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| US investors favour Hong Kong middleman role ( 01/07/2004 ) | |||||||||
Association executive director Mike Nocera said US investors are still unwilling to park their funds in the mainland due to a lack of understanding in business culture and practices - a gap which Hong Kong can tap into. "Hong Kong has positioned itself as a 'jumping off' point for both experienced and new entrants in the Asian commercial market because of its location and proximity to all the major markets in Asia and China, particularly the Pearl River Delta. "Right now what China needs is the expertise that resides in Hong Kong with respect to financial, commercial banking, investment banking or other supporting industries such as lawyers, accountants, IT professionals - all have experience with the western market," said Mr Nocera. Financial and commercial expertise He believes that for the next 20 years, Hong Kong will be a very important route for capital moving into and out of China. In the same vein, he said it would be many years before Hong Kong is seriously challenged in regard to its "middleman" role. "Hong Kong has a long history of commercial experience and success linking it to the western enterprises which are now seeking to conduct business in Asia. Catching up to this base of knowledge and Hong Kong's ability to provide efficient execution in finance and commerce will be a major challenge for its competitors for some time to come." Mr Nocera said that it is important to "maintain Hong Kong as a place where people are excited to live and work and express themselves in a creative fashion. Just look at Hong Kong's tax regime. It is the envy of all taxpayers around the globe." The Hong Kong Association of New York has been active in inviting business people and prominent government officials from Hong Kong and the mainland to New York to increase their exposure to US business investors. Established in 1987 under the auspices of the Hong Kong government, the association has 36 corporate members and 141 individual members and has branches in Chicago, Los Angeles and San Francisco. Related link | |||||||||
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