A plan outlining possible Government concessions and incentives should be produced to entice potential investors to the Island, it has been claimed.

Shadow Tourism Minister David Dodwell believes an "investors manual'' would enable developers to see how attractive an Island project could be and would show that all deals are dealt with on a level footing.

Mr. Dodwell said the package could then direct interested parties to the next stage -- if they showed interest.

Recently, an incentive package was announced for the Castle Harbour hotel project, and Mr. Dodwell is concerned that the Government doesn't send out the wrong message to overseas financiers and to existing Island investors.

"We support the concept but it hasn't been carefully thought out. What about existing developers?'' he said. "We have to be careful on one-off special deals at the risk of upsetting other people.

"If they produce a document then everybody knows what you get, then negotiate individual deals according to your needs.'' The Southampton West MP said the package could include special incentives that currently exist, and could include something new, such as tax incremental financing, which allows hotels to have a tax holiday whilst building up the resort, then pay later.

In addition, he said Mr. Allen should form a development group which could focus on creating the right investment environment for overseas financiers.

The forum could include planning, finance, tourism and labour representatives, he said.

In that way, he said, the various processes could be sped up -- a vital factor in securing finances.

Such a plan had been successful in other parts of the world, he said. Puerto Rico had established a development corporation that worked hand in hand with tourism to entice new investment, he said.