Colin Kniveton, CEO, Department of Economic Development along with members of the Department’s business development team, hosted a dinner, organised by the Manx Business Connection, to consider the most effective methods of encouraging inward investment and how best to help companies based on the Isle of Man to develop markets overseas. Leading entrepreneurs and business people, representing the wide range of economic sectors now thriving on the Island, were invited to participate in a discussion on key aspects of Government’s strategies.
Michael Charlton, contracted by the Department to help develop and expand targeted overseas markets for Island companies marketing overseas, outlined the views of the Island expressed to him by those footloose organisations making location decisions. He also outlined how particular country markets could be approached by Isle of Man entities.
There was unanimous support for the Department’s emphasis on economic diversification and the consistent use of an expression which reflects that positioning. For example, the Isle of Man is a “Diversified International Business Centre”, a term that accurately defines what we do. A guest, who has great experience in many jurisdictions, expressed his pleasure when the New York Times said that the Isle of Man had solved the problem of having a society that worked without having high taxes. This sentiment could be summarised in a simple statement that could be repeated regularly such as, "The Isle of Man has a sustainable system of Government that enables a modern society to function without imposing high levels of taxes".
John Webster, Chairman of MBC, presided over a comprehensive debate which considered the implications of various tax changes, automatic exchange of information, the consequences of demographic changes, open skies, controlled sea routes, opportunities emanating from intellectual property rights, the value of attracting prospective investors to view the Island in person, the significant, varied opportunities available from developing internet business. The consequences of the global economic climate and the specific challenges facing the Isle of Man were also vital factors to be considered when formulating plans. Discussions continued unabated through dinner, the proposals will be followed up by Sally Carpenter, MBC, who noted the action points and will be incorporating appropriate questions into follow-up research to be sponsored by “ReallyManx” companies.
