The fight for new business for the Island is now more crucial than ever.
So says the Chief Minister Allan Bell.
He was speaking after the Manx Government agreed to share tax information with their UK counterparts in a bid to clamp down on tax evasion.
Meanwhile, as Mr Bell prepares to make a statement to Tynwald on the latest tax exchange agreement, it is reported that Jersey and Guernsey are holding fire.
They say they do not want to sign up unless the agreement is a global one and claim it would put the Channel Islands at a competitive disadvantage. They add that they want more information.
Mr Bell says it’s vital to stimulate growth in existing businesses and further diversification into new areas.