The Isle of Man Government recently restructured and created a Department of Economic Development to help generate further economic growth for the Isle of Man.

In turn the Department of Economic Development has announced the creation of a new Business Development Agency to continue to promote the Isle of Man as a business friendly centre. In particular the agency will be looking to generate investment for both new businesses and emerging sectors. The five main areas of focus for the agency will include financial services, non-financial services (for example manufacturing and e-business), tourism, new sectors and international sales.

The Government has stated that the Agency has been created to assist with the delivery of a more focused drive for business development in the Isle of Man and it is hoped that relationships with the private sector will be strengthened to work on strategies and initiatives to generate Manx business.

Specifically the key functions of the Agency have been identified as follows:-

• A clear and professional inward investment capability providing expertise, advice and assistance to high value individuals and new corporate enterprises to the Isle of Man.
• A defined range of support services to existing businesses on the Island designed to drive economic activity and provide future employment opportunities.
• A clear structure to liaise and coordinate with the private sector and trade associations to develop the strategy of the Isle of Man in the coming years.
• Support and nurture the development of new sectors to the Island and help build new clusters of economic activity.
• Consider and develop a model to provide international representation for the Isle of Man in its target markets and regions working with other parts of Government.
• A coordinated business and individual promotional offering.
• Identify, evaluate and remove barriers to economic growth by working across Government on practical solutions.

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