Looking East: City of London Corporation urges firms to think Asia
The City of London Corporation has today announced a year-long initiative asking businesses in the UK and abroad to help shape its work across Asia over the next ten years.
The Asia Next Decade campaign sees the launch of a new website where industry partners can go to submit their views on Asia via an online survey.
Asia is a hugely important partner for the UK, both now and in the future, as shown by a report published today by the City Corporation. The research conducted by Asia House shows that the region is the fastest growing trade partner for the UK and is forecast to account for around half of world GDP by 2030.
In 10 years’ time, China and India will be the 1st and 3rd ranked world economies respectively, while Indonesia is projected to be the world’s 5th biggest economy in 2030, just below Japan (based on Purchasing Power Parity) (PPP).
Indonesia’s explosive growth represents a general trend across the 10 countries that represent the Association of South East Asian Nations (ASEAN), which as a trading bloc is set to become the world’s fourth largest market by 2030.
The report will form the backdrop for discussion at an event being held in the Guildhall in the Square Mile on Thursday evening. Speakers include the City of London Corporation Policy Chairman, Catherine McGuinness, Foreign and Commonwealth Office Minister for Asia and Pacific, Mark Field MP, and the Chief Executive of China International Capital Corporation (UK) Limited, Xinhan Xia. The City Corporation’s Special Adviser for Asia Sherry Madera will make the opening remarks.
The campaign comes as the City Corporation celebrates the 10-year anniversary of representative offices in Beijing, Shanghai and Mumbai, all of which will hold special events over the next year to mark this milestone.
New content for the campaign will be generated throughout 2018. A monthly case study will be published on financial services companies with connections to Asia and London and regular roundtables and workshops will be held in London and Asian markets.
City of London Corporation Policy Chairman Catherine McGuinness said:
“I am delighted to announce the beginning of this campaign, which will influence the City of London Corporation’s thinking about where in Asia we should concentrate our efforts over the next decade to best help the UK economy.
“As the UK prepares to leave the European Union, one thing the government has made clear is its ambitions to help companies expand their operations across the world.
“Asia, which by 2025 is forecast to account for nearly half the world’s GDP, is a crucial part of this ‘Global Britain’ vision.
“That’s why today we are asking industry partners to help shape our work, so that we can best further the interests of the UK financial and professional services industry across the Asian region.”
Foreign and Commonwealth Office Minister for Asia and Pacific the Rt. Hon. Mark Field MP said:
“London remains a beacon for Asia, and the UK is considered world class in many areas of interest to our friends in Asia – education, the natural sciences, the creative industries, and, of course, financial and professional services.
“Our country stands on the threshold of a new era as we leave the EU to forge an independent future, and as Minister for Asia, I am committed to promoting London’s offer to the fastest growing and most dynamic region in the world.”
Chief Executive of China International Capital Corporation (UK) Xinhan Xia, said:
“CICC is excited and very committed to support the City of London Corporation’s Asia Next Decade campaign.
“Relations between China and the UK have been going from strength to strength in this era of Golden Ties.
“The initiative launched today will help further strengthen Sino-UK cooperation in financial and professional services.”
Industry partners can submit their views and learn more about the campaign by going to the Asia Next Decade website: cityoflondon.gov.uk/asianextdecade.
The campaign is being driven by the City Corporation’s Special Adviser for Asia, Sherry Madera, who works to enhance the City’s comprehensive and sustainable engagement with its Asian partners.
Commenting on today’s launch, City of London Corporation Special Adviser for Asia Sherry Madera said:“I’m thrilled we have launched the City Corporation’s Asia Next Decade campaign, which will help shape our work in Asia over the next ten years.
“I’d like to invite all our valued partners to contribute to our consultation on how the City of London Corporation can do our part in forging strong and deep links with Asia.
“In 2018, the City of London is committed to driving growth through partnership. This is the beginning of City of London: Asia Next Decade.”
Notes to editors
- The City of London Corporation Policy Chairman Catherine McGuinness and Special Adviser for Asia Sherry Madera are available for comment on the launch of the campaign. Please contact Nathan Rodgers on Nathan.firstname.lastname@example.org or on +44 (0) 20 7332 3451 to arrange interviews.
- A photo of the City of London policy Chairman Catherine McGuinness is available to download here
- The City of London Corporation has a dedicated Asia Programme. Its goal is to secure London’s future as the most global financial centre by building opportunities for trade and investment with Asia, leading on Asia policy and regulatory thinking to facilitate market access, and to create platforms for Asia-focused business growth in London. The Chairman of Policy and Resources Catherine McGuinness, Lord Mayor Charles Bowman and Special Adviser for Asia Sherry Madera are senior figures for this agenda.
More information is available at www.cityoflondon.gov.uk/asia
- About the City of London Corporation:
The City of London Corporation provides local government and policing services for the financial and commercial heart of Britain, the 'Square Mile'. In addition, the City Corporation has three roles:
- We support London’s communities by working in partnership with neighbouring boroughs on economic regeneration, education and skills. In addition, the City of London Corporation’s charitable funder, City Bridge Trust, makes grants of around £20 million annually to tackle disadvantage across London.
- We also help look after key London heritage and green spaces including Tower Bridge, the Museum of London, Barbican Arts Centre, City gardens, Hampstead Heath, Epping Forest, Burnham Beeches, and important commons in London.
- We also support and promote the ‘City’ as a world-leading financial and business hub, with outward and inward business delegations, high-profile civic events and research-driven policies, all reflecting a long-term approach.
See www.cityoflondon.gov.uk for more details.