Guernsey seeks to boost financial links with India as island looks to emerging markets to increase business

Written by Ray Clancy

Monday, 29 March 2010 08:22

A delegation of politicians, officials and business leaders from Guernsey will visit India next month to enhance financial services links between the two jurisdictions.

Guernsey established a representative office in China more than two years ago but this trip represents the Island’s first official marketing activity in India.

The team, led by Carla McNulty Bauer, Minister for the Commerce and Employment Department within the Guernsey Government, will visit Delhi and Mumbai and meet with governmental officials as well as regulators, industry associations and leading business introducers.

‘Guernsey’s finance industry is continuing to perform well but we are increasingly facing new challenges including stronger competition from other jurisdictions so it is important that we do not stand still. The Island needs to make sure that it maintains its profile in centres such as London, which remains our principal source of new business and also develop links in emerging markets such as China and India,’ she said.

‘These regions offer significant potential for diversification and new business streams. Our initiative in China has been making good progress and, after laying the foundations, the time is now right to showcase the Guernsey brand in India. This visit will enhance relationships with the government, regulators, associations and individual companies, providing the Island’s firms with a smoother path for doing business in the country. The importance of meeting key decision makers on a one-to-one business basis, showcasing Guernsey’s finance industry, cannot be underestimated,’ she added.

The delegation will feature representatives from Guernsey law firms Collas Day and Ozannes, as well as State Street, Legis, Dominion Fund Management and Richmond Fiduciary Group.

Also making the trip to India will be Rob Gray, Director of Income Tax for Guernsey Government, Jonathan Hooley, Chairman of the Channel Islands Stock Exchange (CISX), and Peter Niven, Chief Executive of Guernsey Finance.

‘I am delighted that we are able to take such a high-profile and varied delegation for what is our first official promotional trip to the country. It is very much an initial visit to give us a clearer picture of the market, develop contacts and promote our offering but I am confident of real progress,’ said Niven.

‘A significant number of Guernsey firms are already active in the Indian market but we want to be able to make it easier for them and others to maximise their return. Central to this is educating the widest possible cross-section of the Indian community about Guernsey’s position as a leading international finance centre and what we can offer businesses and individuals in terms of financial products and services, such as investment funds, stock exchange listings and wealth management solutions,’ he added.