IoM signs economic and trade deal with China

A deal to promote Island business relations with a Chinese city has been signed by the Chief Minister.

Allan Bell today signed a Memorandum of Understanding with the Wuxi Municipal Bureau of Commerce, at the end of a week-long visit by a joint public and private sector delegation.

The agreement is aimed at fostering cooperation on economic, trade and investment matters.

Wuxi is a city of nearly seven million people, one hour by high speed train from Shanghai and is considered one of China’s industrial powerhouses.

Under the deal, authorities there will promote the Isle of Man as a base for companies seeking to expand into UK and EU markets, while helping Manx firms looking to establish themselves in Wuxi.

In return, the Manx Government will help companies wishing to locate here, promoting the city as a potential destination for Manx businesses seeking a base in China.

After signing the agreement, Allan Bell said it was a ‘fitting end to a successful week promoting the Isle of Man to Chinese business and political leaders’.