An audience of senior London professionals from a range of business sectors were told last week that Jersey is successfully diversifying its economy into new sectors.
More than 100 people, including lawyers, aviation experts, mining professionals, financial services providers, business advisors, digital specialists and journalists attended the 'Doing Business in Jersey' lunch event, held at the Tower of London on Friday 20 September and organised by Locate Jersey.
The event, held in conjunction with the Financial Times and sponsored by Carey Olsen and the Royal Bank of Canada, was organised to coincide with the publication of a new six-page report profiling Jersey’s business landscape produced by the FT the same day.
As part of the event, the FT journalists who wrote the report, Brian Groom and James Pickford, gave an overview of their key findings. Commenting that Jersey was clearly optimistic about its economic future, they highlighted how Jersey is committing significant investment to support a digital sector and earning a serious reputation as a centre for global mining companies.
A panel session was then held featuring the FT journalists as well as Senator Philip Ozouf, Jersey’s Treasury and Resources Minister, and Mike King, Chief Executive Officer of the Economic Development Department. During the session, the panellists highlighted that Jersey is now home to nine mining companies, with senior mining executives establishing a presence in Jersey for operational as well as tax reasons. They also emphasised how important the recently produced Capital Economics report on the value of Jersey to the UK was in ensuring Jersey’s message was heard right at the top of UK government.
The global regulatory landscape and its impact on Jersey’s financial services sector was also discussed, with panellists highlighting Jersey’s proactive approach to engaging with the UK and EU authorities, particularly in relation to the recently introduced EU Alternative Investment Fund Managers Directive.
The report in the FT, which quotes representatives of a range of sectors, also examined Jersey’s appeal as a high-end short break holiday destination, possible reform of Jersey’s government, Jersey’s links with international markets in the Middle and Far East, Jersey’s attraction as a centre for entrepreneurs, and the significance of the Gigabit Jersey initiative. Senator Philip Ozouf also filmed an interview with the FT, available to view at ft.com.
The lunch also provided a showcase of locally sourced Jersey food, with a menu that included Jersey black butter from La Mare, Jersey crab, Jersey Dairy ice cream and Liberation Ale.
Jersey’s Chief Minister Senator Ian Gorst provided an introduction to the event, in which he commented on the government's commitment to increasing resources for Locate Jersey to promote Jersey overseas to drive inward investment through diversifying the economy.
He said:"The overwhelming message we want to communicate to our London colleagues is that Jersey is open for high-quality, innovative and credible business, including ICT, intellectual property, mining and renewable energy. There is no doubt that Jersey has a compelling proposition, in particular the quality and broad range of expertise of our people, and we are firmly focused on communicating that effectively to our key markets.”
Wayne Gallichan, Director of Inward Investment, Locate Jersey, added:
"What came across strongly from this event and the associated FT report is that Jersey is serious about diversifying into new sectors and that we are already making good headway in a number of sectors. It was pleasing that our London audience was so receptive to that message.
“It was also noted at the lunch that Jersey’s inward investment capability is now, thanks to the government’s support of Locate Jersey, significantly enhanced in terms of sophistication and reach into international markets such as Israel and China. This is undoubtedly helping position Jersey strongly for growth and diversification in the years ahead."
Download the FT Special Report - Doing business in Jersey (Opens in new window)(7Mb)