THE Lord Mayor of the City of London has praised the Isle of Man for showing how "diverse and dynamic" small economies can be.
Alderman David Wootton made his first visit to the Island last week to deliver the Chief Minister's International Lecture at the Sefton Hotel in Douglas.
Addressing members of the local business community, and the Island's MHKs, Alderman Wootton praised the Isle of Man's contribution to the City of London.
He said the relationship between the Isle of Man and the City – which is estimated to be worth in excess of £50 billion in liquidity per year – was a "longstanding and much valued partnership".
Alderman Wootton explained: "We are both small in size but punch well above our weight in the global economy. We can be justly proud of the standards and governance we demand and we are also well placed and well able to meet the challenges of the future and play our part in creating jobs and growth.
"You exemplify how diverse and dynamic small economies can be - with the success of that diversity founded on the success of financial and professional services – and you have exciting plans to diversify the economy even further.
"I know that recent research has shown just how important the Island is as an offshore provider of liquidity to the wider economy especially through your growing support with business in the North West of England and in that liquidity passing through the City of London itself.
"That liquidity will make a major contribution to supporting businesses in the UK and abroad and in creating jobs and growth."
The Chief Minister added: "The City of London is obviously hugely important to the Isle of Man from a business point of view and we have worked hard over the last two years to both raise the profile of the Isle of Man and its contribution to business in the City but also to build relationships with key personnel to help raise awareness in other areas.
"The visit is a continuation of our growing friendships in the City and we are delighted that the Lord Mayor was willing to come so quickly to the Island as part of his wider tour of key centres in Britain to give the Chief Minister's lecture."
Alderman Wootton said his visit to the Island, which took place on January 26, had given him the opportunity to learn more about the Island's financial services industry and the other sectors that the Island was involved with.
He said he thought it was important for the Isle of Man to raise awareness of these sectors with increased promotional activity.
Alderman Wootton explained: "You have to go and out give the message about the economics of the money flow, the contribution which the financial services sector here makes to the City, and emphasise the other parts of the economy. You can't grow without finance. That message needs to be given out as widely as possible in particular outside London to other parts of the UK."
Mr Bell said the government had been "aware for quite some time" that increased promotion was needed and said this was the main reason the Department of Economic Development had been set up.
He explained: "The Isle of Man needs to raise its profile in a number of areas – not just in the City of London but in other markets - to make people more aware of the range of business opportunities that exist within the Island and to try and generate new business on the back of that.
"A strategy developed by the Department of Economic Development is now starting to take shape and the relationships that we are starting to build up particularly with the City of London, I hope, will lead to closer cooperation in the time ahead.
"We will be exploring ways in which we can develop closer relationships with the Lord Mayor's Office and indeed raise the profile of the Isle of Man on a much broader basis within the City of London.
"No matter how we try to diversify the economy we cannot avoid the obvious fact that the City of London is one of the most important markets for the Isle of Man and Manx products. Therefore we will be raising our involvement in the city in the time ahead."
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