Over 50 companies and enterprises were represented at the first Isle of Man Business Synergies event this week.

The aim was to explain to businesses and government departments the advantages of sharing assets and expertise, to improve efficiency and reduce costs.

The initiative is similar to the National Industrial Symbiosis Programme (NISP) in the United Kingdom and has been adapated by the Department of Trade and Industry to suit the needs of the Island's economy.

The Business Synergies programme identifies specific resources available within businesses and government, as well as potential users.

An exchange of information and knowledge about resources and activities of participants resulted in over 90 business synergies being identified by the conclusion of the first meeting, with many more potential opportunities under discussion.

Trade and Industry Minister David Cretney said: "My deparment is committed to strengthening business resilience and profitability in the Isle of Man, so I am delighted the first Business Synergies event was so successful.

"I am convinced that Business Synergies will have an increasingly important role to play in ensuring the competitiveness of the Island and its long term viability as an international business centre."