The Isle of Man is developing closer economic connections with Commonwealth countries by becoming a strategic partner of the Commonwealth Enterprise and Investment Council.

The move, announced today by Chief Minister Howard Quayle MHK, will build on existing business links with Commonwealth members such as South Africa and India and help to open up new opportunities for the Island.

The Commonwealth Enterprise and Investment Council brings government heads and business leaders together to promote trade and investment across the Commonwealth, which comprises 53 member states with a combined population of 2.4 billion. The Council is also responsible for the Commonwealth Business Forum, a key part of the biennial Commonwealth Heads of Government Summits, the next of which is to be held in the UK next year.

As a Crown Dependency the Isle of Man cannot be a member of the Commonwealth in its own right, but is actively involved in related bodies such as the Commonwealth Games Association and the Commonwealth Parliamentary Association.

The Island has also reinforced links with Commonwealth countries by hosting the Small Countries Financial Management Programme. This supports the economic growth and prosperity of small and developing nations by sharing experiences, ideas and best practice in the fields of public finance, regulation, and compliance with international standards.

Since it was founded in 2009, the programme’s participants have included representatives from the finance ministries, central banks and regulatory bodies of 23 Commonwealth members.

As a strategic partner of the Commonwealth Enterprise and Investment Council the Isle of Man will be represented on the organisation’s Advisory Board by the Chief Minister.

Mr Quayle explained: ‘Building economic connections with the Commonwealth makes sense for the Isle of Man as an international business centre but it is also in keeping with our history of friendship with Commonwealth countries.

‘Looking ahead to a world beyond Brexit, the Commonwealth offers a global network of markets and opportunities that the Isle of Man is particularly well placed to support. We specialise in facilitating international trade and investment and we look forward to making a positive contribution to the work of the Commonwealth Enterprise and Investment Council.’

Lord Marland, chairman of the Commonwealth Enterprise and Investment Council, said:

‘We are delighted to welcome the Isle of Man as a Strategic Partner of CWEIC. It is a great testament to the Isle of Man’s government that they see the fantastic opportunity within the Commonwealth for trade and business, and to play a central role at the Commonwealth Business Forum to be held in London next April.’

Photo - show Chief Minister with Lord Marland, chair of the Commonwealth Enterprise and Investment Council.