Christopher Jackson

'Last year Hong Kong was second only to New York for IPOs,' says HKTDC director Christopher Jackson. 'That is both an opportunity and a challenge as it means that Hong Kong is the benchmark for professional standards and corporate governance in the world's fastest growing region.

'If we get it wrong the reputation of Hong Kong as a financial services sector will suffer.'

Hong Kong recently sent a government delegation to Dubai to check out progress in the development of the financial sector, where its two big local names, HSBC and Standard Chartered are also big players.

'Dubai is using the model of the efficient business hub that has proven such a success for Hong Kong. There are similar characteristics as a logistics and transportation hub, first class hotels and tall buildings, as well as a commitment to create a diversified service sector economy.

'In Hong Kong we are 80-90 per cent a service sector economy, probably the highest percentage of GDP in the world. This is the result of a long period of restructuring from the days of the asset price bubble in 1997, the Asian Financial Crisis and a 70 per cent fall in real estate prices.

'There was recognition from Hong Kong business that we had to engage in brand building and become a meeting place for mainland Chinese business and the rest of the world.

'At the HKTDC we have the role of putting business in touch with the mainland. For example, if a Middle East business wants to source in China we can supply a short list of three potential suppliers and make the introduction for a $300 fee.

'We do more than just make a list. We screen the potential partners and arrange the initial meetings. The best thing to do to start with is to consult our website portal in which we have invested heavily.'

Mr. Jackson points to the Imagi film animation company as an example of a Hong Kong service sector success story. It has just launched a full-length Teenage Mutant Ninja Turtles film produced in Hong Kong by its 400 animators for a quarter of Hollywood costs, and is presently valued at $750 million on the local stock market.

Imagi was originally a manufacturer of artificial Christmas trees that diversified into animation in 2000. 'Hong Kong entrepreneurs can turn their minds to just about anything,' says Mr. Jackson.

'We continue to monitor and service the Middle East from our Dubai office, and increasingly this is about facilitating communication between service companies.'