The island must keep innovating and trying to attract new sectors, while accepting some won’t pay off.
Enterprise Minister Tim Johnston outlined the position at a Tynwald committee this week.
Mr Johnston highlighted the importance of the agency model, introduced in 2017-18, which places private sector expertise at the heart of decision-making.
“The whole point of having the department and the agencies is bringing private sector ideas into government,” he said.
Andrew Stewart, Interim Chief Officer at DfE, added, “The agency model is working and has come up with some good initiatives.”
Innovation
Looking ahead, the DfE is focusing on emerging sectors like sustainable finance, data foundations, and medicinal cannabis.
Mr Johnston stressed the need for agility: “We have to try things. Some will work, some won’t, but we must keep innovating.”
The discussion also touched on challenges such as regulation and connectivity.
Mr Johnston noted, “Our tier-one regulatory framework is a strong selling point,” while Mr Stewart acknowledged concerns about over-regulation: “We regularly speak with regulators to ensure proportionality.”
On economic performance, Johnston reported positive trends: “Since the start of this administration, we’ve seen 1,500 new private sector jobs created.”
However, questions arose about job quality and sector sustainability, particularly in e-gaming, which has seen 14 licences lapse in 14 months.
Mr Stewart assured that a long-term strategy for the sector is imminent.
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