BBAM 10th anniversary | Macau, HK to be ‘priority market’ for post-EU Britain

BBAM chairman Henry Brockman (left) and British consul general Caroline Wilson (right) cut a birthday cake for the 10-year-old association

The British Business Association of Macau (BBAM) held a celebratory reception on Wednesday night to commemorate the organization’s 10th anniversary since its establishment in 2006. Among the prestigious guests in attendance were the U.K. trade commissioner for Hong Kong and Macau, Frances Moffett-Kouadio, and British consul general for Hong Kong and Macau, Caroline Wilson, who informed the Times of the possibilities for British business in Macau post-Brexit, and promised that the Hong Kong and Macau region would remain a “priority market.”
The celebratory evening on Wednesday was well-attended by members of BBAM and other partners and guests of the organization, who were treated to a live performance of Ralph Vaughan Williams’ “The Lark Ascending” and a reading by Caroline Wilson of George Meredith’s poem of the same name.
Professor Kevin “Kit” Thompson, who introduced the performance, stated that it was quintessentially British, though often mistaken for being French. His Chinese students at the University of Macau sometimes think it sounds Chinese, he added.
Meanwhile, Henry Brockman, BBAM chairman and co-founder, spoke about the origins of the association and the ideas leading to its formation. He said the founders began making plans as early as 1996, though it would be another decade before the plans finally took root.
“To give you a brief summary of what I think we have achieved over the last 10 years – with all due respect to the formal representatives of the British government – is to have flown the flag for the U.K. in Macau. And I’m proud of that,” he said.
“We have contributed a lot to developing U.K.-Macau ties,” stated Brockman, adding that “obviously there has always been a British presence in Macau – there was a British presence here long before there was one in Hong Kong – but solidifying it into an organized chamber of commerce like this has really brought things [further], even if we have had no major trophy U.K. investment yet in Macau.”
Caroline Wilson later extended her congratulations on the anniversary and thanked BBAM members for raising the profile of British business in the region.
She reassured guests that in regards to the U.K. post-EU referendum, “we are still members of the EU, we are full members and nothing has changed yet.”
“[As] we are heading toward the exit [however], we are determined to get the very best deal for the U.K. that we can get, including access to the [EU] single market, and also access to lots of other markets including this one,” added Wilson.
“In case you hadn’t noticed, British goods and services are even more competitive than before thanks to that little matter of [the fall in the price of] the sterling, so you’re going to get a very good deal now,” joked the consul general, who has been in the role since 2012.
Both the consul general and Frances Moffett-Kouadio agreed that in the next few years, when new trade agreements are expected to be signed between Britain and many other countries, the Hong Kong and Macau region will be a priority market.
“At the moment, [British] ministers are establishing a priority list of countries and markets around the world,” said Wilson. “Clearly this region is going to be an absolute focus and a real priority. In fact our minister [of state for trade and investment] Lord Price has already been to Hong Kong since the referendum and we will have other significant visits in the future. So I think that’s an indication of our priority.”
Moffett-Kouadio added that there are already a significant number of British trade missions in Hong Kong and Macau, which is another indication of the market’s importance to the U.K.
“We regularly bring trade missions to Macau [via Hong Kong] and I think, in some areas, Macau really punches above its weight,” she said. “Certainly in terms of cultural events and entertainment and tourism opportunities.”
“We have certainly seen an increase in the number of trade missions coming to Macau,” agreed Brockman, “and there seems to be a receptivity [in Macau] to the creative and other non-gaming elements that British businesses can provide.”
Brockman, Wilson and Moffett-Kouadio also agreed that Britain can play a major part in the diversification of Macau’s economy.
Wilson said that the U.K. can offer expertise in several crucial areas that could make Macau more competitive in the Pearl River Delta region, such as healthcare, education, vocational training, entertainment and the “experience economy.”
“We are keenly aware of the need to diversify Macau’s economy and we believe with a passion that British goods and services and the business that we represent can play a very important role in that,” said Brockman.
Asked whether Hong Kong overshadows Macau in terms of interest from the U.K., Wilson conceded that Hong Kong “is obviously a much bigger market” but added that “doesn’t mean that it steals all the limelight.”
“Investment in Macau and Hong Kong can be complementary,” Moffett-Kouadio replied, refuting the idea that one would come at the expense of the other. “Both are trying to grow the creative sector, for example, and there is room for collaboration there.”