The Isle of Man Government has announced a series of high-profile structural changes designed to enable its newly created Department of Economic Development to help generate further economic growth for the Island.
At the heart of the Government's drive to ensure the Island builds on its reputation as a highly attractive business environment, will be the creation of the Business Development Agency. This central Agency is designed to bring greater focus and build on the success that has already established the Isle of Man as a leading International Business Centre.
The Business Development Agency will be led by Director of Business Development, Tim Craine, who was previously Director for E-Business and Space Commerce, and will now report directly to Colin Kniveton, CEO at the Department of Economic Development. The appointment of Mr Craine as Director will ensure the Agency can leverage his existing expertise, contacts and experience gained in both financial and non financial sectors.
One of the primary goals for Mr Craine and the Business Development Agency will be to build on the success the Isle of Man has achieved in establishing itself as one of the most business friendly regions in Europe. In particular, the Agency will work to promote activity and inward investment targeting for both new businesses and emerging sectors alike, with five main areas of focus, including; Financial Services, Non Financial Services, such as manufacturing and ebusiness, Tourism, New Sectors and International Sales.
Tim Craine, comments: "I am convinced that the new structures that have emerged within the Department and in particular the creation of the Business Development Agency will help to deliver a more focused drive for business development on the Island. I very much look forward to strengthening relationships with the private sector to work on the strategies and initiatives that will generate further prosperity for the Isle of Man."
Minister for Economic Development , Allan Bell MHK, is confident that the new structure of his department and the birth of the Business Development Agency will help ensure that the Governments business and economic ambitions are fully met for years to come: "Our responsibility is to drive the economic growth of the Isle of Man for the benefit of current and future generations. These announcements are the start of that journey."
Key functions of the Business Development Agency:
- 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 our 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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