The new memorandum of understanding planned between the Isle of Wight Council and the Isle of Wight Chamber of Commerce, Tourism and Industry was agreed by the council’s Executive on 7 July. A new Economic Development board will be created to steer projects that will develop the Island’s economy. Key discussions have already taken place between the council and the chamber of commerce in planning for the new agreement and the board.
The board will include representatives from the council, the chamber, the private sector (including small/micro businesses and the tourism sector) and the Isle of Wight College.
Kevin Smith, chief executive of the Isle of Wight Chamber of Commerce, said: “The Isle of Wight Chamber is committed to working with the Isle of Wight Council through the memorandum of understanding which will help to start up and grow the Island’s business community and wider economy. This can only truly be done by working together in a clear and focused way.
“The memorandum of understanding between our two organisations will provide the framework for both the council and the Isle of Wight Chamber of Commerce to do this. The shared outcomes that we will work to achieve will be an increase in employment, a reduction of youth unemployment and more businesses starting up on the Isle of Wight. We also want to see growth in existing businesses, specifically from areas such as marine, manufacturing, high-tech and professional services which will assist in raising the average wage on the Isle of Wight.
“The UK economy is still in a fragile state and can only maintain robust improvement through initiatives such as this.”
Council leader, Councillor Ian Stephens, said: “The memorandum and the new board are significant and constructive steps towards driving the Island’s economy forward via even closer working between the council and the chamber.
“The council is actively involved in a great deal of important work to support and develop the Island’s economy – especially via our strong links with the Solent Local Enterprise Partnership. Key grant funding has been attracted for a variety of projects – and various other key regeneration proposals are also being developed with the partnership and the Homes and Communities Agency.
“The forging of far closer links with the chamber and local business will place the Island in a far stronger position in the future in terms of attracting investment and promoting our case with government agencies and the European Union. It will also be crucial in the assistance and support of Island businesses in submitting proposals for funding under Assisted Area Status.
“We are determined to develop the best possible relationship with Island business and, via the role and decision-making of the council, do all we can to improve the Island’s economy and push ahead to develop further opportunities.”
The memorandum of understanding will be officially signed at the Isle of Wight Chamber of Commerce’s business lunch at the Royal Corinthian Yacht Club, Cowes during Aberdeen Asset Management Cowes Week on Monday 4 August.
