The government has announced a new strategic public-private sector initiative. According to a news release issued on June 16 2011, a number of significant changes will be made to the island's approach to the promotion of its financial services and related industry offerings.

The Department of Economic Development is embarking on a radical shake-up intended to ensure a greater degree of collaboration between the public and private sectors. This will involve the creation of a new public-private sector promotional model to facilitate the sharing of resources and funding between all interested parties. Close cooperation between industry bodies and the government is envisaged, with a view towards optimising the best possible environments for continued economic growth.

The government has long taken great pride in its willingness to adapt the Island's legislative and regulatory environment quickly in order to meet the needs of the financial services sector and the ever-evolving global environment in which it operates. The creation of an integrated public-private initiative represents a further enhancement of the overall strategy, and one which should allow the government to react and to implement change ever more swiftly and effectively, without compromising the island's reputation as a well-regulated financial services centre. An area of initial focus relates to the island's fund management and administration industry and its key relationships with its core market, the City of London.

An immediate and practical consequence of this new strategic initiative is expected to be the enhancement of international marketing efforts through the recruitment of external specialist agencies, as well as a programme of targeted delegations to London, the Middle East and China. In coining the phrase "The Isle of Man means business", Minister for Economic Development Alan Bell reaffirmed his belief that close collaboration between the public and private sectors has always been one of the island's greatest facets, and heralded the new initiative as an exciting new era in public-private sector partnership.

For further information on this topic please contact Christopher J Murphy at M & P Legal by telephone (+44 1624 695800), fax (+44 1624 695801) or email ([email protected]).