A major agreement to boost Chinese business and investment was signed yesterday in Beijing between Business Bermuda and the China Council for the Promotion of International Trade.The Memorandum of Understanding was signed during the Island’s first official trade mission to China this week, led by Business Bermuda CEO Cheryl Packwood and Minister of Business Development and Tourism Wayne Furbert.Ms Packwood said the MoU’s main purpose was “expanding Bermuda’s trade relationship with China through exchanging information, participation in hosting and attending events, and facilitating official delegation visits to each country”.Speaking from Beijing yesterday, Ms Packwood said the business development opportunities with the world’s second-biggest economy were “immense”.Mr Furbert added: “I was hesitant at first to come on the trip, but now that I am here I see that the benefits and return for Bermuda can be significant as long as we continue to build relationships with individuals and organisations here in China.”Chinese companies already have strong Caribbean links with the Cayman Islands and British Virgin Islands viewed as the offshore centres of choice.And Beijing has invested heavily in projects, roads and ports across the Caribbean from a $17 million cricket stadium in Dominica to the $3 billion Baha Mar mega resort and casino in the Bahamas due to open in 2014.Now Bermuda is looking for its share of Chinese money.Mr Furbert said there were opportunities for Chinese companies to set up in Bermuda as a platform to do business with the US, and also opportunities to boost tourism from China and increase Chinese investment in Bermuda business, tourism and national infrastructure.He noted China’s equivalent of GE, Haier Electronics Group, was already registered in Bermuda and had used it as a platform to set up plants in the US.And he added he hoped that soon Bermuda, instead of the Caymans and BVIs, would “roll off the lips of Chinese officials” in discussing offshore centres.“This has been an incredible opportunity to develop relationships and build our understanding of China and the Chinese understanding of Bermuda,” Ms Packwood said.“The Chinese market is very impressive and the business development opportunities are immense, but it will take time to generate meaningful, mutually beneficial business relationships. The Chinese are a very humble people, and we learned much about the right way to develop international business including the most important lesson — that the Chinese want to be our friends first and that business must come second.”The Bermuda delegation visited Shanghai and Beijing this week for a series of meetings and conferences, including the powerhouse Chinese Enterprises Outbound Investment Conference.Business Bermuda was given an exclusive opportunity to participate in a panel discussion entitled, Invest in the Caribbean and Latin America, and presented several significant development projects in Bermuda in the Overseas Investment Project and Business Matching Seminar during the conference.“Speeches presented by Ms Packwood and Minister Furbert drew significant attention from members of the Chinese media and potential investors alike further evidencing the interest in Bermuda as a place for Chinese business,” Ms Packwood said.The delegation also held a series of meetings with Chinese government officials and business leaders including: the Chamber of International Commerce, Shanghai Standard Chartered Bank, Shanghai Foreign Investment Development Board, the Shanghai Stock Exchange, and the Chinese Ministry of Finance and Commerce.In addition, they hosted a reception in Shanghai, which was attended by more than 60 Chinese business executives and government officials.Ms Packwood said the Bermuda delegation had the opportunity to meet with Wan Jifei, chairman of CCPIT, Su Shulin, governor of Fujian province known for its great number of wealthy people and successful burgeoning private sector, and Dong Jiayang, director general of the Economic Information Department of CCPIT.She noted that in both Shanghai and Beijing, Business Bermuda held press briefings for Chinese journalists to provide information about Bermuda and its international business community, resulting in coverage in Chinese language media outlets and, so far, 23 syndicated news outlets that have reached at least an approximately 50 million people.“We are very pleased to have been able to further develop our ties with CCPIT,” MS Packwood said.“Over a year ago, we met with CCPIT in Hong Kong and through our continued dialogue over the past year, we were able to develop an understanding and secure an exclusive opportunity to participate in the CEOIC Conference in Beijing.“We are hopeful that we extend that same courtesy and have invited representatives of CCPIT to join us in Bermuda and to further our business ties. We appreciate the support of Minister Furbert and the Ministry of Business Development and Tourism. This trip was possible in part because of the financial support of Bermuda’s Government.”The delegation also included director of Business Development for the Ministry of Business Development and Tourism Travis Gilbert, managing director of Emerging Asset Management Christopher Buchan and managing director of Apex Fund Services’ Anthony D’Silva.