The Importance of the Offshore Industry

Last weekend, I read an interesting article in the Wall Street Journal entitled A Global Economy Needs an Offshore Industry.

The article focuses on the important (but commonly overlooked) role that the industry plays in enabling global economic development. As the article states:

“If you believe globalization is a driving force behind economic growth, then it’s worth understanding how this system is enabled. Offshore structures and services perform crucial functions, including reducing cross-border “friction-costs” and facilitating the flow of capital. To put it simply, the offshore industry serves as the wiring of our modern, integrated economies.”

This is clearly not the easiest of messages for our politicians to deliver. However, in an era of stalling economies and politicians seeking ideas for renewed growth, it would perhaps be reckless to dismiss the benefits that the industry can deliver.

As always, please do let us know what you think.


The author of this post is no longer with Harneys. For more information on this topic, please reach out to the key contact listed below.

Philip Graham
Philip is a partner and expert on offshore funds at Harneys who puts his ever increasing grey hairs down to three young children, supporting Liverpool Football Club, and being married. In no particular order.