Saturday, December 20, 2014
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Falkland Islands Development Corporation

fidclogotrans1We, the Falkland Islands Development Corporation (FIDC), are a quasi-autonomous government-funded body. We act as the national economic development agency for the Falkland Islands and our approved purposes for 2014 onwards are determined by the Falkland Islands Development Corporation (Amendment) Ordinance 2000, and are as follows:

  • Encourage and assist in the economic development of the Falkland Islands;
  • Advise the Falkland Islands Government on the development of all sectors of business in, or associated with, the Falkland Islands, including tourism, fisheries and any other existing or proposed area of economic activity;
  • Advise the Falkland Islands Government on rural development, in particular the growth of business including agriculture, and the improvement of quality of rural life;
  • Advise the Falkland Islands Government on government expenditure in agriculture;
  • Advise the Falkland Islands Government on such other matters relating to the economic development of the Falkland Islands as the Government may refer to the Corporation or as the Corporation may consider fit;
  • Examine and advise upon proposals referred to the Corporation by the Executive Council relating to the imposition or revision of tariffs, taxes, duties, quotas or other protective or developmental measures.

We work across all levels within the islands - national, business and individual - and are mission is to facilitate and support the Falkland Island's business community, in partnership,  in order to maximise the economic potential of emerging and existing industries.

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Stanley Businesses

Stanley is the capital and commercial hub of the Falkland Islands. 73% of respondents to the Business Climate Survey 2014 were based in Stanley. In January 2012 we launched a subsidiary company in Stanley to provide legal services in the Falkland Islands. The lack of legal services had been previously identified as an issue and we looked to solve this by providing an additional service. The company, Falkland Islands Legal Services (FILS), was initially underwritten by us, but has now successfully made the transition to becoming an independent, commercially viable, private enterprise.Stanley-Falkland-Islands

Camp Businesses

Rural Development forms a significant proportion of our focus, due to the industries outside of Stanley, known locally as 'Camp', being central to the economy of the Falklands. The two primary industries in Camp are agriculture and tourism, with the former contributing c.£2.7 million per annum to GDP. In order to improve rural businesses, and reduce the reliance on imports, we established an Import Substitution Programme. The programme offers grants and loans to assist businesses interested in establishing and/or expanding production of locally consumed goods.Camp Business

LATEST NEWS

Ferry & Coastal Shipping Review

The Rural Development Strategy are carrying out a survey on future ferry and coastal shipping requirements in the Falkland Islands, which will close on 5th January 2015. The current contract is due to expire on 3rd July 2016 and the results of this survey will be used to inform future contract requirements for a ferry and coastal shipping service.

 

The Waterfront

As Project Coordinators' we are currently organising and managing a Waterfront Development Plan.wficon

Credit Union

Credit Union

After obtaining anecdotal evidence of a perceived lack of access to finance in the Falklands, we undertook further research to assess the current financial climate. Access to finance was identified as the 6th largest barrier to business growth in the Business Climate Survey of 2012, and shortly after we began investigating the suitability of a credit union model in the Falklands. With the aid of the World Council of Credit Unions (WOCCU) we produced a Credit Union Suitability Study (Phase I). The study was produced in conjunction with widespread public consultation in both Stanley and Camp.

The results of the Credit Union Consultation were presented to the Falkland Islands Development Board (FIDB) in February 2014, along with two reports - Credit Union Consultation (FIDC Results Report) & Credit Union Suitability Study (Phase II). The Board agreed to approve Phase III of the project. Phase III will consist of developing a detailed business plan for the Credit Union, including recruiting 'community leaders' and seeking political support for the project.

More about the Credit Union Project

Oil & Gas Development

Falklands Oil

The Falklands economy continues to be bolstered by the emerging oil and gas industry, with exploration activities on-going and the increasing prospect of future production. With oil production expected to begin between 2016 and 2018, local businesses are looking to capitalise on the opportunities arising from the build-up to production. Our 2012 Business Climate Survey identified that only 1% of businesses currently operate primarily in the Oil and Gas service, illustrating considerable prospects for future development.

Here at FIDC we have been developing a support scheme which can assist local businesses become involved in the Oil & Gas industry. Approved by FIDB on the 14th February 2014, the scheme aims to assist local businesses acquire oil and gas relevant certification by providing a grant up to 50% or up to a maximum of £15,000 of the total cost. The scheme has yet to be officially unveiled, but will be once the FIG Code of Practice is approved.

More about the Oil & Gas Development Project

Entrepreneurship

FIDC Enterprise Logo

At FIDC we believe that promoting and assisting enterprise is crucial to ensuring future economic development in the Falkland Islands.

The Youth Entrepreneurship Scheme (YES) is an FIDC project that aims to develop the business capacity of the Falkland Islands population. This initiative looks to aid and promote sustainable business development within the local community, including the creation of new businesses and assisting the renewal of existing businesses

Following on from research and consultations with local entrepreneurs and key stakeholders, proposals for the establishment of a business mentoring program, the creation of an enterprise publication and the updating of the FIDC website to assist the YES project were approved by FIDB. YES aims to educate young people, and the public more generally, about business, economics and free enterprise. Through the assessment of the current business environment the YES project can assist current and future entrepreneurs in maximising the economic potential in the Falklands.

More about the YES Project