FIDC wishes to promote entrepreneurial activity in the islands, primarily through encouraging more young people to start their own business. FIDC will work with stakeholders, such as the Department of Education and successful entrepreneurs, to alleviate the barriers of establishing new businesses and promoting entrepreneurship.
The Business Climate Survey has been managed by us since its first edition in 2007 and is conducted every two years. The importance of the Business Climate Survey cannot be understated. It provides a platform for businesses to provide key feedback to us regarding the health, confidence, intentions and issues of local businesses, with the latter being especially significant. The results of this survey shape our Business Plan in the short and medium-term, making the corporation more relevant and effective in encouraging the development of the Falklands economy.
The 2016 edition of the Business Climate Survey was distributed to a total of 239 businesses across the Falkland Islands, including Stanley, Camp and MPC, and all industries on Friday 1st April 2016. The closing date of the survey was Friday 29th April 2016, providing a total of four weeks for businesses to complete the survey. A total of 102 businesses submitted a completed survey providing a return rate of 43%, an increase of 8% compared to the 2014 edition of the survey.
FIDC was partnered by two local business associations to produce the 2016 survey with the Rural Business Association (RBA) assisting for the first time and the Falkland Islands Chamber of Commerce partnering the survey for the third consecutive occasion. This partnership involved the review of the question list and assistance in the distribution and promotion of the survey. The Chamber was able to provide a conclusion, which can be read in Appendix A. The involvement of the RBA helped to increase the number of businesses from the ‘Agriculture’ industry completing the survey. The 2016 survey saw 28 agricultural businesses submit a survey, an increase of 10 (55.6%) when compared to the 2014 edition.
On the 8th November 2016, FIDC and the Chamber of Commerce held a breakfast briefing to present the key results of the Business Climate Survey. You can download the presentation here;
The aim for the next edition of the survey is to continue to increase the response rate to ensure the results increasingly represent the Falkland Islands business community. This will be carried out by reducing the number of questions to the absolute essential and to devise an effective promotion strategy for the survey. The 2016 survey was promoted via email and regular email reminders were sent by FIDC, the Chamber and the RBA, which caused some frustration amongst businesses due to the number of emails sent. FIDC will work with the Chamber and RBA to improve the coordination of the promotion of the survey.
FIDC acts as the national economic development agency for the Falkland Islands and is tasked to develop the commercial sector of the Falkland Islands by being one of the principal partners delivering the Economic, Rural and Tourism Development Strategies.
To help drive sustainable economic growth and assist in the creation of new jobs and opportunities, FIDC provides various forms of support and assistance to the Falkland’s business community.
Working towards a highly successful, diverse and sustainable economy for the Falkland Islands