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IoM To Appoint Business Development Experts

by Jason Gorringe, Tax-News.com, London

14 February 2013


The Isle of Man's Department for Economic Development has proposed the appointment of a Head of e-Gaming and two new Business Development managers specializing in financial services, to drive the growth of the local economy.

Commenting, the Minister for Economic Development, John Shimmin, said: "I believe it is vital that the Isle of Man vigorously pursues opportunities to grow our economy and create jobs as a key element of our strategy to balance the Government’s budget as well as create opportunities for our people. To do this effectively, my department needs a small number of individuals with specific skills and experience from the private sector."

The Department for Economic Development has sought the approval of the Isle of Man parliament, the Tynwald, in the form of an Order, which would allow the appointment of new private sector individuals amid public sector cuts.

He continued: "My Department is working closely with the local private sector to support and grow our economy. From my meetings with industry leaders, I know that there is very strong support for the planned roles in e-Gaming and Financial Services. I am confident that the right individuals can pay for themselves several times over in economic growth and new income for the Government.

"Such additional income is particularly vital as the Government strives to balance its budget while minimizing cuts in services and increases in taxes and charges. At this uncertain time, both my department and the island’s economy need to be resilient and adaptive to the opportunities and challenges we are facing. My department has made internal savings such that these posts can be funded within the existing budget. As a result, I hope Tynwald will also support my department and vote for this Order."

The e-gaming sector is a key economic niche for the Isle of Man, currently accounting for around 8% of the island's national income. The new Head of e-Gaming would drive forward the new strategy for the sector, drawn up with input from the private sector.

Financial services meanwhile contributes a vast 34% of the island's national income. The two new Business Development managers would help develop new financial services products and target new international markets. It is proposed that one would specialize in retail financial services and one in corporate financial services.

TAGS: individuals | Isle of Man | tax | commerce | public sector | accounting | financial services | offshore e-commerce | international financial centres (IFC) | budget | offshore | internet | e-commerce | offshore e-gaming | retail | services

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