Isle Of Man Seeks Opportunities With Wuxi, China
by Jason Gorringe, Lowtax.net, London
28 April, 2015
The Isle of Man's Chief Minister, Allan Bell, has signed a Memorandum of Understanding (MoU) with the Wuxi Municipal Bureau of Commerce, China.
The agreement is intended to foster cooperation on economic, trade, and investment matters between the two jurisdictions, with a particular focus on financial services.
Wuxi is home to nearly seven million people, and is one hour by high speed train from Shanghai. It is one of China's industrial powerhouses.
Bell signed the agreement with Wang Xing, the Deputy Director of the Bureau of Commerce, the body responsible for promoting inward and outbound foreign investment.
Under the terms of the MoU, authorities in Wuxi will promote the Isle of Man as a base for companies seeking to expand into UK and EU markets and assist Manx companies looking to establish themselves in Wuxi.
The Isle of Man Government will assist companies from Wuxi wishing to relocate to the island and promote Wuxi as a potential destination for Manx businesses seeking a base in China.
After signing the agreement, Bell said: "This is a fitting end to a successful week promoting the Isle of Man to Chinese business and political leaders. Wuxi is a leading industrial centre and this MoU gives us the opportunity to work together to benefit us both."
"We must continue to grow our economy if we are to sustain job opportunities, living standards, and funding for public services. The potential economic benefits of building business links with Wuxi are significant and worth the energy we have put into developing our relationship with the city."
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