The Isle of Man Government's Department of Economic Development is opening a representative office in Singapore. The office will allow increased engagement and strengthening of commercial relations in both Singapore and the wider Asia-Pacific region.
The Isle of Man Government’s Department of Economic Development is opening a representative office in Singapore. The office will allow increased engagement and strengthening of commercial relations in both Singapore and the wider Asia-Pacific region.
The representative office, which will be based in the central business district of Raffles Place, will provide a presence for the Isle of Man in the region and a point of reference for Asian businesses interested in doing business with the Island.
Leading law and professional services group, Cains, who have operated in Singapore for three years, will provide the Isle of Man Government with office services.
Commenting on the opening, John Shimmin, Minister for the Department of Economic Development, said: "The opening of the new representative office in Singapore is a powerful demonstration of the Government’s commitment to foster meaningful commercial relations with Governments and the private sector within both Singapore and throughout the wider Asian community. The Department has the greatest respect for the economic successes of Asian countries and would be honoured to work in partnership to facilitate greater engagement that we hope will be of benefit to all involved."
The Isle of Man already has connections in the region through success of the Isle of Man Ship Registry. Since 2009, 20 vessels operated from Singapore have been registered under the Isle of Man flag, with three more due to be delivered before the end of 2012. Earlier this year, the Registry joined the newly formed Asia Pacific Superyacht Association (APSA) as founding members, highlighting the commitment made to the region.
Dick Welsh, Director of the Isle of Man Ship Registry, said: "We have already enjoyed considerable success in the Far East market with six major ship management companies becoming clients in the past three years. Singapore hosts over 5000 shipping companies and maritime professional service providers, which contribute more than 7% to Singapore’s GDP and employs more than 170,000 personnel. This new office will allow us to further strengthen our relationship with the Asian shipping community while continuing to offer a cost effective solution for registration in the Asia Pacific Region without a compromise on quality or service."
Alex Downie, OBE, MLC, Department of the Economic Development’s Political Member with responsibility for Shipping and Aviation, believes the new agreement will build on that reputation and provide a point of contact for any businesses looking for access to the Isle of Man and to the Department.’
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