A report commissioned by the Isle of Man government and conducted by business and technology consultancy, Charteris, to assess the efficacy of the Isle of Man for e-business, inward investment, and the quality of the government IT infrastructure, was released this week.
The purpose of the report is to ensure that the rate of growth and progress within e-business on the Isle of Man is on track, and that the right strategies are in place to reflect and if necessary pre-empt global and local change within this dynamic sector.
e-Business currently contributes 4.5 percent of government revenue and represents the island's fastest growing sector; it is therefore a core area for future investment and development, the report concludes.
The latest study shows that the Isle of Man's e-business sector has experienced significant growth over the last few years, and notes its success in attracting a number of high profile businesses to the Island. Of particular note is the clustering of e-Gaming companies that have created what the research company calls a ‘velcro effect' on the island to other complimentary business service providers within the e-business sphere.
Charteris concludes that the creation of the new Department for Economic Development is a positive step and will help to further realise the Island's e-business potential and ultimately encourage further inward investment. This development, along with a continuation of the Government's successful strategy of using dedicated inward investment professionals with industry specific expertise, in addition to an intensified focus on a clear and coordinated marketing strategy, is recommended as the most effective way of driving the sector forwards.
Tim Craine, Director of e-Business and Space Commerce, comments: "The international e-Business landscape is evolving rapidly and it is vital that the Government works to maintain the Isle of Man's competitive position within the sector and maximise the opportunities that are available.
"We simply cannot rest on our laurels and must continue to adapt our strategy if we are to really begin to stretch our legs and realise our growth ambitions within this dynamic sector. We are confident that the recommendations set out by Charteris will help us to do just that and we look forward to converting them into tangible reality and results in the coming months."
Alan Bell, Minister for the Department of Economic Development, adds: "The findings of the report help to demonstrate the success of the Government's policy of economic diversification. The Government took the strategic decision to develop the e-business sector back in 2000 and the benefits of this policy initiative are being clearly demonstrated. We maintain our ambitions to further build on previous successes within the e-Business sector through continued close communication between Government and the private sector."