Building a relationship with China has been one of the priorities for audit and advisory firm KPMG Luxembourg over the last ten years. They are a leading player in the country’s financial sector, but also in growth industries such as e-commerce. The common feature is these industries both use the country to access Europe. Georges Bock, KPMG Luxembourg’s managing partner explains how his firm is helping.
Why should a very big country look at a very small one?
Luxembourg is the ideal gateway to 500 million EU consumers. Big countries focus on domestic markets, but we have to understand and work in international markets. As a country and a firm we have a long-term relationship with China, and so have had the time to understand the people and business culture. We have hired many Chinese staff and Chinese speakers, and we have several offices across the country.
How do you see the e-commerce sector developing?
Our prime focus is financial services, whether that be investment funds, wealth management, corporate finance and many others. We are also very excited about the emergence of the e-commerce and broader ICT sector. Industry leaders such as Amazon, PayPal and Skype are based in Luxembourg. This experience enables the country and KPMG to attract and work with a wider range of firms.
What is the key to success?
Our people understand what investors need and are able to communicate this to the regulators and law makers. This provides confidence needed for investment and growth.