Taking the Manx Message to the World

Survival Tactics: Taking the Manx Message to the World Tier 2: China – a case study Tim Craine Department of Economic Development

History of engagement going back to 2004 when the Chief Minister, DTI Minister & Education Minister visited
Successes in 2004: - most favoured nation status for shipping – reduced port tax - recognition of educational establishments - opportunities for KWC - stopping counterfeiting of Strix technology – protection of IP
Inconsistent approach after this visit
2010 Development Research Council (DRC) report on the IOM
2011 Country Strategy - recruitment of Michael Charlton
Formation of Focus Group
China – Background and progress

Identification of existing China – Isle of Man links:
- Strix – 3 factories in Guangzhou – 80% of the global market
- Shipping – 54 ships at 19 different ship yards - Rhesus Health Care – health care products & health related IT
solutions
Propositions defined: - Import/Export Model – USP + JeffriesGreenhouse - Capital Markets - Wealth Management
Exploratory visit August/September 2011 to test propositions & re-establish links with the Chinese Government

Meetings with key Chinese Ministries: - Chinese Peoples Association for Friendship with Foreign Countries
(CPAFFC)
- National Development and Reform Committee (NDRC)
- State Owned Assets Supervision and Administration
Commission
(SASAC)
- Ministry of Commerce (MOFCOM)
- China Banking Regulatory Commission (CRBC)
- China Council for the Promotion of International Trade
(CCPIT)
Meetings with KPMG, PWC & Deloitte
Meetings with: Allbright, Pinsent Masons, DLA Piper, ReedSmith & Jun He

Need for case studies and or modelling
Bench marking – IOM versus Cayman, BVI etc
Refine propositions further – import/export No.1
Key intermediaries & channels to markets
Goodwill and endorsements from key Ministries
Contact with a Chinese billionaire who heads up a Chinese entrepreneurs club – has visited IOM already
Return trip 19 October – 6 th November, Beijing, Shanghai, Hong Kong & Singapore
Looking at a permanent rep/office + regular visits
China – outcomes

Most Chinese entrepreneurs who are influential mid-50’s & don’t speak much English
Must establish trust, commitment & relationships which takes time & money
Opportunities for Chinese banks to establish branches on the Island
No awareness of the Isle of Man but very familiar with Cayman, BVI, Mauritius & Hong Kong
Herd mentality
Found the “foot prints” of Jersey & Guernsey
Other interesting outcomes

Taking the Manx Message to the World

by Owen Cutajar on Oct 25, 2011

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Taking the Manx Message to the World — Presentation Transcript