IoM Promotes Commonwealth Economic Cooperation

by Robert Lee, Tax-News.com, London

22 September 2011

The Isle of Man's Department of Economic Development has welcomed the success of the 'Doing Business in the Commonwealth' forum, an initiative to promote economic partnership between Commonwealth nations.

In particular, attendees discussed the economic role of smaller jurisdictions in the Commonwealth, how to accelerate intra-commonwealth trade and whether the global economic crisis will be a catalyst for greater regional economic integration.

The Commonwealth, previously known as the British Commonwealth, is an association of 54 nations which were formerly part of the British Empire.

In his keynote address, the Isle of Man's Chief Minister Tony Brown noted that the island plays an important role in the global economy despite its size, in providing inward financial flows to support the activity of the City of London, as well as opening up new business relationships with emerging markets.

The Isle of Man Chief Minister Tony Brown said:

“One of the goals of the Commonwealth is to help the concerns of small states receive greater international attention. As we know only too well, it remains difficult – but vital – for small countries to have their voices heard in international arenas.”

“As I recently reminded participants in the Small Countries Financial Management Programme, we can be valuable contributors to the economies of the larger nations, something which many of them misunderstand or do not recognize.”

“Events of this nature give us a great opportunity not only to highlight the Isle of Man’s appeal to businesses across the globe but also to discuss how Commonwealth nations can work together and how the Isle of Man will continue to be a beneficial partner to the UK and a responsible partner for all Commonwealth nations.”

Paula Freedman, Director of Devolved Markets for UK Trade and Investment, added:

“The Isle of Man government is to be congratulated for holding an event which links its important industry opportunities with the wider Commonwealth. The timing is excellent with the Commonwealth Business Forum coming up in Perth at the end of October.”

Peter Longworth, Director of Corporate and Government Relations at the Commonwealth Business Council, said:

“All delegates were impressed by the Chief Minister’s up-beat account of the Isle of Man economy, its diversity and the forward thinking of its entrepreneurs in developing green technologies. These innovations and services are in demand across the Commonwealth particularly those with developing or emerging economies which are growing at great speed but from a low technology base. The Commonwealth Business Council hopes to develop its relationship with the Isle of Man with a view to accessing investment and trade opportunities in Commonwealth markets.”

Recommended