Support services to be provided for businesses to utilise AI to drive productivity, and develop new products and services across all sectors with the aim to increase GDP by 10% (£530 million) by 2030.
Increased investment to leverage AI to deliver better public services more efficiently, ensuring that the Island benefits from smarter, faster and reliable services. Development of a National Strategy, creating a trusted environment for AI safety and governance, by fostering a regulatory environment that prioritises user safety while encouraging innovation.
In their 2024 Programme, Digital Isle of Man committed to accelerating initiatives in AI in 2024, aligned to the ambitions of the Island Plan, setting a target to achieve a 10% increase in GDP by 2030, driven by AI-enhanced productivity and innovation.
In line with these ambitions, initial funding has now been secured from the Economic Strategy Board to further progress at pace this programme.
Part of these plans will incorporate collaboration with international AI leaders and jurisdictions and the recruitment of AI experts to support the development of a National AI Strategy, and subsequently support its implementation.
Significant steps to progress the project have already been made, including the signing of a Memorandum of Understanding (MOU) with AI Singapore, a national programme initiated by the National Research Fund. This agreement marks a commitment to collaborate on AI-related activities that benefit both parties.
This partnership aims to enhance the Isle of Man’s AI capabilities through shared knowledge and learning, fostering a robust AI ecosystem and delivering broad social and economic advantages to the Island.
There will be an immediate focus on driving the initiative, aiming to maximise AI’s potential to boost economic productivity. This will be actioned through collaboration with on-island businesses to educate, collaborate and support the island’s businesses to increase productivity through AI. The plans include the establishment of a physical hub that will allow on-Island businesses to have access to advice and guidance to help businesses understand and deploy safe AI tools and practices.
This service is expected to launch within the next 3 months.
As part of of this programme, Digital Isle of Man will also work across government to create a National AI Strategy with the objective to deliver economic growth, to support better public services and ensure a trusted environment that facilitates growth and innovation.
Lyle Wraxall, Chief Executive of Digital Isle of Man said: “‘AI is not a new technology, but one which has dominated headlines and boardrooms over the past 18 months due to its increased accessibility. AI is a truly general-purpose technology of which the impact and potential has been recognised across all sectors and indeed our daily lives.
“We believe the Isle of Man has an opportunity to capitalise on the potential of this technology to ensure we are maximising its ability to increase productivity across all sectors, contributing to positive economic growth over the long term, and developing a trusted environment with a focus on safety and governance.
“One of the first steps to this project is the recruitment of a Head of AI, a role which will be pivotal in ensuring we have the right expertise and knowledge to successfully develop and execute this Strategy.”
The Digital Isle of Man agency announced a new Head of AI position last week. This role is pivotal in developing and executing the Isle of Man’s AI strategy, which is designed to foster sustainable economic growth and position the Isle of Man as an international centre of AI excellence.
Phil Adcock, Chair of the Digital Isle of Man Board added: “In the face of an ever-evolving landscape of global innovation, it’s imperative that the Isle of Man not only remains abreast of these advancements, but also actively invests in understanding and capitalising on the opportunities presented by innovations.
“This directive is reinforced by the Economic Strategy, underscoring our commitment to securing a future that is both prosperous and sustainable. This project is an example of this in practice, and I look forward to seeing it progress in the months ahead, confident in its potential to position the Isle of Man as a frontrunner in the global arena.”
Pictured: Lyle Wraxall, Chief Executive of Digital Isle of Man, and Laurence Liew, Director of AI Innovation at AI Singapore signing the Memorandum of Understanding in Singapore. Credit: Digital Isle of Man
