THE Isle of Man’s unique Customs relationship with the UK and EU could allow us to become a conduit for Chinese imports into Europe.
That’s the hope of Chief Minister Allan Bell who has hailed a highly successful three-day visit to the island by the Chinese Ambassador.
His Excellency Liu Xiaoming, who was accompanied by his wife Madam Hu Pinghua, Counsellor Miao Deyu, Deputy Head of Embassy’s Political Section, and Mr Wang Tong, assistant to the Ambassador,
During his visit, the Ambassador, on his first visit to a Crown Dependency, was given an overview of the Manx economy, culture and our constitutional relationship with the UK during meetings with Ministers and senior officers.
He visited Swagelok and Manx Telecom and discovered more about Ballakermeen High School’s close links with China, meeting a group of 16 students aged 15 to 18 who have taken part in exchange visits to Liuyang.
The Ambassador was also given a guided tour of legislative buildings by Tynwald president Clare Christian and the Chinese delegation also took the opportunity to visit a number of heritage sites.
An Isle of Man trade mission was due this week to visit Beijing, Shanghai and Guangzhou to meet decision makers from a wide range of Chinese banks, corporations, law firms and government organisations.
The delegation, which includes Minister Shimmin and leading members of the Manx business community, will outline opportunities for the island to support the Chinese economy through import/export solutions, capital market listings, and wealth management services.
Mr Bell told the Examiner: ‘We’re working hard to build relationships with China. It will become the world’s largest economy in the next few years and therefore it is vitally important if we are to expand and diversify to establish a foothold in China.’
The Chief Minister explained the island has a unique relationship with the UK and EU, being part of the Customs union and has a dedicated entry processing unit, where import, export and duty payment documents are processed. With a zero rate of Corporate tax, island could prove attractive to Chinese companies wishing to set up an administrative or manufacturing presence here.
‘It’s a really exciting prospect that could not be duplicated elsewhere,’ he said. Fitting in to this vision could be plans by Peel Holdings, chaired by island resident John Whittaker, to develop Liverpool as a major container port.