13/10/2011

Representatives of Guernsey's finance industry are visiting Hong Kong and Singapore, to work on building relationships in the lucrative tax territories and business centres.

The team is being led by Carla McNulty Bauer, the Channel Island's minister for commerce and employment. The group - which will also include finance development and promotion chiefs, Jarrod Cowley-Grimmond and Peter Niven - is set to meet with politicians, regulators, stock exchange officials and financial services practitioners in the Far Eastern jurisdictions.

They hope that the trip will be mutually beneficial for all parties, encouraging more Guernsey-registered businesses to take advantage of now being able to list on the Hong Kong Stock Exchange, while also highlighting the benefits of doing business with Guernsey companies.

Mr Niven said that the relationship between Hong Kong, Singapore and Guernsey had steadily been growing over the years, due to mutual efforts.

"This work has come to fruition in a variety of ways, including increasing recognition at the political, regulatory and stock exchange levels but also the number of local firms which are now establishing offices in the region," he explained.

"These are very positive developments in terms of attracting business flows to the Island but we need to make sure that we capitalise on the opportunities and this visit is central to achieving those aims."