Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

  • Choose the service you want to log in to:

  • gov.je

    Update your notification preferences

  • one.gov.je

    Access government services

  • CAESAR

    Clear goods through customs or claim relief

  • Talentlink

    View or update your States of Jersey job application

Trade, Investment and Growth Framework

‚ÄčIntroduction

The Trade, Investment and Growth Framework (TIG) will bring together the Government's strategic objectives to maximise opportunities post Brexit, whilst supporting the Island's economic recovery following the impact of the COVID-19 pandemic.

This framework demonstrates that increasing trade, investment, and economic growth on our Island is a cross-departmental undertaking, involving extensive internal and external stakeholder cooperation including with relevant Arms-Length Organisations. It draws together related workstreams, with both mature and new strategies, in one place to ensure continued close coordination across Government in this area.

Vision statement

This framework brings together the Government of Jersey's strategic ambitions for trade, investment, and economic growth:

  • it ensures an integrated and holistic approach to policy and strategy development across key government departments
  • it takes account of the current economic and political climate and our future ambitions as a trading island
  • it will support the creation of the right conditions to enable businesses to realise their full potential
  • it will support industry by demonstrating what government is doing to remove barriers to sustainable growth opportunities

Ministerial Statement, Minister of External Relations and Financial Services

The Government of Jersey is committed to delivering opportunities for our island through supporting growth in trade and investment, as a new international trading agenda develops in the aftermath of the UK's exit from the EU. As the global economy readjusts in the wake of seismic change over the last two years, governments around the world are re-evaluating and revising their strategies. Jersey is no different. In fact, we are, in some cases, ahead of the curve.  

The Government Plan 2021 to 2024 identifies the need to support the Island's economic recovery and to continue to develop Jersey's international profile and digital economy. This new Trade, Investment and Growth Framework provides further structure for government, businesses and other stakeholders as to how we are delivering this.

There is considerable work underway, as outlined in this document, on new and existing strategies designed to promote and encourage trade and economic growth for Jersey. It is important that these strategies are understood and considered collectively, as interconnecting and complementary pillars working to the same objectives: that is what this framework does. The different strategies will continue to develop and emerge to grow and shape our economy and international profile for the future.

Ministerial Statement, Minister of Economic Development, Tourism, Sport and Culture

This framework identifies the importance of collaboration and the interdependencies that exist across significant programmes that support and drive trade, investment and economic growth on our island. Continuing to work together is essential to ensuring we create a sustainable, vibrant and inclusive economy for Jersey. The Government of Jersey remains committed to this approach and delivering on this goal.

In recent times, our economy has been faced with significant challenges and businesses in Jersey are operating in a difficult economic environment. The integrated development, across government, of trade, investment and growth opportunities for Jersey businesses is vital to support our Island's economic recovery and renewal.

With a fast moving economic landscape this framework must be progressive, allowing it to adapt to changes in the economic environment, updated policy and regulation and new strategies. This will ensure there remains a continued and consistent coordination of core strategies and workstreams which support the Council of Ministers' strategic priority to create a sustainable, vibrant economy.

The context

The UK's exit from the EU has prompted a bold, new international trading agenda. Jersey continues to explore benefits this agenda may bring to the Island economy and seeks to capitalise on the new trading relationships, once agreed. This ambition is set against the backdrop of a global economy seeking to adapt and recover from the COVID-19 pandemic.

Trade, investment, and growth opportunities for the Island must be developed in the context of shifting consumer patterns, global trends in wealth creation, and the digitisation of society.

The workstreams brought together in this framework deliberately focus on 6 strategies but there are of course significant other workstreams that will contribute to, influence and drive trade, investment and growth on the island. In particular, the Government is developing a new economic framework within the Future Economy Programme, more responsive migration controls and a new Common Population Policy, which will impact upon all strategies and will need to be considered in the round.  

Whilst each of the strategies addresses specific Ministerial priorities, it is critical they are developed together. For example, findings and recommendations emerging from Economy's new Export Strategy, and the refresh of the Financial Services Strategy, will continue to help to inform and adjust Jersey's approach to engagement with other jurisdictions and markets, as coordinated by External Relations' Global Directorate (such as through the Global Markets strategy for priority non-EU jurisdictions) and UK and EU Directorate (such as through the International Trade Architecture (FTAs and WTO) strategy. On trends, External Relations' knowledge and ongoing analysis of, and links into, priority overseas markets should inform Jersey's objectives and ambitions as regards export and inward investment opportunities.

Future Economy Programme and the Economic Council

Jersey's Future Economy Programme (FEP) intends to shape the long-term future direction of the Jersey economy, with a focus on productivity and skills. It is aligned with the 2018 to 2022 Common Strategic Policy goal of a sustainable, vibrant and inclusive economy and sets out five cornerstone objectives to frame Jersey's long-term economic strategy.

Core criteria of a sustainable, vibrant and inclusive economy. Full details include in body content
A sustainable, vibrant and inclusive economy includes:
  • economy operating within environmental limits
  • businesses which are productive and resilient
  • households which are resilient and share in growth
  • strong island identity and international reputation for quality products and services
  • highly shilled workforce equipped for the jobs of the future

The core strategies underpinning this Trade, Investment and Growth Framework all cross over or are direct enablers for a number of these cornerstone objectives. The Economic Council was established in 2020 and includes representatives from Jersey's business community and industry bodies alongside key politicians. In December it published its first report, 

The Economic Council New Perspectives Report

The report sets out strategic elements of the Economic Council's vision for Jersey's post pandemic recovery and tackles a broad range of topics contributing to sustainable recovery. It also contains a number of "messages to Government" which recommend steps and principles for how the Island can progress its vision and strategy for the economy.

The strategic objectives and ongoing workstreams identified will align where possible with the draft Economic framework currently being developed as part of the Future Economy programme.

Cross cutting issues

There are a number of cross cutting policy issues that the strategies covered by this framework will take account of. Below is a snapshot, as an illustration, of the additional policy context in which the framework sits and highlights some of the interdependencies involved.

Immigration

An important part of the operational context for Jersey, is considering the rules governing those who come to live and work on the Island. As a member of the Common Travel Area (CTA), comprising the UK, Crown Dependencies and the Republic of Ireland, Jersey is aligned to the UK Immigration system. Post Brexit, immigration clearance is now required for EU nationals.  

This change will impact across many sectors and will require a step change in how businesses source labour to fulfil their trade, investment and growth aspirations. The Government of Jersey has provided a clear framework for immigration controls post Brexit, which aligns to Jersey's current and future economic growth and productivity objectives.

Guidance on the changes as a result of Brexit, the latest immigration rules and implication for businesses.

Migration controls

The Control of Housing and Work (Jersey) Law 2012 controls migration to the Island through managing access to employment for all adults living in Jersey. The law and supporting policy allow for migration where appropriate.

In March 2021 the States Assembly adopted a new Migration Controls Policy which will lead to changes to the Control of Housing and Work Law. The intent is to ensure alignment with the Government's strategic objective for Jersey to be less reliant on inward migration for economic growth whilst still enabling businesses and the Island to secure the best talent to fulfil essential needs.

The Government has committed to a debate on the direction of a new Common Population Policy before the end of 2021. It is the intention that existing and new relevant laws and policies of the States of Jersey will direct that all Ministers must have regard for the impact on population numbers of any policy and legislation.

Migration Control Policy

Skills

Skills and talent are key drivers for growth, innovation and competitiveness all of which are crucial considerations for this framework. The core strategies will need to take account of current and future skills needs and development to support Government's ambitions for Trade, Investment and Growth. The Jersey Skills Strategy 2017 to 2022 sets out the strategic context for skills development in the Island, particularly in relation to driving forward productivity.

Good progress has already been made against the key deliverables in the Skills strategy, which remain relevant. In response to the impact of the pandemic on the landscape of education, skills and the economy, Skills Jersey have reviewed their main issues condensed them into 3 themes which will form the basis of the new 2021 to 2025 Skills Jersey strategic plan. These themes are:

  • transitions to employment
  • raise investment in skills
  • retaining and attracting talent

Many of the deliverables have a clear focus on future skills needs going forward and include ensuring alignment of skills development opportunities with the new economic framework, looking at current and future skills needs.   

International standards

The Trade, Investment and Growth Framework will have regard for the Government's wider objectives in relation to international standards, such as:

  • tax transparency
  • tackling financial crime
  • the promotion of free and fair trade in goods and services

As the core strategies are developed and refreshed they will ensure that trade promotion activity aligns with Jersey's longstanding commitment to international standards including in:

  • international tax
  • sanctions
  • transparency
  • anti-money laundering

They will also continue to take account, where appropriate, of OIE Standards to assure the sanitary safety of international trade in terrestrial animals and aquatic animals, and their products, and with Codex Alimentarius with regard to food production, food safety and food labelling.

Jersey's carbon neutral strategy

Jersey has set a target for carbon neutrality by 2030. In order to achieve this ambitious target, a Carbon Neutral Strategy was published in 2019 which outlines the steps being taken to develop a long term climate action plan for the Island and the immediate delivery of foundation policies in response to the urgent nature of the climate emergency.

Climate change impacts on all aspects of policy. The context in which Jersey's carbon neutral strategy is set is therefore extremely wide ranging and there are intrinsic links between the strategy and the wider aims and objectives of the Government. The core strategies which underpin Government's trade, investment and growth ambitions will need to take account Jersey's objectives for:

  • tackling climate change
  • environmental and social responsibility
  • achieving carbon neutrality

Core Strategies 

The following summaries provide a snapshot of the overarching purpose each strategy is currently working to or is intending to serve when established. In the case of established strategies, considerable detail is already available, and it is not the intention to replicate existing material here. For new strategies, the Government will publish these as they are developed and there will be an update to this framework, as outlined in the timeline section, which will consider overall development of all these workstreams one year on.

International Trade Architecture Strategy

The international trade arena is changing. Jersey, like the rest of the world, is adapting to the challenges and complexities of the global economy as a result of the COVID-19 pandemic, and also to the realities of the new relationship with the EU now that the UK's departure from the bloc has been finalised through the UK-EU Trade and Cooperation Agreement (TCA). The UK's trading relationship with non-EU countries has also changed as a result of the UK once again becoming an independent sovereign member of the World Trade Organisation (WTO).

The International Trade Unit in External Relations has been responsible for establishing the terms of the relationship between the UK and Jersey underneath the TCA. Following the conclusion of TCA, ITU is now focusing attention on Rest of World Free Trade Agreements (FTA) and will be creating an International Trade Architecture (ITA) strategy. The intention is to direct resource and attention on managing risk whilst ensuring the best possible outcomes for Jersey through participating in UK driven FTAs, and through the extension to Jersey of the UK's WTO Membership.   

The as yet unrealised, and perhaps even unknown, benefits to be gained from future UK FTAs present interesting and exciting opportunities for Jersey to engage with and the ITA strategy is intended to facilitate that by providing structure, assurance, and clarity. In the short term it will focus on establishing appropriate governance arrangements to facilitate participation in FTAs on as broad a basis as possible, in line with our interests.

In the longer term, once the initial architecture is agreed the outputs from the 5 other strategies will assist in determining how to build upon the initial structures to target and prioritise Jersey's interests in specific areas.

Export strategy

As an Island, the export of goods and services has historically been a driving force in Jersey's economic prosperity. From the production of apple cider to the transatlantic cod trade and more recently, agriculture, tourism, financial and professional services, over the centuries the Island has moved, adapted, and changed to meet the challenges that all island communities face.

In some sectors, the commercial environment and export activity is very mature, with long-established relationships and supply chains. For other sectors, and for those businesses who have not considered export as a means of business growth and increased productivity, there remain challenges to fulfilling export ambitions. With the changes brought about by Brexit, shifting consumer patterns, global trends in wealth creation, and the digitisation of society, the export of goods, in particular, requires greater strategic thinking, a more joined up approach from Government and its arm's length delivery partners and a greater understanding of where we are now and our ambitions for export as part of Jersey's trading future.

The new export strategy will look to establish the capacity and opportunity for new and existing export routes, working with colleagues across Government and the private sector to identify barriers that need to be addressed to allow the development of export activity and markets that can be opened up. As with the International Trade Architecture Strategy, there are potential benefits to be gained from future UK FTAs and the new trading relationships that are being established and there is an opportunity for Jersey to realise export ambitions in new marketplaces.

Inward Investment Strategy

The facilitation of inward investment is a vital contributor to a diverse, innovative and competitive economy. Investment into Jersey helps to:

  • promote the Island's reputation in the global marketplace
  • create and protect jobs
  • bring new skills and industries
  • provide investment into the Jersey community
  • contribute to the Island's economic development

Jersey's inward investment strategy is well established and the Island's proposition is compelling. The Island remains an attractive place to do business and to relocate a business, in an increasingly competitive marketplace. Government has worked to firmly place Jersey as a jurisdiction of choice for appropriate businesses in certain sectors and work continues to diversify the economy by investing in, and developing other sectors, which helps to increase the Island's attractiveness for business and personal relocation.

As with the overarching Trade, Investment and Growth Framework, our inward investment strategy going forward must take account the:

  • impact of both COVID-19 and Brexit
  • changes to our immigration and population policy
  • shifting consumer patterns
  • globalisation and global trends in wealth creation
  • digitisation of society

The strategy will look to focus on newer and emerging areas of business activity, alongside the Island's proposition for well-established sectors, as well as areas of specialism that the Island boasts and is developing into niche sectors.

The inward investment strategy will underpin the importance of cross-Government working and the vital role that delivery partners play in supporting, encouraging and facilitating appropriate inward investment which continues to be of benefit to Jersey and delivers diversified, sustainable and high quality job opportunities for Islanders.

Digital Policy Framework

Digital provides a great opportunity to enhance the Island's position as a knowledge based economy, delivering prosperity and stability for the Island and its people. The Digital Policy Framework sets out six core long-term objectives for the future of digital policymaking in Jersey.

The Digital Economy Team, with the support of Digital Jersey, will be working to ensure that Jersey has a thriving digital sector, focusing on:

  • high-productivity digital employment
  • increased percentage of local GVA
  • increased productivity of digital.

To deliver this objective, the Digital Economy Team will also be working closely with Digital Jersey to ensure, through the Digital Jersey Academy, there is access to digital skills for all.

Additionally, the Government will continue to support projects that improve the reliability, resilience and affordability of Jersey's infrastructure and create conditions for advanced digital capability. With this, a comprehensive digital transformation requires a digitally skilled civil service and a sufficient number of digital specialists to deliver real change. By combining better use of technology with greater transparency, a government digital transformation will improve trust and engagement in the political process. As more services become available online, government will continue to focus on:

  • the public's needs
  • improving the user experience
  • the availability of services

To protect the Island, government will work with the private sector and the operators of our critical national infrastructure to incentivise investment in robust cyber security. Government itself must also be able to operate with confidence in the digital environment, be trusted to handle data and remain capable of protecting islanders' privacy. Government has introduced a new business friendly data protection regime that strengthens the protection of individual rights whilst promoting commercial innovation. In doing so, we have ensured that the Island continues to benefit from compliance with the strongest international standards on secure data protection to ensure ongoing market access with Jersey's trading partners.

Digital Policy Framework

Global Markets Strategy

External Relations' Global Directorate is responsible for increasing the Island's visibility, improving Jersey's access to decision makers, and facilitating  business flows to and from the Island with priority non-EU markets, as outlined in the Global Markets strategy. The strategy seeks to position Jersey as a more influential International partner by developing Jersey's commercial and political links with high growth markets outside Europe, thereby leading to a positive contribution to the Island's jobs and growth agenda.

The Global Markets Team is closely involved in developing and advising upon Jersey's approach to international trade policy. Particularly where this relates to decision making about Jersey's interests in seeking the participation in UK FTAs with Global Markets partners and in cross border trade facilitation using the team's links with partner governments and the UK's diplomatic network.

A priority for Global Directorate is to put in place the legislative and treaty framework that underpins and encourages trade flows by ensuring that Jersey's network of bilateral international agreements with priority jurisdictions is sufficiently broad. These agreements strengthen the ties between partner jurisdictions, encourage greater business flows, and promote Jersey's good reputation as a trusted and responsible international actor. There is also a role to play in helping to facilitate and contribute funding towards programmes of inbound and outbound visits with partner jurisdictions that mutually support Jersey's trade, investment, and growth objectives through the Bilateral Programme Fund.

This includes negotiation of Double Taxation Agreements (DTAs) and Bilateral Investment Treaties (BITs) under an Entrustment from the UK Government, as well as Memoranda of Understanding and other agreements which, by virtue of signalling a strong and stable bilateral political relationship, can themselves act to catalyse commercial activity. Taken together, DTAs and BITs can provide tax certainty and investor protection, thereby supporting investment hungry economies by facilitating inward Foreign Direct Investment (FDI) into target markets.

As governments around the world seek inward investment in order to facilitate their economic recovery, especially combined with green objectives, Jersey's expertise and large pool of capital makes it an attractive partner.

Global Markets

Financial services strategy

Jersey's financial services industry is by a large margin Jersey's largest source of revenue, accounting directly for approximately 40 percent Gross Value Added (GVA). It is likely to remain by far the primary driver of tax revenue and provider of high value jobs to Jersey residents.

Jersey's strategy for its finance industry was established following an independent review by McKinsey commissioned by Jersey Finance in 2013, following which the Government published an island wide policy framework. McKinsey was commissioned by Jersey Finance to refresh its review in 2017.

Work is underway to develop and publish an updated framework by the end of the year. The framework will be a refresh rather than a new strategy, building on the conclusions of the McKinsey review, much of which remains valid. In parallel, an internal set of conclusions and recommendations will be developed for December 2021 on actions to support the continued success of the sector.

Jersey Financial Services Industry Policy Framework

Governance

This framework represents cross government commitment to our shared objectives and a determination to deliver a coherent and joined-up approach that delivers the best outcomes for our Island. Getting the right governance in place is an important aspect of ensuring this delivery. Whilst each of the core strategies is owned by the relevant Minister, there is shared Ministerial oversight through the International Trade and Advisory Group (ITAG). The Group comprises:

  • Chief Minister
  • Minister for External Relations and Financial Services
  • Minister for Treasury and Resources
  • Minister for Economic Development, Tourism, Sport and Culture

Ministers are supported by senior officials within their departments as well as the Attorney General. This group brings together the respective lead Ministers and allows for the provision of coordinated, timely and well-informed advice on a range of matters including:

  • foreign policy
  • international trade
  • financial services

Where relevant, other Ministers whose portfolio may be impacted are invited to attend discussions. 

This framework has been considered and endorsed by ITAG and the progress of the strategies within it will be reviewed as they develop.

For more information on the ITAG email externalrelations@gov.je.

Timelines  

As outlined in the strategy summaries, there is a considerable amount of work underway and planned for delivery over the coming years. This framework demonstrates the interconnected nature of these workstreams and the shared goals that the Government is collectively working towards.

The following milestones are therefore expected over the next 12 months:

September 2021December 2021Q1 2022Summer 2022
TIG Framework publishedPopulation Policy DebateExport Strategy publishedTIG Framework update published  
International Trade Architecture publishedFinancial Services Strategy refresh publishedInward Investment Strategy published

This framework will be updated in the summer of 2022 to take account of these developments and the progress made on the emerging strategies outlined, as well as any changes to the existing workstreams already in place.


Back to top
rating button