ECONOMIC Development Minister John Shimmin MHK said the government's ambition is for the Island to become the world's best small international business centre.

He said that delivering further dynamic growth and economic diversity remained at the heart of efforts to secure the future prosperity of the Island.

The Department of Economic Development, which draws together the various revenue generating strands of government, is driving forward a range of proposals in support of the Chief Minister's recently announced 'agenda for change'.

Mr Shimmin said it will continue to work in close partnership with the private sector to develop the Island’s business base, create new employment opportunities and boost government income to assist the rebalancing of public finances.

Work will focus on helping existing industries to flourish and identifying new opportunities in order to strengthen the Island's economic offering and build on the success of the past 25 years.

Mr Shimmin said: "Our ambition to be seen as the best small international business centre in the world is entirely achievable with the skills and resources we have available in the public and private sectors.

"We must continue to provide a nimble, responsive and business-focused environment to create the foundations for a prosperous and caring society."

The department's four main priorities are:

• To promote the Isle of Man as a location for international business and finance

• To seek out and encourage new businesses to establish in the Isle of Man

• To identify and pursue the development of new business sectors, sub-sectors and markets

• To support existing businesses in the Island to ensure their continued presence and development

He described the diversity of the Island's economy as its 'overriding strength' which provided great resilience against a backdrop of ongoing uncertainty in international markets and crisis in the Euro Zone.