[ad_1]
The Isle of Man Government has announced major changes to its procurement policy aimed at supporting local businesses. The changes will see the government favour Isle of Man businesses more favourably in awarding contracts.
The Council of Ministers agreed to reserve contracts below the World Trade Organisation (WTO) tendering threshold for Isle of Man businesses.
Under the new policy, up to 94% of government spending opportunities – potentially up to £50 million per year – can be spent in the local economy. The move is a positive outcome of Brexit and enables the Isle of Man to support its own businesses, which was not possible under previous EU procurement rules.
At its June meeting, Tynwald Council approved an order which will ensure that retaining contracts for local businesses does not constitute anti-competitive behaviour.
Finance Minister Alex Allinson MHK said:
“This policy is an important step forward in supporting local businesses and our economy. For the first time in nearly fifty years we can actively support local businesses in an open and legal way.
“By investing more government spending into the Isle of Man economy, we are fostering a more robust and self-sufficient economic environment. We believe this will provide more opportunities for local businesses and help strengthen our community.”
For more information, please contact the Procurement team procurement@gov.im
[ad_2]
Source link
