‘Pace of change’ means time is right to refresh Island’s economic strategy

The Isle of Man Government is to begin a refresh of its economic strategy to reflect the pace and scale of global change. 

The Chief Minister Alfred Cannan MHK made the announcement during his welcoming address at the fourth Isle of Man Government Conference. 

Reflecting on advances in artificial intelligence in particular, the Chief Minister said:

'Such is the pace of change, there is now a clear need to refresh our economic strategy. 

'Once again, we will seek to leverage the knowledge, experience, insights and collaboration that sits at the heart of our economy, by coproducing this refreshed strategy with our business community.' 

The Chief Minister said the core foundations of the Government’s economic strategy, ‘Our Island, Our Future’, which was approved by Tynwald in November 2022, remain a good basis on which to continue to move the Island forward.  However, it would be irresponsible not to adjust the Government’s thinking in a world that is rapidly changing. 

The Chief Minister said:

'Having an updated view of our forward outlook is an essential legacy from this administration. I will therefore be tasking a high level advisory board to determine the questions that need to be asked and to bring together the changes that are needed in the short to medium term.' 

The creation of a new National Office for AI Development and Regulation was also announced by the Chief Minister, which will help the Isle of Man seize the economic opportunities of artificial intelligence. 

The Chief Minister concluded by saying:

'Such is the volatility around us, we cannot stop or take for granted the foundations on which our success is built.  Now, once again, we are called upon to look ahead and to act with purpose. 

'With a revised and refreshed economic strategy, with a commitment to responsible innovation, and with stronger safeguards for our community, we can ensure that the Isle of Man remains a place of opportunity, security, and prosperity. 

'The future is not fixed. It is shaped by the choices we make today. And together, we will ensure that our Island thrives in the world that is emerging.'