In a speech to the Tynwald � the independent island's parliament -- on Jan. 20, Allan Bell, the treasury minister, said he wanted to promote the country as a destination of choice for space companies � "a Switzerland of Space" � the Isle of Man Today reported.

"We now find ourselves in a space race of our own," Bell said in his address. "(This is) an increasingly volatile and aggressive race with other jurisdictions to compete for this very lucrative economic sector."

The 60 or so companies that constitute world's space industry currently generate about $123 billion in combined annual revenues, most of it in the satellite communications sector. Four such companies already operate on the island �Loral Skynet, Inmarsat, Boeing and SCS Global � but it faces stiff competition from other locations.

"If we do nothing, we will lose the business we already have to a growing number of competitors, including Bermuda, (the Cayman Islands), Gibraltar, Luxembourg and Singapore," Bell said. "These jurisdictions are committing increased financial and personnel resources to develop their satellite industries."

Tim Craine, the island's director of space commerce, predicted successful results from the marketing effort. "Tynwald will see a major return on investment many times that which has been approved," he said. "Within two years, I would like to see the island having reached a critical mass of clustering, in the space and satellite industry and have an international reputation as a prime jurisdiction."

Bell also said he would make a "significant announcement" within the next 10 on this subject.

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