The Department of Economic Development's prime responsibilities are related to the generation of wealth throughout the commercial sectors of the economy and the creation of a greater number and wider range of employment opportunities for the workforce.
This is reflected in the Department's ultimate purpose, which is to promote and encourage the creation of a successful diversified economy offering employment opportunities for all.
The overall aims of the Department are:
- to promote diversification and the further development of the economy by encouraging new high added value and sustainable businesses to become established on the Island
- to support the continuing prosperity of existing commercially viable enterprises
- to broaden the range and quality of employment opportunities and to provide a workforce with appropriate skills recognising the needs of the economy and individual aspirations
- to support economic development by ensuring an efficient, sustainable and economic supply of energy
- to manage the resources of the Department effectively.
The Department's functions are carried out primarily through the following operating groups, namely Employment and Skills; the Business Development Agency; Aircraft, Shipping and Companies Registries; Tourism and Motorsport.
Employment and Skills Group's responsibilities include areas such as Training Services, the Job Centre, the Careers Service and Work Permits.
The aim of the Business Development Agency is to attract high value individuals to the Isle of Man and the portfolio includes Financial Services, e-Gaming, e-Business, Manufacturing, Space, Retail and Film. The Agency is also responsible for energy policy; clean technology and biotechnology; construction; mines and minerals and the Department's properties.