Tynwald Approves IOM's Economic Strategy

by Jason Gorringe, Tax-News.com, London

27 October 2004

Following a twelve month consultation and a parliamentary debate last Thursday, the Isle of Man government’s new Economic Strategy has received a nod of approval from the Tynwald.

The document, which has its origins in the initial report entitled ‘Review of Economic Strategy’ concentrates heavily on improving economic efficiency and productivity by focusing on access to new markets, producing higher value goods and services, and making the most of the local labour force through education and training.

The Strategy also considers the economic realities of the Island’s position, including its small size, dependence on export success and scarcity of natural resources, and provides a framework in which the economy and living standards can continue to grow whilst containing the need for additional labour from outside the Island.

Welcoming the news, Treasury Minister Alan Bell praised the Tywald’s ability to see the wider economic picture in approving the new strategy.

“Full recognition has been given to the need for the Isle of Man economy to continue in its development. And in seeking to do so it has been accepted that we will need to continually improve our competitiveness, our productivity and our attractiveness to inward investment,” he noted.

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