Sydney and Shanghai are working together effectively to strengthen their positions as financial services hubs in the Asia Pacific, Deputy Premier and Minister for Trade and Investment Andrew Stoner said when he opened the Sydney Shanghai Finance Symposium 2012 in Sydney.
"Shanghai and Sydney are recognised as financial centres in the Asia Pacific and both are very keen to further develop their financial services sectors," Mr Stoner said.
"The NSW Government is determined to see Sydney play a leading role in financial services in our region – working closely with Shanghai will help us achieve that.
"Finance and insurance is the largest industry in our State, contributing $60 billion to the State's economy in 2010-11.
"The NSW Government is committed to helping Sydney and NSW continue to grow by attracting and supporting new and expanded investment in the financial services sector."
The symposium was a result of a memorandum of understanding between the Financial Services Office of the Shanghai Municipal Government and the NSW Department of Trade and Investment, signed in July 2010. The MoU focuses on the establishment of a closer financial services partnership and recognises that Sydney and Shanghai have similar objectives in financial services.
Mr Stoner welcomed a delegation of senior finance representatives from Shanghai, including Dr FANG Xinghai, Director General of the Shanghai Municipal Government Financial Service Offices, which is responsible for the promotion and development of Shanghai as a global financial centre.
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