According to the Hon. Allan Bell, Minister for Economic Development, “The Isle of Man Means Business”. The Department of Economic Development (the Department) has today announced a number of significant changes to the way the Isle of Man approaches the promotion of Financial Services and related industries in the Isle of Man. The Department is embarking on a radical shake-up which will mean a more collaborative approach with industry and the creation of a new Public Private Sector promotional model allowing the sharing of resource and funding between all parties. Working closely with the trade associations, Government intends to use a combination of internal staff, outsourced activity to the trade associations and use of highly expert contract resource to provide the optimum mix of skills and Government support. This will allow the individual business sectors to mix and match the best solutions to fit their industry and circumstances. The initiative will start with the model being pioneered with the fund management and administration industry with others to follow shortly after. It is anticipated that, at the outset, this will include recruitment of direct marketing representation for the Island’s funds sector in London, which remains a core market for the Island. Exciting developments will follow. The creation of an integrated Public Private Initiative will take the Isle of Man to new levels of public private cooperation and bring it in line with the best practice deployed in many of the leading business centres throughout the world. A new strategic body consisting of industry representatives will be instigated to help drive the required business focus. The Department will be recruiting a Head of Financial Services Development to lead this challenging and exciting new era of economic growth for the Isle of Man. This appointment will coincide with the redeployment of a number of existing staff into other priority areas of economic development within the Department. Following the recent appointment of Michael Charlton (Executive Director, International Business Development), working closely with industry, the Department will be looking to coordinate a programme of international visits focusing on both the private individual and corporate financial solutions which the Isle of Man is renowned for in key business centres throughout Middle East, China and UK. It is intended that the programmes extended over the next two years will ensure that the reputation, commitment and the expertise of the Isle of Man is properly showcased. Details of the programme of events will follow over the next few months showcasing a suite of newly created propositions which will be used to support the core message that “The Isle of Man Means Business”. Commenting on the proposed changes, David McGarry, Chairman of the Isle of Man Fund Management Association Marketing Committee said: ‘The Fund Management Association is delighted to have the opportunity to work more closely with the Department of Economic Development, and look forward to recruiting enhanced resources in accordance with the priorities set out in the Strategic Review carried out of the Island’s funds sector in 2010.’ Colin Kniveton, CEO of Department of Economic Development said: ‘When I took over the Department, I was determined to look at the development of the Isle of Man finance sector with fresh eyes. To be successful we need to support our businesses both in the products they sell and where they sell them. With these changes I am confident that we can support the economy to drive success into the future. We have a fantastic story to tell and that needs to be supported with the right resources and in the right international market places.’ Commenting, Hon. Allan Bell, MHK, Minister for Economic Development said: ‘I have always stated that one of the strongest attributes of the Isle of Man is the close working relationship between the public and private sector. With these changes I really wanted to focus on tangible results and outcomes. By driving the message home that the “Isle of Man means Business” I am delighted that we will build on the current close working relationship and create a new era in Public Private Sector partnership.’ Ends