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Luxembourg’s Finance Minister visits Asia and participates to Asian Financial Forum in Hong Kong
From January 11th to 20th, a financial delegation from Luxembourg led by Luxembourg Minister of Finance Pierre Gramegna visited Asia stopping in South Korea, Japan, and Hong Kong to promote Luxembourg’s expertise in international finance. The tour also included Taipei where experts from the fund industry highlighted Luxembourg’s expertise in the cross-border distribution of investment funds in a seminar organized by the Luxembourg Fund Association (ALFI). During his stay in Hong Kong, from January 18th to January 20th, Pierre Gramegna spoke at the "Asian Financial Forum" in front of an audience of more than 2,400 high-level participants from over 40 countries. He outlined his views on ways to boost economic growth in Europe, while respecting the objective of reducing public deficits. He referred also to the political and financial news from the eurozone. On the sidelines of the Forum, Minister Gramegna met with Leung Chun-Ying, Hong Kong's Chief Executive. During his stay, the minister also held working meetings with John Tsang, Minister of Finance, Ashley Alder, director of the Securities and Futures Commission, and Norman Chan, director of the Hong Kong Monetary Authority. The increasing internationalisation of the RMB, in which Luxembourg plays a leading role in Europe, was a major topic of discussion, alongside political and financial news. Minister Gramegna also met with senior bankers and businesses established in the region. He met with Charles Li, director of the Hong Kong stock exchange. The Minister spoke with M. Li about opportunities for collaboration with the Luxembourg Stock Exchange, as well as increased openness to Luxembourg investment funds, soon to be the first permitted to use the 'stock connect', a program which connects stock markets in Hong Kong and Shanghai since November 2014 and providing a new way to invest in the Chinese market. Minister Gramegna commented "Luxembourg is recognised in Asia as a reliable partner and a first-rate financial centre. The Chinese market, particularly Hong Kong, is a vital transit point in the diversification of the financial centre strategy. Over half of the investment funds authorised in Hong Kong are from Luxembourg. In the opposite direction, Luxembourg provides Chinese banks with an entry point from which they develop the European market." Luxembourg for Finance (LFF) was also present at the Asian Financial Forum with an information stand on the Luxembourg financial centre. A reception organized by LFF, in the presence of the minister, was a great success with Hong Kong financial market professionals.