Online commerce sector shows gains in the gloom
November 10, 2008 by Admin
It is not normally prudent for Governments to pick winners when backing business development, but the Isle of Man’s focus on e-business as an industrial sector appears to be paying off in a big way.
E-business has been identified as one of the sectors with the most growth potential over the next decade. It has even been tipped to be the next largest, after banking, by 2014.
The island has an enviable collection of resources for online commerce, partly because of its location midway between England, Scotland and Northern Ireland which puts it on two self-healing fibre optic rings – in addition to the one-way link to the UK. Manx Telecom has invested more than £50m over the past five years to provide state-of-the-art cable and wireless networks, while £30m has been invested in the four data hosting centres since 2006.
It is also self-sufficient in power, offers e-businesses the same attractive tax environment as other sectors and boasts more than 1,000 years of political stability. These are important factors for companies looking for a stable jurisdiction to locate a data recovery centre, says Andy Swearman, managing director of Domicilium, one of the four online hosting businesses on the island.
When it comes to online business, The Isle of Man is leading the way.
