FIDC was established in 1983, in response to the recommendations made in the Shackleton Report (1982). FIDC acts as the national economic development agency for the Falkland Islands and is tasked to develop the commercial sector of the Falkland Islands by being one of the principal partners delivering the Economic, Rural and Tourism Development Strategies, and the lead for the Innovation Strategy. FIDC is a quasi-autonomous government-funded body, which currently operates with an annual budget of approximately £1m per annum.
The FIDC Ordinance was amended in 2013 and implemented on the 1st July 2015. The 2013 Ordinance defines FIDC’s purpose as follows;
- To advise on and implement the economic strategies of the Falkland Islands Government;
- To take what further steps are required to ensure the successful development of businesses and a positive business environment in the Falkland Islands.
To help drive sustainable economic growth and assist in the creation of new jobs and opportunities, FIDC provides various forms of support and assistance to the Falkland’s business community. In the 2016/201 financial year FIDC provided over £450k in business loans to eight entrepreneurs and businesses. In the same financial year FIDC provided over £140k in business, development and infrastructure grants to 62 recipients. FIDC will continue to support local businesses at all stages of growth, from start-ups to larger and more-established companies.