KPMG, in Crown Dependencies, has been named the Isle of Man Government’s “strategic partner” to develop a five to ten year economic strategy for the island.
The professional services firm, with offices in the Isle of Man, Jersey and Guernsey, won a tender that drew international responses, KPMG said in a statement.
Although the project is managed on the island, a team of over 40 members of KPMG’s international team of experts in many areas including economics, geopolitics, financial services, green and renewable energy , digital technology and taxation will also be involved.
Like many economies, we face economic challenges, but in a rapidly changing world there are many opportunities to be exploited. ”
In addition, KPMG’s Alliance partners such as Microsoft, ServiceNow, AWS and Eurasia Group were also cited as capable of helping the Isle of Man on its strategic journey.
The KPMG team will be co-led by Dr Nicola Mazzarotto, Global Head of Economics at KPMG and Simon Nicholas, Partner at KPMG in Crown Dependencies.
Nicholas said: “KPMG is delighted to have been appointed by the Isle of Man government and is proud to be associated with such an ambitious and forward-looking project, which comes at such a critical time for the Isle of Man. Like many economies we face economic challenges, but in a rapidly changing world there are many opportunities to be exploited and we are delighted to be able to work alongside the Isle of Man government to embrace this new reality. . “
Isle of Man Government Treasury Minister Alfred Cannan said: “The presentation and submission of KPMG’s bid was of excellent quality and provided world-class expertise and knowledge which will be essential to assist to shape this important strategy which will have a positive impact on the island’s economy for many years to come. “
Following the first nationwide lockdown, the economic stimulus package was put in place to protect jobs, support business and stimulate the economy.
A key pillar of this program was the need to develop and implement a longer term economic strategy to help assess and grow the island’s economy over the next 10+ years.
The “Our Big Picture” project will be implemented in five key phases; economic vision, macroeconomic research and review, development of policy levers, formulate a strategic framework and establish a follow-up program.
The first three phases of the project will analyze the island’s current economy, examine models of policy change, and assess the island’s strengths, weaknesses, opportunities and threats in a global context.
It will involve a range of stakeholders, including various government departments, professional associations and networks, as well as the general public, throughout the life of the project.