“Hong Kong - Your Best Partner and Risk Manager in China”
Simon Galpin, Associate Director-General, Invest Hong Kong, HKSAR Government
“Hong Kong - Your Best Partner and Risk Manager in China”
China is the single most important and fastest growing marketplace, as well as manufacturing base, for US products and services. Come learn how you can make use of Hong Kong as your business platform and how to take advantage of the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and Mainland China.
Hong Kong is an integral part of China. Nevertheless, we still retain our advantages of rule of law, separate IP protection legislation, level playing field, full currency convertibility, international business practices, low taxes, government transparency and free flow of information - all critical elements to making sound business decisions.
Today, Hong Kong is ranked as the world’s third largest major financial center by The Global Financial Centers Index and it is also the largest capital raising center for Mainland Chinese enterprises with over US$125B raised since 1993. Meanwhile, 30% of Mainland China’s foreign trade flows through Hong Kong and over 75% of international buyers of consumer products source Chinese products via Hong Kong.
Furthermore, Hong Kong is the southern gateway to the largest economic production powerhouse in Mainland China as well as the preferred location for overseas and Chinese companies managing their operations in Asia Pacific.
Mr. Galpin is the Associate Director-General of Invest Hong Kong, the award-winning investment promotion agency of the Hong Kong SAR Government that advises prospective and existing foreign investors considering or already using Hong Kong as a conduit to do business in Asia-Pac.
Simon Galpin joined Invest Hong Kong in March 2001 as Associate Director-General Investment Promotion; Simon’s Division is responsible for attracting and retaining foreign direct investment in the following five priority sectors:
* Information Technology,
* Telecommunications, Media & Multi Media,
* Technology (especially Biotechnology and Electronics),
* Tourism & Entertainment and
* Consumer, Retail and Sourcing
Simon is also responsible for Invest Hong Kong’s operations in: the Americas, India, Middle East, South East Asia and Japan.
Prior to joining Invest Hong Kong, Simon spent 10 years with Scottish Enterprise (the UK Government’s economic development agency for Scotland) and was involved in setting up their network of offices in Asia.
Simon has also worked for retail, shipping and logistics companies in London, Liverpool, Taiwan and Sydney.
Simon has a MBA from University of Sheffield and an MSc from the University of Glasgow in Local Economic Development.
Co-Sponsors:
Pacific and Asian Affairs Council (PAAC)
Shidler College of Business, University of Hawaii at Manoa
Senior bankers attracted to Asia’s financial hub - Hong Kong
Hong Kong’s skyline flashes the high concentration of banks and financial institutions for which the city is famous
Top bankers are relocating to Hong Kong from such major financial centres as New York and London, in an apparent move by international financial institutions to focus their business on Asia, the region seen with the best profit potential.
The latest global bank to announce a senior executive posting is Swiss investment bank Credit Suisse. The bank confirmed in May the head of its financial institutions group, Vikram Gandhi, will move from New York to Hong Kong this summer. Credit Suisse said Mr Gandhi will continue running the global financial institutions group business from Hong Kong. “This high-growth region continues to perform above expectations, and we see even more opportunities in the coming years,” said Credit Suisse global co-heads of Investment Banking Jim Amine and Marc Granetz in an internal memorandum, as reported recently in The Wall Street Journal.
Important market
“For the financial institution business, Asia Pacific is as important as Europe and America. That’s why we’re relocating some of our senior executives here,” said Josephine Lee, Director of Corporate Communications at Credit Suisse Hong Kong.” Credit Suisse has 21 locations in the region.
The move by the Zurich-based institution is part of a recent trend in the banking sector to move top executives to Asia, a region largely unscathed, to date, by the subprime mortgage crisis in the United States. Germany’s largest lender, Deutsche Bank, announced in March that its Global Head of Equity Trading, Noreddine Sebtine, is relocating to Hong Kong from New York to assume regional responsibility for the equities business in Asia.
The German bank, which has already seen a 60 per cent increase in Hong Kong staff numbers over the past three years, recently announced plans to further expand its Hong Kong operations and increase headcount from 1,500 up to 4,000. “We are experiencing rapid growth in the region and in Hong Kong in particular,� said Colin Grassie, Deutsche Bank’s CEO Asia Pacific. As part of its expansion plans, the bank intends to triple its office capacity in Hong Kong by 2010, leasing 18 floors of the International Commerce Centre in Kowloon.
Sign of the times
Industry watchers say it is a sign of the times. “When you see the banks move out a [chief executive], that’s the time you say it’s a huge structural change. But they are trying to put senior people out there to take advantage of the growth, and it will be interesting to see more senior-level appointments such as at the executive board level,� according to David Williams, a London-based investment banking analyst at Fox-Pitt Kelton, in an interview with the South China Morning Post.
The growing economic impact of the region, including Hong Kong, will be the focus of an international conference to be held in Hong Kong early next year. Organised by the Hong Kong Special Administrative Region and the Hong Kong Trade Development Council, the Asian Financial Forum will be held 19-20 January 2009. At the two-day event, distinguished business and economic leaders will exchange views on trends and developments in Asian financial markets.
Hong Kong’s international investment position remains strong with net external financial assets of 4.07 trillion HK dollars (522.06 billion U.S. dollars) at the end of 2007, a government press release said on Tuesday. According to a press release from Hong Kong Census and Statistics Department, the figure is 41 billion HK dollars (5.26 billion U.S. dollars) up on the same period a year earlier. The figure corresponded to 252 percent of gross domestic product. The department said that ratios of both Hong Kong’s external financial assets and liabilities at end-2007 to GDP remained substantial, at 1,318 percent and 1,066 percent, showing Hong Kong is a highly externally oriented economy with considerable cross- territory investment and also a major financial center in the region with considerable cross-territory fund positions. Hong Kong’s external financial assets amounted to 21.3 trillion HK dollars (2.73 trillion U.S. dollars) at the end of 2007, up 6.3 trillion HK dollars (808.11 billion U.S. dollars) or 42 percent on 2006, with direct investment accounting for 37.6 percent of the total. Both external financial assets and liabilities rise sharply in the year, showing the generally favorable economic environment and the buoyant performance in many stock markets during the year, the department said.
Johnson W. K. Choi, MBA, RFC
2008 SBA Minority Small Business Champion of the Year - National Winner
http://www.hkchcc.org/sba.htm
USA: 1188 Bishop St, Ste 3403, Honolulu, Hawaii 96813 (from May 15, 2007)
China: 31-35 Yongjia Rd, #520, Shanghai 200030
Hong Kong SAR: 253 Des Voeux Rd #1305, Central
San Francisco USA (415) 691-6138; Hawaii USA:(808) 524-5738; China:(86) 1316-297-7837; HKSAR:(852) 8171-3118; USA Toll Free Fax (877) 852-8548
Company Affiliations: http://www.johnsonchoi.com/resume.htm
