Australia to host international finance symposium
Private sector leaders and regulators from across Asia-Pacific will meet in Sydney in the first half of 2013 to discuss the creation of an Asia Pacific Financial Forum.
Sydney will play host to the international symposium which will explore the forum proposal put forward by the APEC Business Advisory Council at the APEC Finance Ministers Meeting in Moscow this week.
Minister for Finance and Deregulation Penny Wong said the symposium would be an important gateway to regional opportunities.
"It is important that we are prepared for the opportunities that the shift in economic weight to our region will bring," she said.
Minister for Financial Services and Superannuation Bill Shorten said the symposium would help Australia capture opportunities presented by the Asian Century.
Treasurer Wayne Swan said that while Asia was well integrated globally in terms of trade, this had not been matched by its role in finance. He said it was important Australia sought financial integration with Asia as economic power shifted to the East.
The Government has also provided funding for the Centre for International Finance and Regulation, hosted at the University of NSW.
It said it was building on its commitment to promote Australia as a financial centre which included the new Investment Manager Regime which passed through Parliament recently, and gives tax incentives to foreign investors that use Australian fund managers.
The Australian financial services industry provides employment for more than 400,000 people.
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