Jersey's Emerging Market Drive Funding Increased

by Jason Gorringe, Tax-News.com, London

20 September 2010

The Jersey government has announced that it is to increase funding to the island’s promotional agency, Jersey Finance, from GBP1.8m, budgeted for this year, to GBP2.2m in 2011. The additional funds will used to increase promotional efforts in emerging markets, Jersey Finance has said.

Welcoming the increased funding, Geoff Cook, Chief Executive of Jersey Finance, commented:

“This extra funding from the States of Jersey is vitally important and should be looked upon as an investment in Jersey’s future through revenue generation rather than short term expenditure."

“The financial support will enable Jersey Finance to open a third representative office in the Middle East and India. We have learnt from having an office in Hong Kong this last year that it is essential to have a physical presence in order to build market awareness in our key emerging markets. Our presence in emerging markets has already resulted in real tangible benefits for the island and increased business flows.”

“We must keep modernizing and evolving to attract new business from emerging markets, as there is currently very low growth from our traditional markets such as the UK and Europe, in order to protect tax receipts. It is also essential that we continually seek to increase revenue for Jersey’s economy and employment in the island.”

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