Island clean tech business set to grow

\'Opportunities to trial new technologies\' attracting new business to island

Opportunities in areas such as renewable energy and low-carbon technology will encourage more business to the Island and create new job openings over the next three years, according to projections outlined in the latest Quarterly Economic Report to the Council of Ministers.

The Economic Report, which covers the second quarter of 2011 from April 1 to June 30, refers to a recent independent survey conducted by PricewaterhouseCoopers;

It shows that the Island is currently home to more than 100 clean tech companies, with an estimated annual turnover of £4.6 million.

These businesses forecast their growth will rise to a turnover of £10.6 million, a £1.2 million tax contribution - that's a 50% increase to Government - and a 47% increase in their workforce by 2014.

A number of other clean tech companies have expressed an interest in relocating to the Isle of Man, citing the opportunities to trial new technologies as one of the main attractions.