The Isle of Man Government is to update its economic strategy to reflect what ministers say is the pace and scale of global change.

Chief Minister Alfred Cannan MHK announced the move during his opening address at the fourth Isle of Man Government Conference on Tuesday.

He said advances in technology, including artificial intelligence, had underlined the need to revisit the Isle of Man’s approach.

Mr Cannan said: ‘Such is the pace of change, there is now a clear need to refresh our economic strategy. Once again, we will seek to leverage the knowledge, experience, insights and collaboration that sits at the heart of our economy, by coproducing this refreshed strategy with our business community.’

The government’s current strategy, Our Island, Our Future, was approved by Tynwald in November 2022. Mr Cannan said the document remained a strong basis for progress but it would be ‘irresponsible not to adjust’ in response to wider shifts.

He added: ‘Having an updated view of our forward outlook is an essential legacy from this administration. I will therefore be tasking a high-level advisory board to determine the questions that need to be asked and to bring together the changes that are needed in the short to medium term.’

The Chief Minister said volatility in the global economy meant the island could not ‘stop or take for granted the foundations on which our success is built’.

He concluded: ‘With a revised and refreshed economic strategy, with a commitment to responsible innovation, and with stronger safeguards for our community, we can ensure that the Isle of Man remains a place of opportunity, security and prosperity. The future is not fixed. It is shaped by the choices we make today.’