During the current year (10 months), the Isle of Wight Economic Partnership has achieved a number of notable successes:
- The Isle of Wight Economic Strategy (2006-2011) - The Isle of Wight Economic Strategy (2006-2011) has been produced building on the last economic strategy for the Island, ‘Open for Business’. This strategy is now awaiting adoption by the Isle of Wight Council.
- Commissioning of the Experian economic performance data - A key component of this work was the commissioning of an economic performance data set which provided the statistical information base to analyse the island’s economic performance. This was the statistical platform upon which the Island’s economic strategy was formulated.
- 2 new Inward Investments - Secured bringing new companies and jobs to the Island. At present the Economic Partnership is working with further 3 companies, with announcements expected within the next quarter.
- 81 jobs created and/or supported - As a result of the activities of the Partnership, 81 jobs have being created and/or supported across a number of business sectors.
- Renewable energy sector - We are the champions for development and expansion of renewable energy sector on the Island.
- Bay Regeneration - We provide leadership of the emerging development plan for the main seaside tourism area on the Island. The Bay Regeneration project is currently subject to community consultation before implementation commences.
- Aspirations - The Partnership continues to drive the raising of the aspirations of people on the Island. This has been identified as a key strategic priority. A key part of this work has been to support the skills development of young people. Specific examples of this work include:
- The Gipsy Moth project to refurbish the iconic yacht and undertake a 2 year circumnavigation of the world. IWEP’s involvement has provided a number of young people the opportunity to participate on this voyage, providing a once in a lifetime experience
- Opportunities for the Young project has given young people greater access to the business and economic environment via the Isle of Wight Chamber of Commerce and its membership.
- Round the Island High School Challenge the opportunity for the schools to enter a team in the Round the Island race and receive training and mentoring in enterprise, team, communication and business skills. - Media coverage - Continued roll out of the Inspire project to raise the profile of the Isle of Wight, to attract investment, new business and greater opportunities for the IW people. Media coverage in excess of £3.6M has been achieved for the Island.
- LDV - Facilitation of the introduction of a Local Delivery Vehicle on the Island which is scheduled to be incorporated in 2007. This will be a subsidiary of the Partnership with Directors from the Partnership Board, the Local Authority and SEEDA.
- LAA - Leadership of the Economic Development block of the LAA. The agreement was signed off in 2006 and will operate until 2009.
In 2006 we also celebrated our tenth anniversary and through our activities and funding outlined below is a summary of some of the achievements IWEP have helped to delver:
- Delivery of over £26M of grant funding, which brought a further £192M of private and public funding to the Island
- Creation or safeguarding of 2,896 full time equivalent jobs
- Supported over 31,000 training places
- Attracted 29 businesses to the Island
- Help create 294 new businesses
- Construction of 85,909 sq metres of new or improved commercial workspace
- Supported over 500 community facilities
- Generated over £2m of PR coverage for the Island (since 2005)
