Economic Development Business Plan 2006

FOREWORD

Minister's Introduction to the Economic Development Department's 2006 Business Plan

The Economic Development Department is without doubt one of the most exciting and important portfolios within the States. There will be many difficult decisions to be made in the coming year and we recognise that the rest of the States and the Island depend on us to get it right. Without a successful economy many of the other departments of the States will not continue to enjoy the resources they need to provide their services.

Much has changed in recent years and we now put quality economic analysis behind the decisions we make. Over the past three years the States have approved a significant number of economic policies including the new Migration Plan, the States Strategic Plan, the Fiscal Strategy and the Economic Growth Plan.

I believe that we have re-ignited the conditions for sustainable economic growth (accompanied with low inflation) and that the economy has rightly once again taken a leading role on the political stage.

This year will see the introduction of ITIS and 2008 the introduction of GST. This will prove to be challenging for businesses in the Island and we need to give the business community and the people of the Island confidence to deal with this inevitable and necessary period of adjustment.

There has been much political discussion about the tourism sector over the last few years. Tourism has undoubtedly gone through some difficult times but I firmly believe that we have turned the corner and we now see exciting new investment in bed stock and other facilities. There is, however, much to be done and reinvigorating our visitor economy will be one of my top priorities over the next three years.

We also need to see a strong and vibrant retail environment. This important sector of the economy provides not only the essentials in life but many jobs too. There are issues about the Experian report that do need to be dealt with and I will only support an increase in the square footage of retail space if it can be proven that the commercial vitality of the heart of town will not be affected. Jersey can look to other locations to learn lessons about how not to rip out the heart of the high street. To this end I will be a strong and positive voice on the new St Helier Task Force.

As far as the finance industry is concerned - there are some encouraging signs that, after a number of years of contraction due to slow international growth, there is evidence of new firms wanting to locate here. The good news is we are seeing encouraging signs across the finance industry, reports of profitability for banks, law firms and accounting firms appear better than for some time.

We are welcoming more businesses to Jersey. That is good and we need to see more of this kind of confidence if we are to achieve our targets of 2% economic growth.

Jersey Harbours and Jersey Airport are now within the Economic Development Department and we will work with these organisations to ensure that they become more commercial. We need to understand the truth about landing costs and harbour dues and we need to ensure that our costs are not acting as a barrier to increasing passenger numbers or freight.

I believe that there is an important role for the States to assist the agricultural industry. All sectors are going through restructuring and need support through this transition. The protected crop sector is adjusting and we will need to work closely with the Planning & Environment Department to ensure a sustainable rural economy while safeguarding the beauty of our Island.

The Department will continue the work to incorporate Jersey Post.

Senator Philip Ozouf

Minister for Economic Development

To download a copy of the business plan, please click on the following link 

Economic Development Business Plan 2006  264Kb 



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