Allan Bell has today signed an agreement with commerce leaders in the city of Wuxi in China.

It marks the end of a week of meetings and presentations for the Manx delegation. Under the terms of the agreement, 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, a city of seven million people that is an hour away from Shanghai.

The Chief Minister 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 (Memorandum of Understanding) gives us the opportunity to work together to benefit us both.

'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.'

Got a story? Contact Joanne on 340000 or email newsdesk@manx.net.

twitter @jonewsiom