IoM Boosts Funding For Economic Diversification
by Mike Godfrey, Lowtax.net, Washington
16 April, 2014
The Isle of Man's Department of Economic Development has been granted additional funding worth GBP2m (USD3.35m) over three years to help promote economic growth under its Vision 2020 economic diversification strategy.
The funds are to be used to boost the headcount of the team responsible for generating business for the island, to complement Vision 2020.
The island's Minister for Economic Development John Shimmin promised a three-fold return on this investment for taxpayers, stating that the new funding "shows we can support all of Government's priorities to grow the economy, protect the vulnerable, and balance the budget."
The Isle of Man's diverse economy, with niche sectors such as aircraft and ship registration, has been credited as a key factor in the economic resilience the island has displayed since the financial crisis. Other territories, with a similarly low tax base, which are heavily dependent on financial services and tourism, such as in the Caribbean, have typically fared less well during the downturn.
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