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Montevideo, November 17th 2017 - 19:39 UTC

Falkland Islands sets its Economic Priorities for the coming Decade

Wednesday, October 25th 2017 - 09:15 UTC
Full article 11 comments
The report highlights the Falklands economy grew 26% between 2009/12, but wide fluctuations in GDP annually still exist due to the reliance on the fishing sector (pIC N. Bonner) The report highlights the Falklands economy grew 26% between 2009/12, but wide fluctuations in GDP annually still exist due to the reliance on the fishing sector (pIC N. Bonner)

Over recent months the Falkland Islands Government have undertaken a review and refresh of the Economic Development Strategy for the Islands.

  The updated version was made available publicly in early October and according to Mike Summers, an outgoing member of the Legislative Assembly of the Islands, represents “…a realistic analysis of the Falklands economy and the opportunities for future growth”.

The strategy only looks forward three years, with it being suggested that a further update towards the end of the decade may be required.

The strategy builds on earlier work undertaken in 2010 and follows the broad structure adopted at that time. The Falkland Islands Government Policy Unit has assessed progress against economic growth targets set back in 2010 and have concluded that there has been some good progress across existing sectors of the Islands economy, but that structural challenges and vulnerabilities still exist.

The report highlights that the economy grew by 26% between 2009 and 2012, but that wide fluctuations in GDP annually still exist due to the reliance on the fishing sector, with catches varying annually. It highlights that this reliance on an, at times, unreliable natural resource does not help economic planning and wider development.

The strategy begins by highlighting cross-cutting issues that inhibit economic development in the Islands, such as the need for a larger workforce to meet latent demand. It also goes on to define the role of the local Government as needing to provide clearer leadership and direction and an enabling environment for private-sector led growth. This aligns with the new public sector management approach across a number of Western countries, whereby the government is not seen to lead development, but merely facilitate it.

The strategy then details actions to be taken across the Islands key economic sectors of fisheries, agriculture, tourism and oil and gas development. These include such items as maximizing economic interaction with the UK military base in the Islands, through to enhancing more involvement within the fishing sector.

This strategy was consulted upon earlier in the year, but with a general election due to be held on the 9th November 2017 in the Islands, some of the candidates for election have suggested in local media and on social media that the document may need to reviewing again to ensure it aligns with the new Governments priorities when in office.

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  • The Voice

    “ Are you not embarrassed that instead of costing me less each year...your liability increases... ”

    Well, The Falkland Islands are in the South Atlantic and Scotland is attached to England but we English dont see a penny of Scotch money, in fact we pay towards it.
    What we individually contribute to the Falkland Islands is peanuts compared to over £1400 per head we subsidise per Scot. But, we realise that there are valid reasons to subsidise Scots just as there are valid reasons to spend money to protect the Islands.
    Seems to me a peculiar stance from a self alleged Scot in reciept of an English subsidy? I am sure the Islanders would be very pleased to be able to dispense with the protection of the British Crown but its just not possible with an unstable aggressive neighbour like Argentina.

    Oct 26th, 2017 - 01:50 pm +3
  • Jo Bloggs

    It’s a pretty high-level, straight forward strategy and I’d be surprised if it has to change much after the new Government is elected. An emphasis on facilitation rather than service provision is welcome as long as FIG doesn’t pass the buck on everything. A continuation of maximising interaction with the MoD is the right approach and there is a lot more to do in that area across many industriy sectors.

    The timing of the strategy’s release does surprise me a little though; given it’s new Exexcutive (entirely new) is only weeks away now.

    Oct 25th, 2017 - 11:47 pm +2
  • The Voice

    Yeah, we noticed.

    “Seems to me a peculiar stance from a self alleged Scot in reciept of an English subsidy? I am sure the Islanders would be very pleased to be able to dispense with the protection of the British Crown but its just not possible with an unstable aggressive neighbour like Argentina.”

    You would just hand the Islands over to the likes of your evil mate Think would you?

    Oct 27th, 2017 - 08:53 am +1
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