The Department of Economic Development will now go by a new name after a review.
The organisation will now be known as the Department for Enterprise.
Minister Lawrence Skelly MHK says it will put a clear emphasis on supporting local businesses and economic growth.
Mr Skelly explains why the name change was necessary:
How will Island remain attractive during MONEYVAL assessment?
Do you know a company director who deserves an award?
Festive social event for young professionals this week
Fewer businesses now optimistic about future
Financial regulator recruiting for board members
Businesses needed for seaside kiosk
Businesses who wouldn't recommend IOM almost triples in 8 years
M&S officially opens new-look Douglas food hall