2017-September-23 Source: Newsgd.com
Mr. Carmine Di Sibio, global managing partner-client service of Ernst & Young, was interviewed by Newsgd.com and other media.
In attending the ICCFED 2017 on September 21 it was the first time that Mr. Carmine Di Sibio, advisor to Guangdong Governor and the global partner client management service, Ernst & Young (EY), has visited Guangdong. In an interview conducted on the same day, Mr. Carmine expressed his thoughts about how the province can progress to the next level by creating an ecosystem around innovation.
What suggestions have you put forward to the Guangdong government in your report this year?
Mr. Di Sibio: I feel very impressed with the conference overall, especially with Governor Ma Xingrui who is very open to ideas, action-oriented and interactive.
In the conference, we mainly gave suggestions on how Guangdong can progress to the next level, to create an opportunity for sustainable innovation and how to create an ecosystem around innovation.
As a part of the ecosystem, we have to make four stakeholder groups really work together, namely government, business, entrepreneurs and academics.
Three more areas need continuous work. One is to accelerate the integration of Guangdong into the global economy. Guangdong has done a good job, yet more can be done, such as deploying capital from companies, attracting foreign capital into the province.
Secondly, to focus investment on new technologies in terms of manufacturing, artificial intelligence (AI), machinery, robotics, and the Internet of Things (IoT).
Thirdly, ensure a world-class quality of life for citizens of Guangdong. It includes infrastructure, air quality and everything else that attracts people to the province.
China is developing the Guangdong-Hong Kong-Macao Greater Bay Area, do you have any suggestions to attract venture capitalists and other people to stay in the area?
Mr. Di Sibio: You certainly want to attract capital from outside of Guangdong into the province, the capital means both money and people, experts. You have to make people know what is important and attractive about the province, like the infrastructure, environment, education, healthcare and culture.
When talking about why people love to stay in the Scilicon Valley, it is because they love the good quality of life there. For example, they can go skiing after one or two hours drive, can go swimming or even visit the wine regions very easily. These go beyond a professional life they can have.
Besides, laws have to be in place to safeguard capital. For example, laws that protect intellectual property and investment in the province.
Another thing is that the government can continue with state-owned enterprises (SOE) reform to help companies to go global.
Mr. Carmine Di Sibio, global managing partner-client service of Ernst & Young, was interviewed by Newsgd.com and other media. [Photo by Jasmine]
What are your comments on Guangdong's plan to develop an international, market-oriented and law-based business environment? What else can the province do better?
Mr. Di Sibio: I actually think Guangdong has a huge advantage in infrastructure when compared with other developed areas like San Francisco and New York.
The province has infrastructure in place like railways and bridges and keeps making plans to further develop infrastructure.
I think it is important that laws are in place to make investing easier and more flexible, while people are deterred from breaking those laws.
Besides laws, you should also have different incentives, like tax-concessions, to attract talent and to create a better business environment.
Could you introduce EY's future plan in Guangdong?
Mr. Di Sibio: We continue to hire 15%-20% new employees in our Guangzhou and Shenzhen offices every year. We will continue to invest in China in a big way through EY's strength of connectivity: both global and local. In general, our practices have grown up locally (in Guangdong).
Further information
EY is a global leader in assurance, tax, transaction and advisory services. EY's Guangzhou office and EY Hua Ming LLP Guangzhou Branch were established in 1994 and 2006 respectively. The office building, located in Zhujiang New Town, Tianhe District, was named the "EY Tower" in 2011.
(by Will, Editor: Olivia, Simon)
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