Isle of Man eyes closer ties with Shanghai
Print Edition
THE Isle of Man, a British Crown Dependency, is seeking closer business relations with Shanghai and attracting Chinese investors into a greater range of industries.
“We hope Chinese investment can further diversify in our 20-plus industries,” Laurence Skelly, minister for economic development, said yesterday in Shanghai. “China is now a strong partner with us in finance and shipping registry, while we see potential in many other sectors.”
A government and business delegation from the island signed an economic memorandum of understanding yesterday with the Shanghai Commission of Commerce.
Some Chinese companies have expanded into areas including multi-media, fashion, solar panel, furniture, cosmetics, food and gaming in the Isle of Man, located in the middle of the northern Irish Sea, the delegation said.
Skelly said his government has set up a 50-million-pound (US$70.7 million) fund to facilitate business related to overseas investment and trade.
The delegation planned to visit the association for small and medium-sized enterprises and an incubator park for next-generation technology in Shanghai.
Though not a member of the European Union, the island has full access to the EU for manufactured and agricultural goods.
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