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The Financial Secretary Mr Henry Tang has explained to Swiss bankers in Geneva the competitive strengths of Hong Kong and invited them to use Hong Kong as a regional base to manage their banking businesses in Asia.
On the last day of his duty visit to Switzerland (May 16, local time), Mr Tang attended a breakfast meeting hosted by the Swiss Private Bankers' Association. The private bankers in Switzerland are a group of entrepreneurs in the privately owned banking sector who conduct their business using their own assets and assuming unlimited liabilities.
Mr Tang told them that with Asia's high savings rate and strong economic growth, Hong Kong benefited from having a relatively fast growing economic hinterland, especially the Mainland of China, which could be one of the fastest growing wealth management markets in the world.
Noting that it would take time for private bankers to build their reputation in this niche market, Mr Tang pointed out the importance for them to come in early. "You should consider whether you wish to be a leader or a follower in this growing market," Mr Tang said.
Mr Tang then met the Chairman of the Swiss Bankers' Association Mr Pierre Mirabaud before attending a lunch meeting hosted by the association, which is the most representative umbrella organisation in the banking industry of Switzerland.
The Financial Secretary updated the Swiss banking community on Hong Kong's latest economic development and highlighted Hong Kong's role as an international financial centre and a gateway to the Mainland, both for overseas companies to tap into the Mainland market and for Mainland enterprises to reach out to the world.
"Switzerland and Hong Kong are both relatively small but outward-looking economies with huge economic hinterlands," Mr Tang said.
The two economies are among the world's top providers of banking, securities and foreign exchange services. Their financial services industries account for a considerable portion of their respective GDP and provide considerable employment opportunities for their workers.
"But we will not be complacent. We are continuously seeking ways to improve our business environment further," Mr Tang said.
"For example, in my recent Budgets, I initiated abolition of estate duty and exemption of profits tax for offshore funds. Both measures are targeted at improving the attractiveness of Hong Kong to the international asset management industry."
The Financial Secretary will leave Geneva on May 17 (local time) for Cannes, where he will attend promotional events for Hong Kong's film industry at the Festival de Cannes.
Ends/Thursday, May 17, 2007
Issued at HKT 14:03
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