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Vision 2020 initiative launched

Friday, 28 June 2013

Island’s economic future to be mapped out

‘Vision 2020’, an important new initiative in Government’s strategy for building the economy, will help shape the Isle of Man’s future, according to Chief Minister Allan Bell.

"The Isle of Man operates in a fast-moving, competitive global environment. It is vital that we have a clear vision of where our future economic growth will come from and how this is going to be achieved," he said.

In announcing the launch of ‘Vision 2020’, the Chief Minister called on the Island’s business community to take an active role in helping Government plan for the economic future of the Isle of Man.

'Working together, we will identify opportunities and what steps need to be taken for the Island to succeed in the future.
We will be looking at all elements including legislation and regulation, tax policy, infrastructure, workforce skills and Government’s capabilities.'

"To maximise the Island’s economic potential, this significant piece of work should lead to decisions on strategy and the development of associated action plans," he explained.

Businesses based in the Isle of Man will be asked to participate by taking part in an online questionnaire. Additional input will be gathered from the private sector through professional trade associations and the Isle of Man’s Chamber of Commerce. There will also be a series of workshops for representatives of the Island’s various economic sectors.

‘Vision 2020’ follows on from the Economy 2014 Project, which was initiated in 2004. It considered what the public and private sector should do to help grow and diversify the Island’s economy for the decade that followed.

The resulting report, ‘Creating a can-do economy’, proved to be highly influential and has been largely accurate in terms of the state and nature of the current economy.

The Department of Economic Development will be coordinating the work of ‘Vision 2020’, drawing on the expertise of the Island’s private sector and the experience of other areas of Government.

The questionnaire can be found at

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