Jersey Finance welcomes the news that the States of Jersey has agreed to increase its funding of Jersey Finance from £1.8 million this year to £2.2 million for 2011, which will be used to increase promotional efforts in emerging markets.
Geoff Cook, Chief Executive of Jersey Finance, commented:
“This extra funding from the States of Jersey is vitally important and should be looked upon as an investment in Jersey’s future through revenue generation rather than short term expenditure.
“The financial support will enable Jersey Finance to open a third representative office in the Middle East and India. We have learnt from having an office in Hong Kong for the last year that it is essential to have a physical presence in order to build market awareness in our key emerging markets, which has already resulted in real tangible benefits for the Island and increased business flows.
“We must keep modernising and evolving to attract new business from emerging markets, as there is currently very low growth from our traditional markets such as the UK and Europe, in order to protect tax receipts. It is also essential that we continually seek to increase revenue for Jersey’s economy and employment in the Island.
“I would finally like to thank all of those States Members who voted to support Jersey Finance and also to everyone that added to the debate.”