China ‘warming to the Rock’: Gib finance minister Isola
China is interested in doing business with, and through, Gibraltar, and is particularly interested in the Rock’s captive insurance companies, according to Gibraltar Financial Services minister Albert Isola.
Returning from a trade visit to Shanghai and Nanjing earlier this year, Isola noted that as Chinese businesses expanded overseas and acquire foreign assets and companies, as they have been doing in recent years, they are increasingly aware of the need to “establish overseas captives to provide insurance cover and risk management for their overseas operations”.
“We have received a very positive response about the potential to use Gibraltar as a hub for Chinese businesses across a range of sectors,” Isola added.
Isloa’s trip to China was just the most recent of a number that have been made by Gibraltar Government ministers, who, like representatives from other financial services jurisdictions, have been working to strengthen its links in the fields of trade, communications and financial services with Beijing.
During his visit, the Chinese officials he met were interested in and had asked about Brexit, but, Isola said, fully understood that it was too early to make any assessment of its ultimate consequences.
“They are looking at a much larger picture than just Europe, where they already have substantial footprints,” he said.
“From our perspective, it is a market that we are seriously looking at and believe in partnership will present our firms with significant opportunities.”