The Isle of Man, an island with a population of 85,000 people located in the Irish Sea between Great Britain and Ireland, plans to develop itself into a gateway for Chinese investment to access the United Kingdom and the European Union, the island's Chief Minister Allan Bell said on Tuesday while leading a delegation on a weeklong visit to China.
Bell said the island can work with China for mutual long-term benefits in international trade as a hub to access Europe, in investment property in the UK and globally with specialist and structuring services and in wealth management and asset structuring, as China's global reach extends even further.
Although a small island, the Isle of Man is an international business hub at the center of the British Isles, with strong links to the City of London and good access to Europe. It is known as a facilitator of global business and financial and professional services is its largest business sector. The island also has advanced engineering and manufacturing, information and communication technologies, tourism and film industries, Bell said.
Corporate tax is set at zero percent, which is a unique advantage of the island. Chinese investment in the island has increased rapidly in recent years, Bell said, but he did not give figures.
China's outward non-financial investment surged 16.8 percent year-on-year to $90.17 billion in 2013, according to China's Ministry of Commerce.
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