Enterprise Minister Tim Johnston has said attracting inward investment to the Isle of Man is increasingly about building relationships and being responsive to opportunity.
Speaking during the Department for Enterprise’s annual evidence session, Mr Johnston told the Economic Review Committee: “It’s always surprising how different routes there are to do that.”
Mr Johnston cited Albion Limited, a clothing manufacturer now based in the south of the Island, as an example of a business that “came about initially from a visit to the TT”.
After that initial visit, two years later the business has set up a factory and hired 40 people on the island.
Engagement
Jason Moorhouse MHK, chairing the session, pressed the Minister on the effectiveness of such engagement.
Mr Johnston said the Locate Isle of Man campaigns had generated “over 600 strong leads into the Locate talent portal”, adding: “It’s opportunities to have those conversations, to understand who we are, what we’re about.”
Andrew Stewart, Interim Chief Officer at the Department, highlighted the role of agency boards in setting direction.
He said “Their programmes lay out what they’re looking to achieve in any particular 12 months,” including attracting new businesses and increasing financial inflows.
Success
Kate Lord-Brennan MHK also sought clarity on how success is measured.
Mr Johnston explained: “It is about jobs. It’s about investment and how the agencies can support that.”
John Wannenburgh MHK welcomed the Minister’s focus on entrepreneurs rather than broad sectors, saying: “You’re the first minister I can actually remember, who’s not come along and spoken about the 20 or so top areas.”
Mr Johnston responded: “We should always be open to new ideas, to new investment.”
He added that high-net-worth individuals are now “probably, collectively, the second biggest employer on the island” after government.
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