THE Department of Economic Development will set up a new finance services sector partnership.
The Isle of Man Finance Partnership, will represent government and the Chamber of Commerce to replace the civil service-staffed Isle of Man Finance.
The department believes the ‘radical shake-up’ will ensure the finance services sector can more effectively use the combined talents and resources of both industry and the civil service to develop. The partnership will be led by Chamber of Commerce chief executive Mike Hennessy.
Government will initially be represented on the board by chairman and DED political member Juan Watterson MHK and business development agency director Tim Craine.
The partnership’s main aim is to create sales opportunities for the finance sector.
To ensure the island’s expertise and reputation is showcased, it will establish a programme of international visits.
The visits will take place in key business centres throughout Middle East, China and UK.
Economic Development Minister Allan Bell MHK said: ‘I really want to focus on tangible results and create a new era in public private sector partnership. Success will be measured on results and we have the right structure in place to deliver them now.’
A DED spokesman said the changes would not result in any job losses.