report, Treasury Minister Allan Bell praised the far-sightedness of his colleagues in giving it their approval.

Minister Allan Bell said:

"Tynwald is often criticised for failing to give sufficient consideration to the bigger picture and key strategic issues. This has certainly not been the case here. Full recognition has been given to the need for the Isle of Man economy to continue in its development. And in seeking to do so it has been accepted that we will need to continually improve our competitiveness, our productivity and our attractiveness to inward investment. This strategy provides the framework to allow for cohesive and co-ordinated policymaking aimed at achieving these goals.

"In addition the strategy document itself provides a detailed statement of Government's ambitions in support of the aim of 'Economic Progress' as stated in the Government Plan. It will prove invaluable as a reference for existing and prospective investors and employers interested in gaining an appreciation of Government's outlook on the economy and our supporting policy plans."

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