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IoM Strengthens Ties With China's 'Silicon Valley'

by Jason Gorringe, Lowtax.net, London
14 July, 2016

The Isle of Man has signed a memorandum of understanding with China's Zhongguancun Boya Multimedia Creative and Innovation Park, a high-tech industrial development zone.

The Zhongguancun Boya Multimedia Creative and Innovation Park (ZBMCIP) was the first state-level high-tech industrial development zone authorized by the Chinese State Council in 1988 and, along with neighbouring sister parks, is known as the "Silicon Valley" of China.

Under the terms of the memorandum of understanding (MOU), ZBMCIP will promote the Isle of Man in their region as a base for companies seeking to expand into the West and will assist any Isle of Man companies looking for joint ventures or to establish themselves in China.

In return, the Isle of Man Government will assist companies from Zhongguancun wishing to locate to the island to take advantage of its advanced e-business and ICT communications infrastructure and growth opportunities in this area.

The Isle of Man's Minister for the Department of Economic Development, Laurence Skelly, commented: "This is another important step forward in solidifying our relationship with China and its regions. ZBMCIP is a region with over 20 years' development and over 1,000 high-tech companies covering the next generation of those in internet, mobile communication, e-pay, animation, and games and so much more."

"Signing the MOU is another outcome of our work in April 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 introduce our businesses in our respective regions and provide wider commercial opportunities to engage."

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