When Neil Armstrong said these words, he was talking about research undertaken at Dryden and the Air Force Flight Test Centre. Whether exploring new worlds or ideas, we strongly believe in his statement.
Our previous research reports have helped strengthen our position on the international stage and embed our key messages in the minds of current and potential investors, local and worldwide media and those focussed on our transparency programme and merits as an IFC. It also helps sets clear water between ourselves and our competitors as a destination of choice for global investors.
Published in 2013, our Capital Economics study demonstrates that Jersey is an overwhelming benefit to the UK. Among its findings are that Jersey is a conduit for nearly £500 billion of foreign investment into the UK, helping generate around £2.3 billion in annual tax revenues and supporting an estimated 180,000 British jobs. The more recent Value to Africa report confirms the fundamental role that Jersey plays in facilitating investment into the continent and helping Africa fulfil its economic potential.
The latest edition to our library of research highlights Jersey’s contribution to Foreign Direct Investment (FDI), showcasing how FDI cements our global positioning and reinforces our credentials in facilitating flows of FDI and contributing to the global economy. We can see that global trends for FDI are on the rise, in particular in developing countries in Africa.
The report also demonstrates the attractiveness of Jersey as an IFC across five conducts which are in line with our core credentials – Doing Business Conduct: e.g. time zone, connectivity, infrastructure; Fiscal Conduct: e.g. Corporate Income Tax, withholding taxes, tax neutrality; Regulatory Conduct: e.g. specialised services, expertise, administration of financial transactions, low administrative burden; Reputational Conduct: image and relationship between political and legal framework; and Transparency Conduct: automatic exchange of information.
Local impact with a global focus
Jersey’s contribution to both local and global job creation is significant and complements the global jobs and growth agenda. Jersey’s 12 inward FDI projects created 323 direct jobs on Jersey, 75% in the local finance and business sectors, whilst the 94 FDI projects created over 39,000 foreign jobs and a potential US$445 billion in foreign tax revenue.
The European element of Jersey’s FDI outbound stock is an interesting one as we begin to explore the opportunities Europe has to offer. Indeed in our last members’ survey, one of the suggestions for a future focus was the Netherlands region, the second biggest destination of Jersey FDI outbound stock in 2012, followed by Germany, Russia, Poland and Holland.
We know that investors find Jersey an attractive centre because of the strengths of its financial markets and the quality of the services it offers. The latest report not only evidences that Jersey can and does attract significant FDI inflows, but it also enables FDI outflows that stimulate economic growth in a range of countries across the globe.
Knowledge is power
As Neil Armstrong said, ‘Research is creating new knowledge.’ We know what we are doing is working, we know that our credentials stack up and ongoing specialist research is equipping us with the knowledge and insight to help forge the way with new opportunities. Knowledge is power. New horizons beckon.