INTERNATIONAL FOCUS FEBRUARY 2015:IN FOCUS AUTUMN 2010 17/02/2015 14:04 Page 1
February 2015 Island in fourth decade of economic growth
Chief Minister hails remarkable national Regeneration project achievement scoops prestigious award
hief Minister Allan Bell MHK has hailed the Isle of Man’s C ‘remarkable national achievement’ following confirmation of its 30th consecutive year of economic growth and GDP reaching £4 billion for the first time. The latest national income accounts show that Gross Domestic Product (GDP) increased by 3.2% in real terms, with particularly strong performances in e- gaming and ICT. Economic evidence indicates expansion has continued since the latest figures were compiled and that the Isle of Man is now AWARD WINNER: Natural stonework in the heart of Douglas in its fourth decade of unbroken growth. The Chief Minister said: ‘Reaching a A project to rejuvenate one of the Isle of Archibald Knox-inspired paving, street fourth decade of unbroken economic Man’s main retail areas has scooped a furniture and artwork in the Isle of Man’s growth is a remarkable national prestigious award. winning entry. achievement for the Isle of Man and one The regeneration of Douglas town The judges said: ‘The stonework that confirms our place amongst the most centre won the landscaping category of brings brightness and light into the heart successful small economies in the world. the Natural Stone Awards, with the of the Island’s capital. The results are ‘This rare track record is the result of a scheme described by judges as ‘uplifting’ already lifting and enhancing the area, number of factors, including our strategy and ‘exemplary’. instilling pride and commitment across a of diversification, our business-friendly Business guru Lord Digby Jones diverse range of retailers.’ environment and the close working presented the award to members of the Chief Minister Allan Bell MHK partnership that exists between the private Island partnership involved in enhancing attended the awards ceremony in his and public sectors. And we have achieved some of the capital’s busiest shopping capacity as Chairman of the Chief all this while pursuing a policy of positive streets and pedestrian links. Minister’s Regeneration Steering Group. engagement on the international front. The ceremony took place at the Hotel Mr Bell said: ‘We are working to ‘Above all, though, the Island’s Russell in London and showcased a create clean, bright, dynamic retail economic success story is a tribute to the number of cutting-edge design projects environments that reflect the Island’s enterprise, professionalism and sheer hard from around the British Isles. status as a successful international work of the people in the business The judges praised the use of the business centre.’ community who have made it happen.’ INTERNATIONAL FOCUS FEBRUARY 2015:IN FOCUS AUTUMN 2010 17/02/2015 14:04 Page 2
Strengthening Isle of Man retains relationship with Scotland Aa1 credit rating Moody’s highlights resilient economy and stable outlook
he Isle of Man has retained and its significant diversification despite its Aa1 credit rating by being a small economy.’ TMoody’s Investors Service. Treasury Minister Eddie Teare said: Moody’s commented: ‘The Isle of Man’s ‘The Isle of Man is a great example of Aa1 sovereign rating and stable outlook sustained economic success: an reflect the Island’s resilient economy and international financial centre which can be the Government’s robust finances. relied upon by its investors to provide a stable, pro-business environment in which ‘The former is supported by the they can flourish and by other countries as economy’s stronger and less volatile a responsible and reliable partner.’ growth than that of other offshore centres,
WARM WELCOME: Fergus Ewing MSP is greeted by Chief Minister Committee provides support in Allan Bell MHK
The Isle of Man continued to build response to Ebola crisis appeal relations with its neighbours by hosting a visit from the Scottish Minister for The Isle of Man’s International fight to stop the spread of the disease.’ Business, Energy and Tourism Fergus Development Committee has provided Ewing MSP. Saleh Saeed OBE, Chief Executive of £100,000 in support of the UK Disasters the Disasters Emergency Committee, said:
The visit explored areas of potential Emergency Committee (DEC) appeal to ‘I would like to take this opportunity to collaboration between the two countries address the Ebola outbreak in West Africa. thank the Isle of Man’s International in the fields of business, tourism and The current epidemic is the largest and Development Committee for its incredibly international trade.
most complex outbreak since the virus was generous donation to the Ebola Crisis Hosted by the Department of discovered nearly 40 years ago. Appeal, which will play an important role in Economic Development, the visit Phil Gawne MHK, Chair of the combatting the spread of the virus. included meetings with DED Minister International Development Committee, ‘Our member agencies and partners Laurence Skelly MHK and Department “ said: ‘This significant contribution will help are working in the affected regions to help officials. the DEC to provide practical support and stop the spread of the disease and provide Minister Ewing also met Chief vital public health information to millions support to those affected.’ Minister Allan Bell MHK who has led the of vulnerable people in West Africa in the development of the Island’s relations with the Scottish Government. I would like to thank the Isle of Man for its incredibly generous donation to the appeal Follow us on Twitter @IOMGovernment — Saleh Saeed OBE, Disasters Emergency Committee for all the latest Government news in fact The Isle of Man is situated in the middle of the Irish Sea The Isle of Man is a self-governing British Crown at the centre of the British Isles. It is 33 miles (53km) Dependency with its own government and laws, made long and 13 miles (22km) wide at its broadest point, in Tynwald,“ which was founded more than 1,000 years with a resident population of 84,497. ago and is the world’s oldest continuous parliament. The Island has a distinct cultural and political identity. It is the policy of the Isle of Man Government to be It is not, and never has been, a part of the United both economically competitive and internationally Kingdom. Nor is it part of the European Union, with which responsible in supporting the interests of its people. it has a special and limited relationship allowing for free More information about the Isle of Man trade in agricultural and manufactured products. Government can be found at www.gov.im INTERNATIONAL FOCUS FEBRUARY 2015:IN FOCUS AUTUMN 2010 17/02/2015 14:04 Page 3
Isle of Man remains at forefront of tax cooperation
Chief Minister Allan Bell MHK highlighted He said: ‘An agreement was signed in standard as the fairest and most effective the Isle of Man’s reputation as an Berlin by 51 countries committing to way of achieving tax transparency.’ internationally responsible country during share information automatically in He added: ‘The Isle of Man really is in his annual State of the Nation address. accordance with the Common Reporting the first division when it comes to tax co- Mr Bell described the Island as being Standard that was developed by the operation and transparency. in the vanguard of countries moving to a OECD and endorsed by the G20. ‘The Berlin agreement underlines our new global standard for tax information ‘The Island has long been at the position as a reputable and responsible exchange. forefront of support for a single global global partner.’
BIC SUMMIT: (l-r) Chief Minister Jonathan Le Tocq (Guernsey), First Minister Nicola Sturgeon MSP (Scotland), Minister of Finance and Personnel Simon Hamilton (Northern Ireland), Secretary of State for Northern Ireland Theresa Villiers MP (UK), Chief Minister Allan Bell MHK (Isle of Man), Taoiseach Enda Kenny (Ireland), deputy First Minister Martin McGuinness (Northern Ireland), First Minister Carwyn Jones (Wales), Chief Minister Ian Gorst (Jersey) E-Summit showcases status as digital leader iPads replace paper as Isle of Man hosts British-Irish Council’s first e-Summit
he Isle of Man’s status as a The BIC, established under the terms Minister Ian Gorst (Jersey) and Chief world leader in digital of the Good Friday peace agreement, is Minister Jonathan Le Tocq (Guernsey). T technologies was the only international forum comprising As well as contributing to the Summit’s highlighted during the 23rd the governments of the UK, Ireland, main agenda, the Chief Minister and Policy Northern Ireland, Scotland, Wales, Isle of British-Irish Council (BIC) and Reform Minister Chris Robertshaw Man, Jersey and Guernsey. It plays an MHK took the opportunity to hold Summit held in Douglas. important role in developing positive links discussions with their political Chief Minister Allan Bell MHK welcomed between member countries and provides a counterparts, including the Scottish the political leaders of the sovereign platform for consultation and co-operation Government’s new First Minister Nicola governments, devolved administrations on matters of mutual interest. Sturgeon MSP. and crown dependencies to the Island for The visiting delegations were headed Mr Bell said: ‘It was a pleasure for me talks on a range of key issues. by Taoiseach Enda Kenny (Ireland), to welcome First Minister Nicola Sturgeon Digital inclusion – ensuring that Secretary of State for Northern Ireland to the BIC family and to gain a personal everyone has the opportunity to benefit Theresa Villiers MP (UK), Minister of insight into her plans for the future of from information technology – was the Finance and Personnel Simon Hamilton Scotland. The Summit enables us to main topic under discussion. The Isle of and deputy First Minister Martin strengthen relationships at political and Man broke new ground by hosting the McGuinness (Northern Ireland), First officer level and helps to promote a deeper BIC’s first ‘e-Summit’, with iPads replacing Minister Nicola Sturgeon MSP (Scotland), understanding of the Isle of Man’s position paper on delegates’ desks. First Minister Carwyn Jones (Wales), Chief on a number of important issues.’ INTERNATIONAL FOCUS FEBRUARY 2015:IN FOCUS AUTUMN 2010 17/02/2015 14:04 Page 4
Chief Minister leads senior delegation to Brussels Productive visit offers an insight into EU’s priorities for parliamentary season
hief Minister Allan Bell MHK Man Brussels Office against a changing more about the Scottish Government’s recently led a senior political landscape in Europe and further plans in relation to devolution and to have C delegation to Brussels as developments in international tax and informal discussions with the Head of the part of the Isle of Man financial services regulation. City of London’s Brussels Office. Government’s ongoing Mr Bell held positive discussions with a The Chief Minister said: ‘The visit to number of MEPs, including Kay Swinburne, Brussels was extremely productive. It is programme of international an influential member of the European important to remain in step with engagement. Parliament’s Economic and Monetary developments that will have an impact on The future of the United Kingdom’s Affairs Committee, and Syed Kamall, our business community. relationship with the European Union and leader of the European Conservatives and ‘The Isle of Man’s future economic the potential implications for the Isle of Reformists Group (ECR). success will come, in large part, from our Man were among the issues discussed He also met the Permanent ability to attract foreign investment and to during a series of meetings with EU Representative and Deputy Head of promote ourselves as a gateway into the politicians and officials. Mission of the UK Permanent European marketplace. The Chief Minister also gained an Representation to the European Union Engaging with those who develop the insight into the EU’s priorities for the new (UKrep) and representatives of Andorra, laws and regulations enables us to create parliamentary season. the Faroe Islands and Channel Islands. the right environment in which the Island’s The visit was organised by the Isle of There was also an opportunity to learn economy can flourish.’
Creating a world-class capital Seminar highlights Island’s clean tech opportunities
The Isle of Man hosted a seminar in London for the clean tech industry to highlight the opportunities it can offer around offshore energy. The seminar, part of the Rushlight Conference, featured presentations from the Isle of Man Government’s Director of Energy Policy, Dr Ken Milne, and the preferred developers of the wind and tidal projects within Manx territorial seas. A ‘bold vision’ has been launched for the MASTERPLAN: Conceptual images Representatives from DONG Energy, future development of the Isle of Man’s Manx Tidal Energy Ltd and Tocardo capital. Tidal Energy Ltd delivered updates on The Central Douglas Masterplan aims their proposed projects and potential to encourage investment in the town and supply chain opportunities. support Government’s national priority of The seminar also looked at growing the economy. positioning Isle of Man as an ‘Eco Government says the strategy will Island’ and addressed future underpin efforts to secure long-term opportunities for clean energy and economic regeneration and create a world- sustainable power solutions. class Island capital. INTERNATIONAL FOCUS FEBRUARY 2015:IN FOCUS AUTUMN 2010 17/02/2015 14:04 Page 5
ECONOMIC INSIGHT: Chief Minister Allan Bell MHK with members of the Tianjin delegation Tianjin visitors learn more about Island’s economy
Delegation strengthens growing relationship between Isle of Man and China
hief Minister Allan Bell MHK The visit was a further successful business community. recently welcomed a senior outcome of the contacts made by the The Chief Minister said: ‘It was a C delegation from Tianjin, Chief Minister and officers from the Isle of pleasure to welcome the delegation from one of China’s fastest growing Man Government who travelled to Beijing, Tianjin to the Isle of Man and take the Shanghai and Tianjin in March last year. economic centres. opportunity to strengthen the relationships Tianjin plays a key role in China’s established when I visited China. It takes The visit was part of an ongoing economic development, with a number of time to develop links in China and personal programme of engagement to strengthen thriving business sectors, including contact helps to build trust and relations with China and highlight the financial services, aerospace and aviation, understanding.’ advantages the Island can offer to Chinese manufacturing, electronics, bio-technology He added: ‘I was able to highlight the businesses seeking to expand into the UK and alternative energy. Island’s track record of 30 successive years and Europe. As well as holding positive discussions of economic growth and our ability to act The Tianjin delegation was headed by with the Chief Minister, the visiting as a gateway into Europe for Chinese Zhang Ruigang, 1st Deputy Chief of the delegation gained an overview of the businesses. People’s Government of Tianjin Binhai New Island’s economy during meetings with ‘Economic expansion remains my top Area Authority. He was accompanied by Economic Development Minister Laurence priority for the Isle of Man to sustain job Shi Jiangping, Chief of Staff of the China Skelly MHK; John Aspden, Chief Executive opportunities, living standards and funding Banking Regulatory Commission, Tianjin of the Financial Supervision Commission; for public services. That’s why I’m so Office, and officials representing the David Vick, Chief Executive of the encouraged by the relations we are Banking Regulatory Commission and Insurance and Pensions Authority, and developing with one of the world’s financial services industries. leading members of the Isle of Man economic superpowers.’
Catherine looking forward to time in Idaho
Catherine Breed has been announced as the mother Margaret Teare was born in Ballaugh and winner of the 2015 Ella Olesen Scholarship. emigrated to America in 1890 – led her to gift Catherine, 21, will follow a long line of local the scholarship in 1971. students in spending nine months at the Catherine is studying for a degree in history University of Idaho in the USA. at Cambridge University and graduates in the The scholarship is named after the late Miss summer. Ella Olesen, a former registrar of the university The scholarship will allow Catherine to study who died in 1985. Her Manx ancestry – her a range of academic and non-academic subjects. INTERNATIONAL FOCUS FEBRUARY 2015:IN FOCUS AUTUMN 2010 17/02/2015 14:04 Page 6
Encouraging outlook for Isle of Man economy
The outlook for the Isle of Man’s growing sector, with more than 100 new the same period in 2013. economy is positive. jobs created in 2014. Microgaming is He said: ‘I am highly encouraged by Minister for Economic Development planning to expand its headquarters in this resurgence in confidence. Exciting Laurence Skelly MHK said: ‘2014 was Douglas and work is continuing towards recent developments have included new another good year for the economy with establishing a world-class IT training air routes which will open up the Island continued growth of around 3% and centre in Douglas.’ to many more people. unemployment falling by nearly a quarter The Minister also highlighted the ‘We are also supporting the Isle of – and the prospects for 2015 are as good success of the visitor economy, with Man Cycling Association’s bid to host the if not better.’ provisional figures showing a 10% 2016 British Cycling National Road He added: ‘E-Business is our fastest- increase in leisure visitors compared with Championships.’
FOOD MATTERS: The Isle of Man produces a wide range of top quality food and drink Blueprint to grow Manx food and drink industry Food Matters strategy aims to put quality Isle of Man produce on the map
blueprint to grow the value The development of a distinctive local more than £15 million in local sales. of local food and drink food and drink sector is a key aim of Vision ‘The number of businesses creating A production by £50 million 2020, the Government’s plan for economic local food and drink has grown from 30 in over the next 10 years has been success. 2010 to more than 100, proving there’s a unveiled by the Isle of Man ‘Food and drink is an integral part of bright future and a growing market for the Island’s landscape and heritage and high-quality Manx products. Government. has a vital role to play in its cultural and ‘Consumers are becoming increasingly ‘Food Matters’ sets out how the sector economic future,’ said Department of sophisticated in their choice of food and could be worth £125 million by 2025. Environment, Food and Agriculture drink, for health, economic and The aim is to create jobs, boost the Minister Richard Ronan MHK. environmental reasons and this can give economy, put Manx food and drink on the ‘The Island already has highly us a competitive advantage into the map, increase visitor numbers and successful food and drink producers that future. investment, and provide greater choice for export £20 million worth of products, Taste and quality, knowing where food consumers at a time when quality and largely to the UK and Europe, with some has come from – the so-called journey provenance are becoming increasingly products reaching as far afield as America from farm to fork – and food miles and important. and the Far East. This is in addition to packaging are important issues.’
Isle of Man Government Government Office Bucks Road, Douglas, Is published by: Isle of Man, IM1 3PN Corporate Communications Telephone: +44 (0)1624 685284 Cabinet Office Email: [email protected]