GUERNSEYFINANCE’S China representative will promote the island as the world’s premier offshore location, according to chief executive Peter Niven. Shanghai-based Wendy Weng will nurture relationships and improve communication links by being in frequent contact with Chinese business people.
She said great emphasis was placed on trust in her home country.
‘In Europe or the USA you can talk about business straightaway, in China you must first make friends with people,’ she said.
‘It’s important to visit the professionals frequently to build up relationships.
‘I will be the person permanently based on the ground to make sure people are aware of the benefits of doing business in Guernsey.’
The initiative is being facilitated by the China-Britain Business Council - an organisation set up to help British companies do business in the East.
Ms Weng, 28, was educated in Shanghai before gaining an accounting and finance degree from Lancaster University.
She has spent the last two weeks meeting members of the business community in Guernsey in order to get a feel for how the island really operates.
She said getting support from the Chinese Government and exploiting media exposure were two ways in which she planned to get her message across.
‘My time here has been extremely valuable because it has made me clearer about the objectives of businesses here,’ she said.
‘Guernsey is a great financial centre and has lots of advantages, such as the stock exchange and support from the States that are attractive to Chinese business people.
‘My job will be to make sure they know that and make the choice to come here.’
GuernseyFinance has come under fire from Deputy Janine Le Sauvage, who slammed it for spending an estimated £1,000 of taxpayers’ money on a presentation at St James to introduce Ms Weng to the Guernsey business community.
Mr Niven said delivering a quick result might silence his critics, but that was unlikely as it was a long-term project.
‘It could be a fund or a piece of captive-insurance business: we’ll keep our fingers crossed,’ he said.
‘I’m a great believer in going into a market and showing long-term commitment and Wendy is there to reinforce that message for us. The Chinese already know about the British Virgin Islands thanks to a companies registry they put together that was ahead of its time.
‘They will be aware of Guernsey historically, but that’s about it.
‘We need to keep dripping the message on to their heads, like Chinese water torture.
‘But we don’t see business coming immediately - it’s not the type of market that falls into your lap.’
If the initiative proved a success, there was a possibility it could be introduced in other emerging markets such as Dubai, he added.
‘The industry has asked us to look at the Middle East next and then eastern Europe, but it’s one step at a time for now.’
Article posted on 21st January, 2008 - 12.00am
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