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There needs to be a cultural shift in the way islanders work if Jersey is going to achieve the necessary economic growth to maintain and improve local quality of living, a new strategy has concluded.
Today, the Government has published two key documents which form part of its ‘Future Economy Programme’ which it says is an early, coordinated and determined effort to shake off decades of economic stagnation and ensure the working population is able to fund public services in future.
Newly-retitled Minister for Sustainable Economic Development Kirsten Morel has released a ‘Strategy for Sustainable Economic Development’ and a ‘Delivery Framework for Sustainable Economic Development.
He said: “Today’s publication is a vital step towards Jersey becoming the consistently high-performing, environmentally sustainable and technologically advanced small island economy by 2040 that we need to become.
Pictured: Minister for Sustainable Economic Development Kirsten Morel has released a ‘Strategy for Sustainable Economic Development’ and a ‘Delivery Framework for Sustainable Economic Development.
“One of the key components of the Strategy is the need to reignite Jersey’s entrepreneurial spirit. This is a call that needs to be answered by everyone. Private businesses and individuals may already have it, but it needs to spread to us all, including to arm’s length bodies and the public sector.
“By being more innovative, having a better understanding of risk, and becoming more creative, I believe Jersey can continue to be one of the world’s most prosperous economies.
“All of this requires a change in culture which will take time and focus. So, while today’s publication is a significant step, it is only one step. There will be many more in the coming months and years but all of them will add up to an increasingly prosperous and sustainable Island.”
Deputy Morel said that the Strategy for Sustainable Economic Development set out how Jersey’s economy will:
grow in ways that benefit all islanders;
have a culture of entrepreneurialism and innovation;
be skilled and at ease with a culture of lifelong learning to supporting the future needs of the island;
be international, protecting our global reputation and diversifying our export opportunities;
be resilient to economic shocks and global trends, and agile to change.
He added that the Delivery Framework set out the Government’s plan to “maximise the potential of the existing economy, and optimises new opportunities to grow and complement our strengths" by:
developing growth enablers, such as enabling Jersey’s entrepreneurial spirit, supporting renewable energy, international connectivity and research and development;
increasing existing sector productivity;
providing support from an effective public sector.
Short-term objectives, which will be delivered by the end of 2024, include “creating a platform for future economic ideas to be fed into Government and develop our on-going engagement process with key stakeholder groups” to better harness “entrepreneurial spirit” and “reviewing the existing on-island provision and potential research models and partnerships” to promote more research and development.
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