The business community has been thanked by Chief Minister Allan Bell MHK for supporting a major initiative to plan for the Island’s economic future.
 
Launched by Mr Bell in June this year, ‘Vision 2020’ is led by the Department of Economic Development and is a critical component in shaping Government’s strategy to grow the economy.
 
Over 200 businesses have provided information to the project via an online questionnaire, and more than 50 business leaders have taken part in industry-specific workshops. Sector level forecasts have been developed for the next five to ten years, identifying key trends affecting Island companies.
 
Detailed analysis continues to be undertaken to identify opportunities and the steps that need to be taken for the future. Actions plans are being developed with a view to implementation early in the New Year.
 
The Chief Minister commented: ‘One of the secrets of the Island’s success is the partnership that exists between Government and the private sector, and it is good to see that teamwork continuing under the banner of Vision 2020. This initiative is crucial to ensuring that we get our economic strategy right for the future, and it can only work with the active involvement of the business community, for which I thank them.’
 
Mr Bell added: ‘More than ever before the Isle of Man has to compete in a changing and challenging global environment. It is essential that we have a clear vision of where economic growth will come from in the future, and what we need to do to make sure that it happens.’