The Economic Development Strategy (EDS) has a national outlook, which aims to develop existing sectors, such as fishing, agriculture, tourism and the service sector, as well as new industries that enable economic diversification. It aims to “broaden the sectors of economic activity, enlarge the enterprise base, and grow external markets”, while ensuring a “sustainable economic future in the Falkland Islands”. It identifies the barriers to growth, many of which make up our business plan priorities, and sets out short, medium and long term objectives. Similar to our overall objectives, the EDS proposes to enhance the productive capacity of existing industries, encourage economic diversification and strengthen the business environment to ensure long-term economic prosperity. To achieve the strategic goals encompassed within the EDS we are tasked with providing the framework and infrastructure to enable its delivery.
As a member of the public & private sector partnership that developed the EDS document, we were assigned the following Action Points:
- Establish a Board of Investments to provide business enabling facilities and pro-active international promotion (joint responsibility with the FIG Head of Policy).
- Complete a review of and make necessary recommendations to FIDB on the role and remit of FIDC (a joint responsibility with the FIG Chief Executive).
- Put in place a capital market development plan and a capital availability plan (joint responsibility with the Head of Policy).
- Develop a mechanism for providing both technical and financial assistance in enhancing accommodation offers in key (tourism) sites.
- Collaborate with relevant stakeholders to implement the FIMCo Recovery Plan, including supply to the plant, livestock transportation, increasing lamb rates and size of the ewe flock, and improvement in finishing and worm control.