IoM, Shanghai Agree Financial Services Partnership
by Amanda Banks, Lowtax.net, London
13 April, 2016
The Isle of Man has capped a week promoting the island in China with the signature of a Memorandum of Understanding (MoU) with the Shanghai Municipal Commission of Commerce.
The MoU is intended to foster cooperation on economic, trade, and investment matters between the two regions.
Under the terms of the MoU, the authorities in Shanghai will promote the Isle of Man as a base for companies seeking to expand into the UK and EU markets, as well as assist any Manx companies looking to establish themselves in Shanghai or its free trade zone.
In return, the Isle of Man Government will assist companies from Shanghai wishing to locate to the island, promote the city as a potential destination for Manx businesses seeking a base in China, and facilitate introductions to the Isle of Man's experienced professional services companies.
Commenting on the MoU signed on April 8, 2016, the island's Minister for the Department of Economic Development, Laurence Skelly, said: "This is an important step forward in solidifying our relationship with China and its regions. Shanghai is the leading financial center in China and its free trade zone is integral in China's endeavor to liberalize conditions for trade with the rest of the world."
"Signing the MoU has been one of the benefits of a successful week promoting the Isle of Man in China to business and political leaders. The MoU gives us the opportunity to work together for the long term to benefit both regions and provide wider commercial opportunities to engage with the Shanghai region."
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