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The Isle of Man's Department of Economic Development has announced that it will launch a new representative office in Singapore to promote stronger commercial relations with the nation and the region, especially in the area of shipping.
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.
The Isle of Man has historically received a lot of business from the nation's maritime industry. The Isle of Man Ship Registry is one of the most respected registries in the world and offers a quality flag option. 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.
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.
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."
Alex Downie, Department of the Economic Development’s Political Member with responsibility for Shipping and Aviation, added: “I am delighted with this new initiative. Cains have established themselves in Singapore and are blazing a trail for the Isle of Man in Asia. This 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.”
Dick Welsh, Director of the Isle of Man Ship Registry, commented: “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 5,000 shipping companies and maritime professional service providers which contribute more than 7% to Singapore’s GDP and employs more than 170,000 personnel. We regularly attend the major shipping conferences in the region and this year is no exception with plans to attend both Sea Japan and the Singapore Yacht show. 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.”
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