Isle Of Man Rethinks Financial Services Promotion

by Jason Gorringe, Tax-News.com, London

06 September 2011

The Isle of Man's Department of Economic Development has announced plans for a radical rethink of the way the island markets its offerings as an international financial centre, adopting a more collaborative approach between the government and the private sector.

The government plans to establish a new hybrid partnership body to lead the development and promotion of the island's financial services industry.

As is the case with Guernsey and Jersey, the new organization will aim to generate additional interest in the Isle of Man financial services sector in key overseas territories, particularly in the Middle East and China, as well as the United Kingdom.

Mike Hennessy, CEO of the new Partnership, said: "I am absolutely delighted that the Chamber of Commerce will be spearheading this [initiative] on behalf of the private sector. The expertise on the island is second to none and it will be our full intention to leverage every opportunity by utilizing such a vast resource. Much has changed at the Chamber in recent times and the timing of this partnership is perfect in many ways."

Commenting, Colin Kniveton, Chief Executive of the Department of Economic Development, added: "As I have always said, to be successful we need to support our businesses both in the products they sell and where they sell them. This change combined with other developments put in place during the past twelve months means we are putting together a structure which puts business at the heart of the island’s 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 working hand in hand with the private sector."

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