Media interest grows in island’s finance sector

By Simon Tostevin

BUSINESS coverage of Guernsey around the world has never been better, according to GuernseyFinance chief executive Peter Niven. At an industry update at St James, Mr Niven said the quality of coverage and the number of positive messages being put out into the marketplace was high and helping to attract business Guernsey’s way.

‘We are making sure we are attending the right conferences, with the right people in the right parts of the world.

‘We are the number one captive jurisdiction in Europe and number four in the world.’

The number of trade magazines, newspapers and journals carrying positive Guernsey industry stories has increased sharply in the previous 12 months.

The number of journalist visits to Guernsey has gone up by a third in 2006/7 compared to 2005/6.

Mr Niven said media organisations were now contacting GuernseyFinance for the island’s view on certain industry topics.

‘They are increasingly getting to see us as the experts and they will come to us when they are writing an article.

‘We will make sure that we get Guernsey’s name mentioned.

‘It’s about getting the island on the radar and the trade magazines and journals are coming back to us saying Guernsey is more on the radar than ever before.’

Mr Niven said GuernseyFinance was concentrating on promoting the industry sectors that the island was particularly good at, such as funds, private equity and property, but that there could be opportunities in other areas such as banking.

‘They’re the niche areas where we are seen by people in London and other jurisdictions to be the leaders.

‘We have a lot of expertise that many other jurisdictions don’t have.’

Promotional opportunities were also emerging in China, the Baltic states, Poland and Hungary, he added.

Commerce and Employment minister Stuart Falla’s comments at the recent IoD debate stating that, in his opinion, sections of the community have concerns about the level of new business required, were also not hampering GuernseyFinance’s promotional work at conferences, according to Mr Niven.

‘Fortunately, that has been very much an island story.

‘Yes, it went in the Daily Telegraph, but it was very much a one-minute wonder.

‘It has fizzled out and GuenseyFinance is making sure that we are getting the message across that we are not closed for business.’