The Department of Economic Development will today officially become the Department for Enterprise (DfE) after being approved by Tynwald earlier this week.
Laurence Skelly MHK, Minister for Enterprise, commented:
‘The approval from Tynwald was a big milestone in the development of our new Department, transferring a number of existing functions to Departments where they are better suited and marking the transition from planning to full implementation of the Department’s refocused structure. The new name recognises the Department’s key role as an enabler and facilitator of business, signalling our alignment with the Programme for Government’s national ambition to be ‘An Island of Enterprise and Opportunity’. I’d like to thank the countless stakeholders who have helped to shape the refocus and given us their support.
‘The internal restructuring has resulted in a Department that is now reduced in size by 25% from that a year ago. We are building capability with a new Strategy & Policy function and have been developing out the draft terms of references for the proposed executive agencies. It is important to build an agency framework that is robust and sustainable. With this in mind we will continue to consult with industry and engage with associations and businesses to develop out the four agencies covering the finance, digital, business and visit sectors.’
During the first part of 2017 the Department commissioned a high level strategic review to look at the future needs in support of Government’s ambition for economic growth.
The review took into account a significant level of external and internal input and produced six specific recommendations in order to meet three aims:
- Increase capability for Economic Strategy & Policy;
- Better leverage private sector expertise through agencies;
- Refocus into a new Department for Enterprise.
The Minister added:
‘Throughout the review and the creation of the new Department, we have continued our vital work to support the Island’s economy, supporting a significant number of people with training and funding, nurturing innovation in our key sectors and international promotion of the Island as a place to live, work and visit. The new Department will continue this momentum with even greater cross-government working, private sector engagement and more resource and focus on the key areas of our economy.
‘Now we have received approval from Tynwald we will move onto the next stages of the agency build, gradually supplementing and growing the agencies’ resources through public and private sector commitment.
‘The Department for Enterprise’s mission isto create an environment through innovation and collaboration, where the economy thrives. The Department will be taking the lead, but very much will be working hand-in-hand with the private sector and together we will continue growing real businesses, generating real jobs and real opportunities for our Island.’
The Department for Enterprise and its four agencies intend to be fully operational by April 2018.