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Ireland, IoM Discuss Inward Investment Initiatives

by Jason Gorringe, Lowtax.net, London
31 August, 2015

The Isle of Man Chief Minister led a delegation to Dublin for a series of meetings with senior figures responsible for growing Ireland's economy.

The Isle of Man was seeking to hear from Irish policy makers of the initiatives that the nation has put in place to support businesses and boost economic growth. The visit follows the announcement in July of proposals from the Isle of Man for a new GBP50m (USD77m) Enterprise Development Fund (EDF). The fund is the centrepiece of the Isle of Man's "Enterprise Isle" package of initiatives designed to boost the economy, increase inward investment, and grow the working population. The GBP50m fund, which will eventually be self-sustaining, will provide grant, loan, and equity investment to new Isle of Man start-ups, existing Isle of Man businesses looking to expand, and businesses wishing to relocate to the island.

Chief Minister Allan Bell and the Minister for Economic Development met representatives from Enterprise Ireland, the National Economic and Social Council, the Department of Finance, and the National Treasury Management Agency.

Explaining the visit, Bell said: "As we look towards detailed implementation of the EDF and the Enterprise Isle package we must ensure that we do the job properly. In addition to local consultation, this means learning from others outside the island, and Ireland is an outstanding example of a small country that has rebuilt its economy using a range of initiatives."

"In engaging with our neighbors to the west, we have been able to draw on the relationships we have built with the Irish Government through the British-Irish Council, including contacts with the Taoiseach (Prime Minister). This enabled us to arrange a series of high-level meetings to explore the Irish Government's work to grow its economy and to see what lessons we can take from their experience."

"Our talks were very productive and gave us fresh insights into the opportunities and challenges of driving economic growth. The important thing now is to make sure that our own scheme delivers for the economy and people of the Isle of Man."

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