Tickets for international matches are part of the sponsorship package with Jersey Rugby.

They are used carefully and strategically to help secure inward investment from individuals and businesses.

Inward investment is a key pillar of the States strategic plan and the economic growth and diversification strategy.

The other Crown Dependencies and England, Scotland, Wales, Ireland and jurisdictions small and large place the highest priority and  expend many millions of pounds on activity designed to attract investment that provides jobs for the benefit of residents and helps build communities.

Locate Jersey is a fully functioning Business Development Agency and is carrying out important, legitimate business development activity – it is for this very reason that Locate Jersey was established.

Make no mistake; this is a highly competitive market with over 800 inward investment agencies active in Europe alone all of whom want the business we are competing for and Locate Jersey has to work hard to stand out from the crowd.

We invest thousands of pounds in Locate Jersey but, as published figures clearly indicate, that investment returns millions of pounds of income to the States Treasury. Income that helps pay for nurses, for teachers and the broad range of public services we deliver to the community and for these reasons I believe that this expenditure is not only fully justified but delivers and excellent return for the tax payer.

States video webcast coverage in relation to Locate Jersey’s corporate expenses

INWARD INVESTMENT

Inward Investment, whether in the form of wealth investment in a business or financial product, or the relocation/establishment of a business or individual, is a vital contributor to any economy.  It is essential to attract inward investment in order to create a diverse, innovative and competitive economy. Investment into Jersey will help to promote the island’s reputation in the global marketplace, create and protect jobs, brings new skills and industries, investment into the Jersey community and contributes to the island’s economic development and growth. In turn there is a net contribution to the island’s tax receipts which supports the States of Jersey’s Strategic Plan.

The potential market for inward investment can be defined as almost every company in the world and every high-net worth individual. As such, given the increasingly global nature of business and rise of wealth creation in previously dormant markets, there has never been so much potential to attract inward investment.

Companies and individuals are increasingly aware of their international options, in terms of headquarter locations, where to base their family and how to invest their wealth. A dynamic market with decision-makers constantly evaluating their best options creates both opportunities and threats for a location like Jersey.

The island cannot afford to wrest on its laurels as an attractive and popular business location. It must compete with a growing and diverse set of location rivals if it is to create, attract and retain the wealth it needs to deliver the jobs and local services it is committed to providing.

Inward investment is an increasingly competitive business with highly organised and well-funded teams from every county, city and country in the world actively pursuing.

Inward investment involves one of the most important buying decisions a person is likely to make in their business or personal lives. The location of a new headquarters or personal relocation involves a huge financial and emotional decision. As with all high-value buying decisions, there needs to be a very selective and bespoke approach to marketing and business development. Sending a brochure and asking someone to locate is never going to seal the deal. Inward investment is not a snap decision, but rather something that can often take two, three or more years of careful planning.

LOCATE JERSEY

Locate Jersey has responsibility for coordinating all inward investment activity including the work undertaken in attracting high net worth individuals to the Island.  This activity is carried out regardless of business size or of sector – if the business or the individual is deemed to have the potential to make a positive economic contribution to the island then they are actively encouraged to apply to locate here and are assisted through the process by the team at Locate Jersey.

In line with the 2012 Economic Growth and Diversification Strategy, and with a focus on targeting high value business for the island, Locate Jersey’s strategic aim is to;

“….coordinate all inward investment activity including the work undertaken in attracting high net worth individuals to the Island and build upon what has been achieved to date. Future overseas activity will be targeted towards, but not limited to, the following sectors: – financial services, e-commerce, Intellectual Property, ICT and renewable energy. Locate Jersey will work in partnership with Jersey Finance Limited and Digital Jersey to achieve challenging inward investment targets that exceed those delivered in 2008-2011.

Activity to attract high net worth individuals will increasingly target economically active individuals keen to make further commercial investments in Jersey.”

Locate Jersey have annual budget of just under £700,000 per year.  This money is ring-fenced within the budget for EDTSC for attracting inward investment and high value residents, promoting the island as a place to do business and developing trade links in overseas markets.  It is not the case that EDTSC could simply reduce that budget and Health could use that money to continue to fund Home care services.  That is not the way that government budget and spending works.

RUGBY SPONSORSHIP

  • Economic Development have been a sponsor of JRFC since the 2012/13 season with the grant to the club reducing each year as the department, more specifically, Locate Jersey have continued to assist JRFC with introductions to new sources of commercial sponsorship as well as new members of the club
  • As part of the sponsorship package, Locate Jersey are provided with a set of tickets to international matches during the rugby season
  • Attendance at these matches is always with guests who are potential HNWIs or businesses or key strategic partners
  • Clear inward investment objectives were outlined in the Economic Growth and Diversification Strategy which include a bigger focus on creating and growing high value businesses, securing high value inward investment and attracting higher numbers of high net worth individuals
  • As a dedicated inward investment agency, Locate Jersey have a clear remit and these tickets are used as part of their work in on-boarding new clients, lead generation, developing networks and relationships and facilitating introductions between existing businesses and new arrivals to the island as well as between the new arrivals themselves
  • Many introductions have paid dividends with business now being carried out between new HNW and business principals who have been first introduced by Locate Jersey as guests on a match-day table.
  • Another good example is the Locate Jersey client who became a major sponsor of the club and the numerous new residents and businesses who are now sponsors or members of the club as a result of Locate Jersey introductions, often donating the tables to a charitable cause

KEY FIGURES FOR LOCATE JERSEY IN THE LAST THREE YEARS:

  • 97 new business approvals
  • 52 HVR approvals and 48 relocations (who will be generating a minimum £6m income tax per year)
  • In excess of £10m in stamp duty paid on HVR properties
  • As at June 2016, inward investment businesses are employing in excess of 1500 people in the island. These are 1500 jobs that didn’t exist 3 years ago
  • This (taking guests to rugby matches using an opportunity provided by the sponsorship) is one small part of our inward investment toolkit. Anecdotal feedback from clients is that it is greatly appreciated which is why is has been continued.

 

Finally, civil servants do not claim expenses to watch rugby matches. They claim expenses because they are working.  Work in line with the mandate given to Locate Jersey. Work often undertaken outside of normal working hours on evenings and weekends and beyond that which is reasonably required of them. Work that is targeted at developing Jersey’s highly successful inward investment program. They do this because, like us all, they believe in Jersey and want Jersey to continue to succeed.

To keep things in perspective, £4,000 has been claimed in expenses in relation to International rugby matches since 2012.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *

three × three =