CHIEF MINISTER ANNOUNCES NEW OVERSIGHT BODY TO SEIZE OPPORTUNITIES OF AI

A new National Office for AI Development and Regulation, which will help the Isle of Man both seize the economic opportunities of artificial intelligence and respond to the challenges it presents, has been announced by the Chief Minister Alfred Cannan MHK.

Making the announcement during his welcome address at the fourth Isle of Man Government Conference, the Chief Minister set out the case for change, saying that the capabilities of artificial intelligence will significantly challenge the status quo and that those who are unprepared will struggle to remain competitive.  The Chief Minister also highlighted the potential risks to the economy that come from such rapid changes in technology, saying these also needed consideration.

Mr Cannan said the Island must move quickly: “The public and private sectors must work in lockstep to realise and recognise the benefits and opportunities presented by rapid advancements in technology.

“Establishing a National Office for AI Development and Regulation will enable both government and business to work together in co-ordinating and driving forward the Island’s response to the AI revolution.”

In a world that is rapidly changing, the Chief Minister said the Island would need to look at skills and training as well as the growing demand for governments to regulate AI, which need to be considered responsibly, and which could offer opportunities for the Island’s economy:

“It is clear that as part of the development of this technology, governments are going to be challenged to regulate.  The EU’s recent Artificial Intelligence Act is an indication of where things may be heading, and the Isle of Man inevitably will have to consider its position.  Of course, regulation may also give us opportunity if we can figure out where regulation or legislation can give us competitive advantage.”

The new National Office for AI Development and Regulation, which it is hoped will be established before the end of this year, will also play a role in bringing forward Government’s plans to digitise public services and improve efficiency as part of its efforts to save £50 million over the next five years.