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Treasury Minister attends world finance meetings

Friday, 19 October 2012

Treasury Minister Eddie Teare MHK was able to highlight the Isle of Man’s positive contribution to the global economy when he attended the largest annual gathering of the world’s finance ministers.

Mr Teare represented the Island in Tokyo last week at the 2012 meetings of the World Bank, International Monetary Fund (IMF) and Commonwealth Finance Ministers. The summit brought together central bankers, ministers of finance, private sector executives and leading academics to discuss issues of global importance, including the world economic outlook.

The debate focused on international efforts to stimulate economic growth and create new jobs. During the event, Mr Teare had an opportunity to meet UK Chancellor George Osborne who arrived in Tokyo following his keynote address at the Conservative Party autumn conference.

Mr Teare said:

‘I held very positive and productive discussions with Mr Osborne on a range of issues of mutual interest. I was able to reaffirm the Isle of Man’s vital role as a provider of financial flows to UK and international markets in terms of liquidity, listed companies and investment. I believe the UK and Isle of Man benefit from each other’s success and I outlined ways of strengthening our working relationships, in particular with the City and North West business community, to secure future economic growth and employment opportunities.’

Mr Teare also used his attendance at the meetings in Tokyo to enhance the Isle of Man’s reputation as an internationally responsible country with a dynamic, diversified and well-regulated business sector.

He commented:

‘The Island’s support for the Small Countries Financial Management Programme and introduction of legislation to block so-called vulture funds, has earned positive international recognition. It helps to set us apart from many other countries and demonstrates our commitment to playing a full and constructive role in the global community. In line with some of the aspirations outlined in the Chief Minister’s “Agenda for Change” we must continue to raise the Isle of Man’s international profile and continue to work in partnership with other countries. The World Bank and IMF events in Tokyo provided a unique opportunity to engage with the world’s finance leaders and to position the Isle of Man on the international stage.’
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