Economic Development Minister John Shimmin says planning laws need to adapt quickly, if outside investors are to be persuaded to set-up businesses here.
He says inward investment will be key in helping the Manx economy grow as it needs to, after government lost £175 million in the revised VAT deal.
Speaking on Sunday Opinion, Mr Shimmin said with bank lending squeezed and Island business lacking confidence to invest, hopes are pinned on incoming firms creating new wealth.
But he said it's essential they're offered an attractive environment in which to work and live:
Local mobile catering company Filbey's to call it a day
Ramsey Rocks event cancelled
MWT plans to plant almost 10,000 trees
Duck off: Chinese takeaway on the hunt for bigger ducks