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The Isle of Man Enterprise, the executive body of the Isle of Man Department for Enterprise, today published its draft Local Economic Strategy It sets out a ten-year vision to ensure the island remains a great place to live by increasing the vibrancy of the retail, leisure and hospitality sectors.
The draft Local Economic Strategy is built on the principle of giving residents, local authorities and businesses the tools to drive positive change and enable them to take ownership of their local areas.
To achieve its vision, the strategy details clear goals, objectives and actions, grouped into three policy pillars: infrastructure and place management, business and consumer experience, and local empowerment and partnerships. The strategy’s priority actions will include:
- Transforming underutilized and unused spaces
- Revitalize the commercial streets and stimulate vitality
- Encouraging more consumer choice
- Lowering business barriers
- Developing effective town-town partnerships
- Empowering local authorities by opening up new funding channels
The strategy advocates a local-first approach and includes the establishment of a Local Economy Fund for use by local authorities and trader groups.
The strategy has been published in draft form and will be subject to further consultation this summer to facilitate the development of a detailed implementation plan, which will be published in the autumn.
Minister for Enterprise Tim Johnston MHK commented:
“The draft Local Economic Strategy sets out a framework to ensure the economic health of our high streets and urban centres and to promote a thriving, sustainable and distinctively Manx local economy.
“To come up with this draft strategy, we undertook extensive consultation and research with a wide range of stakeholders. This enabled us to gather a strong evidence base to inform an approach that encourages investment, initiatives and ideas that will deliver significant results over the next decade.”
“I recognise that our local economy has faced challenges in recent years. This strategy provides us with a strong foundation and direction to ensure these industries have a secure, vibrant and sustainable future, addressing current issues while laying the foundations for long-term success.”
The draft Local Economic Strategy contains twenty strategic objectives designed to address the challenges identified by the study and capitalise on the strengths and opportunities identified.
Tim Cowsill, Chief Executive of Isle of Man Business, said:
“It is vital that we understand the impact of this strategy. This will not be a one-size-fits-all approach and we will be developing tailored plans for Douglas and every town on the island, monitoring impact through indicators such as footfall, number of empty shops and future town audits.
“While the measures implemented earlier this year have provided some relief, we recognise that we need a long-term plan to achieve meaningful and sustainable outcomes. I hope the draft Local Economic Strategy will drive positive change by uniting local stakeholders and contributing to community-led decision-making.”
Manx Business will collect feedback on the draft Local Economic Strategy through an online survey and a series of direct outreach meetings arranged across the island. The draft Local Economic Strategy and details on how to provide feedback have been published.
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