Chamber Publishes ‘Future Economy Framework’ & ‘Conditions for Growth’ Strategy Papers
Isle of Man Chamber of Commerce has published the actions that the business community wants to see government prioritise to drive economic growth.
The ‘Future Economy Framework’ and ‘Conditions for Growth’ strategy documents are published on www.iomchamber.org.im. The Conditions for Growth paper includes the following 10 priorities:
- Put sustainable economic growth first
- Create a world-class environment for business
- Modernise Government delivery and decision-making
- Build a skilled, talented and future-ready workforce
- Accelerate the knowledge economy, innovation and human capability
- Unlock housing and population growth to support the economy
- Create a strong international proposition for the Isle of Man
- Invest in infrastructure and connectivity that enable growth
- Improve economic intelligence, data and accountability
- Shape the economy of tomorrow
The full document explains these priorities in more detail.
Chamber President Claire Watterson said: “We have set out the business community’s thinking on what the Island needs to support sustainable economic growth, and how that ambition could translate into practical action. We have shared both papers with all Tynwald members to inform discussion as the new administration develops its priorities. Economic growth is a whole-of-Government responsibility and Tynwald members have an important role in shaping policy, scrutinising delivery and ensuring progress benefits the Island. Both documents have developed through Chamber’s Future of the Economy programme, with discussions over the summer helping us move from broad ambitions towards practical proposals.”
The Future Growth Framework draws on focus groups, workshops and three roundtables with Chamber’s ‘Gold Members’ (leading sponsors) exploring economic ambition, the conditions businesses need to grow, and ownership and delivery. Claire Watterson added: “The Framework proposes a model in which Government sets clear priorities, industry contributes commercial insight, and coordinated delivery across Government creates the conditions for businesses to invest, expand and improve productivity. Its starting point is to agree what the system needs to achieve, then consider the structures required to deliver it.”
The Conditions for Growth paper, and the 10 priorities within it, began with an initial priority list developed by Chamber which was then tested via a members’ survey. “The responses reinforced the priorities and highlighted a strong concern about Government delivery,” said the Chamber President. “This prompted us to revise their order and distinguish six immediate priorities from four further priorities that remain important to the Island’s competitiveness and resilience.”
The two documents are designed to complement each other, says Chamber, with the 10 priorities setting out what businesses need, while the Framework proposes how economic growth could be enabled and delivered. Claire Watterson said: “We are presenting these as working proposals shaped by the opinions of our members who represent over 450 organisations ranging from sole traders to SMEs and international corporations. We have built in scope to test, refine and develop them through wider discussion. As always, Chamber is ready to contribute business insight, sector expertise and constructive challenge to help turn shared ambitions into progress. In our email to Tynwald members we have welcomed their views on both papers and emphasised that we would be pleased to discuss the proposals with them.”