The Channel Islands will strengthen their value to the United Kingdom and the European Union by developing business in the Far Eastern markets such as China and India, according to Colin Powell, OBE, speaking on Friday (September 10, 2010) at the Channel Islands Stock Exchange (CISX) International Business Summit.
In his keynote address Mr Powell, who is currently an Adviser on International Affairs to the States of Jersey and Chairman of the Offshore Group of Banking Supervisors, gave an upbeat assessment of the prospects for international finance centres (IFCs) such as Jersey and Guernsey and said that there were particularly good business opportunities in successfully tapping into the growth economies of China and India. He commented:
‘Tax Information Exchange Agreements are being negotiated with India, China, Japan, Korea and Indonesia which are seen as an important first step in the strengthening of political and business relationships. Wealth creation in these and other jurisdictions, allied to a continued interest in European markets on the part of wealth generators, should combine to create a fertile environment of which the Islands are well placed to take advantage. The Islands’ expertise in specialist funds, in special purpose vehicles and in wealth protection should be of particular appeal in these markets.’
He said that not only would Far Eastern business give the islands’ economies greater strengths, but also ‘by attracting more funds that are up-streamed to EU Money Markets, through the banks and investment funds, the Islands strengthen their value to the EU and thereby their position in negotiations’
He added : ‘The Islands offer services of appeal to foreign clients of the City and much business is introduced through City law firms and other agencies. In return, the funds attracted to the Islands from all over the world are up-streamed to the City thereby helping to fill the liquidity gap for many London based banks and provide funds for investment.’
Mr. Powell was one of 18 world class practitioners from different aspects of the international financial services industry who spoke at the second CISX summit. Staged this year in Jersey, it attracted more than 250 delegates and was designed to showcase the financial services of the Channel Islands while focusing on some of the major issues which impact upon the global industry.*
Further information from Mike Sunier or Leah Dunford at Crystal Public Relations Limited, telephone 01534 681613
Note to Editors.
• *A full list of speakers and more details of each presentation are available at the CISX website www.cisx.com/summit.
• A guest speaker from India was Tajinder Singh, Deputy Secretary of the International Organisation of Securities Commission (IOSCO) who outlined a number of measures that IOSCO is implementing in order to tighten up regulation in the global securities market and these are outlined on his presentation slides included on the website.
• The gold sponsors at the summit were Appleby, BNP Paribas Securities Services, Carey Olsen, Deloitte, Kleinwort Benson, KPMG, Mourant Ozannes and Ogier.