The Isle of Man’s Chief Minister, Allan Bell MHK, has signed a Memorandum of Understanding (MOU) on economic and trade cooperation with one of China’s fastest growing business centres.
According to the Manx government, the MOU with the Administrative Commission of the Tianjin Binhai Hi-Tech Industrial Development Area is aimed at strengthening the relationship between the two jurisdictions.
A joint committee will now be established to develop ‘mutually beneficial’ economic, trade, cultural, scientific, agricultural and technical links.
Tianjin Binhai is home to a number of thriving business sectors, including aerospace and aviation, manufacturing, electronics, bio-technology and alternative energy.
The MOU was officially signed by the Chief Minister and Mr Ni Xiangyu, chairman of the Administration Commission of Tianjin Binhai Hi-Tech Industrial Development Area.
The ceremony was part of a programme of political and economic meetings being conducted by a Manx delegation comprising senior government officials and members of the business community.
The Chief Minister said: ‘The MOU with Tianjin Binahi is one of many successful outcomes achieved during this week’s visit to China.
‘Strengthening cooperation is the key to opening up new business opportunities for both parties and I hope we will soon see some tangible benefits.’
He added: ‘Our delegation has been warmly received in China and we have been able to demonstrate how the Isle of Man can support Chinese businesses seeking to expand into the UK and Europe.’