[Global 500 Companies in GBA④] 

Editor's Note:

According to the recently released 2022 Guangdong government work report, this year Guangdong will make effort to develop modern service industries including business consulting and modern logistics. GDToday & Southcn.com invited the Chairman of MS&AD to share his insight about the region's modern service industry development as follows.

In Yasuyoshi Karasawa, MS&AD Insurance Group Chairman's opinion, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) has a sound industrial system, complete industrial chain and dense transportation network, and provides strong support for the development of modern service industries.

For a long time, MS&AD has been a player to the development of the modern service industries in the GBA. Currently the Group has business outlets in the four GBA core cities of Guangzhou, Shenzhen, Hong Kong and Macao.

In April, 2021, the group's Mitsui Sumitomo Insurance (China) Co., Ltd joined in developing a risk management platform for companies in Guangdong to help their trade and investment abroad.

GBA has built a collaborative modern service industry system

In the world's three major bay areas (the San Francisco Bay Area, the New York Bay Area, and the Tokyo Bay Area), the service industries contribute more than 80% of the areas' GDP volume. That also shows the importance of developing a strong service economy for the GBA.

The Outline Development Plan for the GBA proposes to expedite the development of modern service industries, this brings new opportunities for modern service companies to expand their businesses in the GBA, said Yasuyoshi.

"The modern service industries in the GBA have strong innovation and development capabilities. Now the GBA has attracted many outstanding domestic and foreign modern service companies. Focusing on financial services, shipping logistics, tourism services, cultural creativity, and other professional services, it has built a modern service industry system that features complementary advantages and collaborative development," he said.

As the further opening of the financial industry in the GBA, the area's insurance industry also meets good opportunities for development.

Yasuyoshi believes that the entry of world-renowned insurance groups and other insurance institutions into the GBA is conducive to bringing in internationally advanced insurance concepts and business models. It will help to improve the insurance service standard and enhance the market competitiveness of the GBA.

Since the GBA is an important growth pole for China's economic development with a strong radiating effect. GBA's successful experience will inevitably be extended to other parts of China, which will promote the high-quality development of the insurance industry across the country.

Innovation, collaboration, and leading -- these are Yasuyoshi's expectations for the GBA. He hopes the 11 cities in GBA will develop in a collaborative way and play their leading role in China’s economic development and opening-up.

Help Guangdong companies to improve overseas risk management

With the increasing economic globalization and the advancement of the "Belt and Road" initiative, Guangdong enterprises, especially small and medium-sized enterprises are going global more quickly. It is also necessary to help them to manage overseas risks and achieve long-term stable operations.

Through the platform of the International Consultative Conference on the Future Economic Development of Guangdong Province (ICCFED), MS&AD suggested Guangdong government on further improving local enterprises' overseas risk management.

As a result, a risk management platform to support Guangdong firms in cooperation with the provincial government's related departments to provide overseas risk information and solution including insurance scheme was launched in April, 2021.

With the improving recognition of the platform, it can provide thoughtful risk protection services for more Guangdong foreign trade enterprises in the future, said Yasuyoshi.

Author: Will

Poster: Mia

Editor: Wing, Olivia, Nan, Jerry