Growing the economy and tourism is one of the Isle of Wight Council's key priorities. It is focused on developing and supporting initiatives which create and safeguard jobs by supporting business start ups and growth, securing inward investment and improving skills and employability to meet the needs of the Island's key employment sectors including marine and maritime, advanced manufacturing, composites, renewable energies and tourism.
The Council is active in its support for the development of marine energy and is a joint partner with the private sector in the development of the Perpetuus Tidal Energy Centre which aims to develop a testing facility for marine current energy convertors off the south coast of the Isle of Wight. It is also the lead agency in the Solent Offshore Renewable Energy Consortium which aims to support businesses to diversify into the offshore renewable market.
The Council are working proactively with the Homes and Communities Agency to bring forward a number of employment sites in the Cowes area and with the Solent Local Enterprise Partnership to create a local Enterprise Zone in Cowes, and improve the cross-Solent linkage to the Island.
The Council are supporting the Isle of Wight College's bid to establish a new centre of excellence for composites in association with local businesses.
The Council is able to offer practical support to businesses looking to invest in the Island and in making bids for funding to enable job creation. It works closely with Visit Isle of Wight, the Island's private sector led destination management organisation, and has a memorandum of understanding with the Isle of Wight Chamber of Commerce, Tourism and Industry for joint working to support the development of the Island's economy.