This is the first time that the conference has been held outside of the university's home in Strasbourg and is a major step forward for the Island's ambitions to be the Switzerland of Space.

During the two day visit, representatives of space agencies from many different countries, including China, Japan and the USA got to know the Island.

The attendees, all trustees of the ISU, held their conference in the RBS International headquarters on Victoria Street last Tuesday and were then entertained at a special reception in Castle Rushen.

Eddie Teare, the member of the House of Keys responsible for space-related activities, spoke to the reception.

He said: 'We brought you here to Castle Rushen, because it stands as a proud symbol of our heritage, from the past, to the present and into the future. We want to create strength, stability and security for the space industry in a pro-active, pro-business jurisdiction dedicated to space.'

He added: 'We want to be the Switzerland of Space, the financial jurisdiction of choice for the space industry. We wish to work with the best, that's why we invited the International Space University to the Isle of Man. We see it as the world's premier space education institution, that is why we are supporting it.'

The event was organised by ManSat, a partnership of aerospace, banking, financial services, strategic consulting, and international legal interests working to offer unique business services on the Island to the world's commercial space marketplace.

Chris Stott, president and CEO of ManSat, said: 'This is like the Olympic committee of space. In this room are representatives of every single space agency in the world.

The head of the Japanese Space Agency is here plus guys from CASC (Chinese Aeronautical and Space Corporation), and Walter Peters, the former head of the European Astronaut Corp.'

He added: 'Half of the people are here for business and half because they are curious about the Island. This business has big revenues, plus a small number of high powered jobs - an exact match with the zero tax strategy.'