THE Guernsey International Business Association has welcomed plans for businesses to fund GuernseyFinance.
It is proposed GFSC regulated companies will now help fund the promotional agency, which was previously done solely by Commerce and Employment.
Giba deputy chairman, Paul Meader (pictured), said the issue needed to be tackled.
‘It is of strategic importance to the well-being of the island as a whole that Guernsey continues to be vigorously and effectively promoted as a first-class finance centre.’
He said GuernseyFinance is crucial in promoting future growth in the Guernsey economy, and more so at this time of economic slowdown and redundancies.
‘As well as promotion, defending the island’s reputation when the spotlight falls on us is becoming increasingly important too.’
Mr Meader is cautious that this will be targeting just one aspect of business.
‘Securing this financing will help to ensure that the island can avail itself of as many opportunities as possible and the industry can continue to be an important player both internationally as well as locally.’
Mr Meader said the finance industry overall has accepted, through the consultation process, that it should pay a levy alongside States funding.
‘Perhaps this is because GuernseyFinance began its life as a joint venture between industry and the States,’ he said.
‘Given the tough economic conditions and tax deficit facing the island, one can see why it’s a prudent model for the States to consider.
‘We would mention, however, that it appears to set finance apart from other Guernsey industries that make no financial contribution to government’s promotional spend.’
Article posted on 12th March, 2009 - 2.30pm
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