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Med-tech, transport links, bolstering the finance industry, developing new markets and enhancing and redeveloping the sea front are just some of 20 actions Economic Development have outlined in its new strategy.
The committee has published its strategy in a policy letter to the States, which will be debated in June, and it prioritises building on "the strengths of Guernsey's economy" and "encouraging economic diversification".
It sets out the committee's vision for the island's economy and outlines the steps - in general terms - which will need to be taken by the States and local business to get to it.
Alongside that, the strategy also seeks to outline where action needs to be taken now, to address issues and opportunities alike that the island is currently facing.
“The continued prosperity of the Island depends upon the strength of our economy. It is therefore essential that the States, acting in a joined-up manner and working closely with business, ensures that the island’s economy is well-placed to address the challenges and opportunities it faces both today and in the years to come," Deputy Charles Parkinson, President of Economic Development, said.
"This is at the heart of the strategy which the Committee is putting to the States."
Below: An infographic released by the committee with its 20 action points, in no particular order:
This plan comes as a replacement to the previous Economic Development committee's. That committee all resigned at the end of last year, following former President Deputy Peter Ferbrache'd decision to stand down. ED is now led by new President Deputy Parkinson.
In 2016 and 2017, the States agreed its objectives for Guernsey’s future, including for the island’s economic development, as set out in the Policy & Resource Plan.
The strategy put forward by the Committee now, seeks to enable the States to achieve these objectives by focusing on Guernsey’s competitive values of stability, quality and innovation.
It also, Deputy Parkinson said, recognises the benefits or more actively monitoring and reporting on our economic situation.
“Guernsey needs its economy to be high value in order to provide sustainable prosperity, and resilient enough to adapt to the changes and challenges of the future. The strategy put forward by the Committee therefore seeks to ensure both the continued success of existing economic activities – with particular focus on the financial services sector as the central pillar of the island’s economy – and to encourage diversification of the economy into a number of other high-value economic activities," he continued.
“The strategy put forward by the Committee recognises that Guernsey is well-placed to enable a diverse range of economic activity to flourish in Guernsey including higher education, medical technology, renewable energy, data storage and processing, digital content, and speciality tourism. The strategy also seeks to ensure that the island is able to capitalise on the economic development potential of the Seafront Enhancement Area.
“Our vision of the economy for 2030 is of Guernsey as a centre of digital innovationacross the whole economy; a leader in the way that people, goods and services move, supporting the global shift to clean growth; an economy that continues to be built on substance; and an economy that exports products and services to a greater degree than it does today.”
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