Mr. Leo Clancy:

We are a small island economy. It is very important for us to be active in global markets. If one looks at some of our peers around the world, no economy of fewer than 10 million people would say any different. We are very fortunate to be part of a trading bloc, but we are a small economy and for businesses to grow, thrive and prosper, they need to be export orientated from the start, especially those that are in leading edge economies.

The focus on exports is right and proper. It has led to increased prosperity on the island. In the context of globalisation and all of the progress we have made as a global economy over the past 50 years in particular, I do not think that reverting to a hyper-localised economy would serve us well. It would damage our economy severely if we took that approach. I am firmly of the view that we should continue to be an export-led economy and that that is right and proper. The opportunities for prosperity and the flourishing of all of our citizens is strengthened by that.