Local business leaders heard this week how the Isle of Man has achieved significant progress on a number of key domestic and international issues.
Addressing Monday’s annual meeting of the Isle of Man Chamber of Commerce, Chief Minister Tony Brown MHK sounded a note of ‘cautious optimism’, as he provided a mid-term update on the Island’s challenges and accomplishments.
He said that the Island continued to rise to the challenges presented by the financial crisis and resulting changes to the world’s political and fiscal landscape.
He stressed that maintaining the strong partnership between the public and private sectors would play a crucial role in securing the Island’s future prosperity.
"With commitment, innovation, creating opportunities, careful investment and prudent financial planning, I am confident we can weather the storm ahead reasonably well", he said.
He also gave an insight into the proactive political engagement being undertaken to promote a greater international awareness of the Island.
Government delegations had visited London, Brussels and Washington in recent times to uphold the Isle of Man’s reputation as an economically competitive and responsible country.
Mr Brown highlighted efforts that have placed the Island at the forefront of tax co-operation and transparency, including the move towards Automatic Exchange of Information under the EU Directive and the signing of additional Tax Information Exchange Agreement(TIEA).
Those activities have led to recognition from G20 and the Organisation for Economic Co-operation and Development (OECD), and placement on its ‘White List’ of co-operative countries.
Mr Brown commented, "The Island’s position has been further reinforced by the latest International Monetary Fund (IMF) report which confirms our continuing high level of compliance to global standards of financial sector regulation and supervision."
He went on to say that the Manx economy was proving resilient in the face of challenging conditions, with more people currently in work than at any other time in the Island’s history.
"There are continuing positive developments in a range of our sectors, including e-gaming, shipping, tourism, aircraft registration and manufacturing.
"However, there is no room for complacency and we will take action to assist the economy if necessary", he added.
The audience also heard that progress was being made on the Government’s strategic plan, with business change, marketing, town centre regeneration and financial prudence high on the agenda.
The Chief Minister said, "I believe that the ministerial team is now a more effective, cohesive and responsible team, which I hope has given confidence to many within our community.
"In the last couple of years, we have initiated policies of greater openness and implemented much more consultation with the public so that our people and businesses can better understand what we are doing – and propose to do – on their behalf."
He concluded, "Confidence in the community is still generally good and while in the future times may be tougher than we are used to, with careful planning as the world pulls out of recession our position can only improve."
