Chief Minister Allan Bell MHK has signed a Memorandum of Understanding with the Wuxi Municipal Bureau of Commerce to foster cooperation on economic, trade and investment matters between the two jurisdictions.

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

Its Municipal Bureau of Commerce is responsible for promoting inward and outbound foreign investment for the region.

Mr Bell and the Deputy Director of the Bureau of Commerce Wang Xing met in Wuxi on 24 April 2015 to sign the agreement, witnessed by Deputy Mayor Wang Jin Jian.

Under its terms, authorities in Wuxi will promote the Isle of Man as a base for companies seeking to expand into UK and EU markets as well as assist Isle of Man companies looking to establish themselves in Wuxi.

In return, the Isle of Man Government will assist companies from Wuxi wishing to locate in the Island, promote the city as a potential destination for Manx businesses seeking a base in China as well as facilitate introductions to the Isle of Man's experienced professional service companies.

After signing the agreement, Mr 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.'

He added: '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.'

Mr Bell has already signed a deal over insurance.

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