Jersey's Investment Strategy Paying Dividends

by Jason Gorringe, Tax-News.com, London

09 February 2012

The contribution of Jersey Enterprise, the government's inward investment agency, which aids businesses in establishing operations in the island, has been highlighted in a recent report coinciding with the agency's name change to 'Locate Jersey' and formulation of a plan for future policy.

The review, which looks at future areas for the agency to develop to maximize Jersey's inward investment opportunities, found that the team experienced many successes between 2008 and 2010:

• A total of 87 new companies were established on the island;
• 900 job opportunities were created;
• There was a marked annual increase in new enquiries and total enquiries handled; and,
• Valuable new business was attracted from the oil, gas and mining, retail, fulfillment and e-gaming sectors.

The Minister for Economic Development, Alan Maclean, said: “Economic development in terms of business growth, diversification and job creation is the cornerstone of our future growth strategy. This report confirms that inward investment plays a key role in achieving our goals, particularly when you note that of the 900 jobs licensed over the past three years, the vast majority are for locally qualified people.”

Maclean said Jersey Enterprise is now working on its inward investment strategy for 2012-2014. From March 1, 2012, the inward investment services provided by Jersey Enterprise will be renamed ‘Locate Jersey’.

The Director of Inward Investment & International Trade at Jersey Enterprise, Wayne Gallichan, added: “We have had a successful four years and the priority now is to build on the strong foundation and maintain momentum. Jersey’s reputation as being ‘Open for Business’ is a strong message. As 'Locate Jersey’, we are focusing on our off-island network development and communications, the development of a robust on-island business ambassador network and the nurturing of a strong aftercare service for those that have already been attracted to the island.”

Jersey has in particular sought to target emerging and Asian markets in recent years as a source of further expansion, including by establishing representative offices in the United Arab Emirates, Mumbai, India, and Hong Kong, in addition to its existing office in London, and newly-established joint Channel Islands' office in Brussels.

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