Author: Lee Hills, SolutionsHub CEO & Non-Executive Board Member of Digital Isle of Man.
As a board member of Digital Isle of Man, I am pleased to share our plans for advancing AI initiatives in 2024, aligned with the ambitious goals of the Island Plan. Our commitment to accelerating AI developments is aimed at achieving a 10% increase in GDP by 2030, driven by AI-enhanced productivity and innovation.
We have successfully secured initial funding from the Economic Strategy Board to fast-track this programme. Our strategy includes collaborating with international AI leaders and jurisdictions and recruiting AI experts to help develop and implement a comprehensive National AI Strategy.
Significant progress has 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 partnership underscores our commitment to mutual collaboration on AI-related activities, enhancing the Isle of Man's AI capabilities through shared knowledge and fostering a robust AI ecosystem that will deliver substantial social and economic benefits to the Island.
Our immediate focus is on driving this initiative to maximise AI's potential to boost economic productivity. We will work closely with on-island businesses to educate and support them in leveraging AI to enhance productivity. This includes establishing a physical hub where businesses can access expert advice and guidance on deploying safe AI tools and practices. This hub is expected to launch within the next three months.
Additionally, as part of this programme, we will collaborate across government sectors to create a National AI Strategy. Our objective is to deliver economic growth, support better public services, and ensure a trusted environment that fosters growth and innovation.
We are excited about the future and the transformative impact AI will have on the Isle of Man's economy and society.
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.”
Phil Adcock, Chair of the Digital Isle of Man Board added: “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.”
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