LINKS - COBCOE

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inside this issue
COBCOE News
Chambers’ Review
COBCOE gala dinner
and Chamber
of the Year
Links
Audit Policy moves
The magazine of COBCOE – Representing British business in Europe AUTUMN 2011
Europe
looks east...
see page 14
Poland’s EU
Presidency
David Thomas MBE
Britain’s open
for business
Lord Green
Shaken not stirred,
Japan remains open
for business see page 20
centre stage
Clive Parritt FCA CF
How transparent is the
EU transparency initiative?
Andrew Johnson
It’s all a matter of trust
Congratulations to all the winners of the COBCOE Chamber
of the Year Awards, celebrated at the COBCOE annual Gala
Dinner on 5th April 2011 at the Royal Automobile Club.
Read the full account on page 6
It seems that not a day goes by when the business
community is not confronted with new rules and
procedures to “keep us honest”, on money laundering
or bribery or data protection, to name some examples.
Although these are important principles, arguably much
of the accompanying bureaucracy has a marginal effect on
the way that business operates whilst creating a significant
additional compliance and cost burden. This consumes
valuable resources in both the private and the public sectors.
Policy makers should understand how
counterproductive much of this legislation is – and
how much tension it creates between the public and
the private sector.
At the same time, our expectations of public officials have
rarely been lower. Recent actions by our politicians, the press
and the police have, at times, been less than proper; economies
stagnate and currencies and stock markets plunge because
political leaders run out of credibility; and even international
sporting institutions appear riddled with bribery. “Power tends
to corrupt and absolute power corrupts absolutely” was the
famous dictum of Lord Acton over a century ago. To our
dismay, this seems to be the case today as well.
continued on page 2
Cities of the Future
by Dr. Joan Clos
see page 13

2
Links
Autumn 2011
Howard Rosen CBE,
COBCOE President
COBCOE (www.cobcoe.eu) is an
independent, not-for-profit organisation
representing British bilateral chambers
of commerce throughout Europe.
Acting as an umbrella organisation,
we work with our member chambers
to advance international trade and
business with the United Kingdom. As
such, we represent 40 British chambers
of commerce in 37 countries across
Europe and give a voice to over 10,000
businesses from all sectors of trade and
industry involved in business with the UK.
Our aim is to protect and promote the
interests of our constituent chambers,
and their business members, through
representation, cooperation and trade
stimulation. To do this, we liaise closely
with governments and other like-minded
organisations to ensure that our members’
needs and concerns are addressed.
COBCOE represents the British Chambers
of Commerce in Albania, Austria,
Azerbaijan, Belarus, Belgium, Bulgaria,
Croatia, Czech Republic, Denmark,
Estonia, Finland, France, Germany,
Greece, Hungary, Iceland, Ireland, Israel,
Italy, Kosovo, Latvia, Liechtenstein,
Lithuania, Luxembourg, FYR Macedonia,
Netherlands, Poland, Romania, Serbia,
Slovakia, Slovenia, Spain, Sweden,
Switzerland, Turkey, Ukraine and the
United Kingdom.
continued from front cover
A crisis of confidence
This is not just of academic interest to our chambers and their members
across Europe. Business requires trust on two levels. However much
contracts are important, business is done, in the vast majority of cases,
without resort to law, based on the personal relationship and trust
between business partners. Indeed, it is one of our member chambers’
key roles to facilitate networking and personal contacts in order to create
the security that in turn leads to business opportunities.
But our success is also predicated on confidence in both national
and international institutions. The fabric of a free and honest press,
an independent police and judiciary, and an impartial executive are
fundamental components of a successful commercial environment. Our
confidence in this today is badly shaken. People in public life either will
not, or cannot, see the appalling damage they are doing by tearing at
this fabric.
Legislation only gets you so far
Both in the public and in the private sector, legislating for values will
only get you so far. It can even be a distraction, lulling us into a false
sense of security. No amount of regulation will help if the culture is
wrong. If people want to avoid the rules, they will always find a way to
do so, fudging decisions or concealing the truth. What we need is a long,
hard look at the culture of public life. Public servants should be lauded
for their integrity (even if they do not always make the correct decisions)
but should have the decency to jump, before they are pushed, when they
step over onto the wrong side of propriety. We also need a genuine and
honest partnership between the public and private sectors.
Within the business community, we need to press for this more
vociferously, whilst ensuring that we do not fall into the same traps. We
may be fascinated by power but must not be mesmerised by it. We must
play our role to ensure that the culture changes, so that mistakes are not
repeated.
The current malaise has a direct effect on our ability to create wealth
in a global market that is ever more competitive. We do not need to
look far to see how easily corrupt governments kill entrepreneurship
and development. And sadly we must view the world with a degree
of scepticism. The second sentence of Lord Acton’s dictum is not so
well known. “Great men” he added “are almost always bad men”. Great
government, like great business, is all a matter of trust.
President’s Perspective
COBCOE President Howard Rosen writes a monthly article for COBCOE’s
website on a topical business issue.
Recent articles have covered topics such as changing attitudes to the
bonus culture; regulation of the banking industry; over-bureaucracy
for business; the challenges faced in Eurozone countries, particularly
in relation to stability of the Euro currency; the role of the press in
maintaining a culture of democracy; the effect of the latest wave of
austerity measures taken by the UK Government, and Europe’s path
to recovery. Howard Rosen has also voiced COBCOE’s concerns about
the proposed cutbacks at the BBC World Service which is an important
part of “Brand Britain”, a key political tool, and a major source of
information for the British business community outside the UK.
To read his articles go to
http://www.cobcoe.eu/publications/presidents-perspective/

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Impressive 70%
increase in visitors to
the COBCOE website in
first six months of 2011
COBCOE is delighted to report a massive 70% increase
in visitors to its website since last year. The number
of page views has also increased by almost 60%, with
the average number of pages per visit and average time on
site remaining high.
The visits come from over 80 countries across the world, with
48% direct traffic, 30% from referring sites, and the rest from
search engines. The most visited pages are our members’
profiles and our events pages, as well as partner profiles.
These extremely positive statistics clearly demonstrate
COBCOE’s increasing visibility and profile on the world stage.
COBCOE
launches its own
Facebook page
http://www.facebook.com/pages/
Council-of-British-Chambers-of-Commerce-in-Europe-COBCOE
/167007116690761
For more information on how you can get involved in
COBCOE activities, please visit www.cobcoe.eu and contact
Anne-Marie Martin at anne-marie.martin@cobcoe.eu
COBCOE has now been entered on the European
Commission’s register of interest representatives under ID
number 82464285038-37. This will facilitate COBCOE
participating in public consultations organised by the
Commission. The register has been established to ensure
transparency in relationships between NGOs and other
external organisations and the EU institutions, an
objective COBCOE fully supports.
cobcoe news
Economic, social and
environmental goals are
not mutually exclusive!
Corporate Social Responsibility (CSR), or responsible
business practice as it is better known nowadays, is a
developing concept in many of the countries where the
COBCOE network of chambers operates, but a highly advanced
and dynamic area of activity in the UK in particular, where the
“third sector” is a recognised sector in its own right.
CSR is primarily about a set of behaviours that go beyond
basic legal or regulatory compliance; it is important, as it
brings together two themes - improving business performance
and helping to combat social injustice. It moves away from
the old idea that economic, social and environmental goals
are mutually exclusive.
CSR is rapidly becoming of significant interest across our
network of member chambers. With this in mind, COBCOE
began to focus on this growing area of activity some three
years ago in order to promote responsible business practice
in its broadest sense and create greater awareness on a pan-
European basis. The first step was to introduce the Award for
Corporate Social Responsibility as part of our Chamber of the
Year Awards scheme, calling upon applicants to demonstrate
how they encourage their members to support the notfor-profit
sector in the markets they operate in, how they
adopt responsible business practice initiatives, and how the
chambers themselves help to contribute directly to the wellbeing
of civil society in their region.
COBCOE has now developed a strategy for CSR activity and
is committed to sharing best practice between COBCOE
members with a view to maximizing the effectiveness of
CSR in all chambers; to identifying a broad cross-section of
charities which make effective and efficient use of donors’
contributions; to creating a platform, through events and
publications, for registered charities to promote their activities
and raise funds; to assisting registered charities on a pro
bono basis to improve operational activity, and to identifying
key thought leadership/responsibility topic areas on which
to focus.
COBCOE would also like to forge links with specific notfor-profit
organisations with which to work together to raise
awareness of longer term sustainable solutions for some of
the sections of society they represent. These relationships
and activities will develop in the coming months with the
help of input from our member chambers.
David Crackett
Vice-President, COBCOE
The 2011 COBCOE Award for Corporate Social
Responsibility was presented to the British Romanian
Chamber of Commerce for demonstrating a strong
strategic focus on CSR in its broadest sense including,
assisting charities to improve their operational
effectiveness, creating work experience opportunities
for young people and raising awareness of cultural
traditions. The highlight was a keynote project dedicated
to raising awareness of CSR amongst business leaders
by holding a major conference in May 2010, involving
KPMG Romania and the Princess Margarita of Romania
Foundation, together with the Prince’s charities.
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There’s only
one London
airport within
10 miles of
Big Ben
Events and meeting space from
COBCOE in association with
�
If you are visiting London and need a place to
hold your meetings, dine or entertain guests,
organise business and social events in an elegant
environment, along with a reasonably priced place
to stay, then you can do all these by becoming a
member of COBCOE’S business partner,
the Connections Business Club.
For further details and to join please contact
Corinne Stuart on +44 (0)20 7451 5837
or email cstuart@connectionsattrafalgarsquare.com
photo: www.howardbrundrett.com
cobcoe news
Art, Business and Money
Symposium 2011
“How do you value art?”
At the BSCC/COBCOE’s third “Art,
Business & Money” symposium in Basel,
art world celebrities discussed the social and human
value of art, as well as its monetary valuation. Those attending
represented the financial world, universities, galleries,
dealerships, and included a number of up-and-coming artists.
The symposium attracted a distinguished panel of experts:
Abigail Reynolds, British contemporary artist and lecturer;
Professor Rachel Pownall-Campbell of the School of Business
and Economics at Maastricht University; and Alexander Bieri,
curator of the Roche Historical Collection in Basel. The event
was moderated by Fiammetta Rocco, Books and Arts Editor
of The Economist and co-author of The Economist’s recent
special report on the art market.
Whereas the artist, dealer and curator may have different
perspectives on the monetary value of art, all the panelists
concurred that the importance of the subjective value of a
work of art for the creator or collector far outweighs the
financial valuation. Artist Abigail Reynolds stressed how
intensely personal the act of creating and buying art can be.
In her experience, the artist has a specific vision, rather than
a monetary value in mind.
This discussion
took place in
light of a thoughtp
r o v o k i n g
overview of the
development of
the art market
as an investment
class. Professor
Rachel Pownall-
Campbell discussed
correlations between pricing and world events, stock markets,
the weather and art auctions. In addition, she touched on
the elements that may give art financial value, such as the
financial track record of an artist’s work and its influence in
the art world.
Curator Alexander Bieri traced the role of art in the
development of Roche, and its importance for branding and
staff retention. Over the years, Roche employees have been
confronted by stimulating art and architecture on a daily
basis. Roche’s art collection comprises some 6,500 pieces.
Although destined for a corporate setting, Mr Bieri confirmed
that art commissioned and purchased for Roche was by no
means based on purely rational or financial decisions. In the
case of Roche, parallels were drawn between art and the
pharmaceutical industry, since both rely on highly creative
people.
Moderator Fiammetta Rocco traced the development of the
art market and commented on how new media impacts
the viewing of art, the nature of auctions, and ultimately
valuations. Technology was generally seen as a facilitator and
enabler for the sharing of art, rather than as a threat. Many
artists have developed smart strategies to adopt technology
for their own creative and marketing benefit.
The fourth annual BSCC/COBCOE “Art, Business & Money”
symposium will take place once again on the second day of
Art Basel next year, on 14th June 2012, at the Ramada Plaza
hotel in Basel. Save the date in your diary!

COBCOE Events
COBCOE networking evening,
sponsored by Nordea Bank
Events supported & organised by COBCOE
COBCOE is pleased to announce its autumn/winter
networking drinks event which will take place in London
on the evening of 22nd November, 2011.
This event will be a wonderful opportunity for members’
members based in the UK or travelling on business to the
UK during that period, and COBCOE UK-based partners
and associates, to meet and network in a relaxed and
informal manner.
Our guest speaker will be Jorgen Jakobsen, Chief Strategist
at Nordea International Private Banking, who will share
the bank’s economic forecast for 2011/2012 with guests.
For further information regarding this event and to register
your interest to attend, please contact COBCOE’s Events
Manager, Jelena Krzanicki at jelena.krzanicki@cobcoe.eu
COBCOE London Moving East Business
mission, organised in association with
London City Airport
In association with London City Airport and several other
business partners, COBCOE is pleased to announce a twoday
business mission to London on 28th - 29th November,
2011. The aim of the mission is to showcase and explore
the East London Development Programme, which has
generated a wealth of trade and investment opportunities
in London for businesses across Europe and the rest of
the world.
Key sector presentations and visits will include IT, retail,
infrastructure and urban development, financial services
and creative industries, as well as a visit to the Olympic
Village viewing and marketing platform.
Participation is open to companies that are members
of COBCOE’s member chambers across Europe, and
associates across the globe.
For further information regarding this event and to find
out how you can support it, please contact Anne-Marie
Martin at anne-marie.martin@cobcoe.eu
West Balkans Investment Guide
cobcoe news
COBCOE and Economist Conferences
COBCOE continues to be a supporting partner of
Economist Conferences events in Europe. Members
of COBCOE and COBCOE chambers are entitled to
a special discount for selected high-profile events.
Forthcoming events where COBCOE is participating in a
supporting role include:
The Future of Cities:
Discover Tomorrow’s Urban World,
Stockholm, 18th -19th October, 2011
A two-day conference assembling the most visionary
minds in architecture and urban planning, technology,
transportation and clean energy, to explore opportunities
for European cities to be smart, clean and connected.
The Tbilisi Summit: Third Business
Roundtable with the Government of
Georgia,
Tbilisi, 17th November, 2011
A one-day conference bringing government leaders
together with international and local business leaders to
debate the future of Georgia’s economy.
The Bucharest Summit: Analysing
Romania’s Potential,
Bucharest, 24th November, 2011
A one-day conference debating whether the changes that
would allow Romania to compete in a global economy
will be delivered.
Economist Conferences is part of the Economist Group
and is a partner of COBCOE.
For further information about COBCOE’s
partnership events with Economist Conferences, visit
http://www.cobcoe.eu/benefits-services/economistconferences/
The British Business Group in Macedonia and the British Chamber of Commerce in
Kosovo launched a booklet called ‘Commercial Insights’ in July 2011, with the support of
COBCOE and the British Embassies in Pristina, Shkup/Skopje and Tirana. The publication
is designed to act as a signpost to UK business looking for overseas opportunities for trade
and investment in the western Balkans
The booklet “Commercial Insights” is available to read and download at
http://www.cobcoe.eu/news/15/07/2011/west-balkans-investment-guide-launched-on-7th-july-2011/
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cobcoe news
COBCOE’s gala dinner and Chamber of the Year
awards ceremony 2011 – the most successful to date
COBCOE celebrated its 2011 annual conference at the
annual gala dinner and Chamber of the Year awards
ceremony at the Royal Automobile Club on 5th April.
Over 190 guests attended this flagship event, including
members and guests of chambers of commerce in the
COBCOE network, COBCOE partners, representatives of
the British Business Worldwide alliance of British chambers
of commerce, members of the UK government, MPs,
journalists, ambassadors, senior diplomats and government
officials, as well as business leaders from the UK and other
parts of the world.
This prestigious annual event traditionally celebrates the
many achievements of COBCOE members during the year
with the announcement of the winners of its Chamber
of the Year awards. These showcase the remarkable
entrepreneurial and creative talents of the British bilateral
chamber network, which promotes and supports trade
between the United Kingdom and its partner countries
across Europe and beyond.
Our winners this year once again demonstrated the hard
work, good will and passion needed to maintain the high
standards our chambers are known for. The top Chamber
of the Year award was presented to the British Chamber
of Commerce in Belgium by guest speaker Sir Mark
Moody-Stuart KCMG, one of the most experienced business
personalities of our time.
Sir Mark focussed his speech on the responsibility of business
and government to create a sustainable future that leaves
sufficient natural resources available for future generations.
He drew on his vast experience accumulated throughout
his long career, particularly with Anglo American plc, the
global mining and natural resources conglomerate, and the
Royal Dutch/Shell Group of companies.
The Chamber of the Year 2011 award was received by
Steven Maisel, Chairman, and Glenn Vaughan, CEO, of the
British Chamber of Commerce in Belgium, and we take this
opportunity to congratulate the BCCB once again for their
well-deserved recognition.
Gala dinner top table guests of honour
From left - Lady Judy Moody-Stuart, Michelle Rosen Oberman, Sir Mark Moody-
Stuart KCMG, Howard Rosen CBE, David Gauke MP, Mike Kershaw, Bryan Jeeves
CMG OBE, Gloria Tomatoe Serobe, Sir David Brewer, Susan Haird, Mark Francois
MP, Paola Cuneo, HE Anton Thalmann

Other awards:
The award for Excellence in Membership Development
was presented to the British Chamber of Commerce
in Belgium by Stephen Wise, CEO and Founder of The
Hideaways Club, who also sponsored this award.
The award for Effective Funding Strategy was presented
to the British Chamber of Commerce in Kosovo by
David Gauke MP, Treasury Minister.
The award for Partnership Development was presented
to the British Chamber of Commerce for Italy by Daniel
Franklin, Executive Editor, The Economist.
The award for Effective Events Management was
presented to the British Chamber of Commerce in
Spain by Barbara Jamison, Head of Business Development
Europe, London & Partners.
The Corporate Social Responsibility award was presented
to the British Romanian Chamber of Commerce by
Peter Byrne, CEO, South Dublin Chamber of Commerce.
Steven Maisel, Chairman, and Glenn Vaughan, CEO,
of the British Chamber of Commerce in Belgium
Congratulations to all our chambers for their excellent achievements.
Next year’s gala dinner and Chamber of the Year awards ceremony
will take place on Tuesday 24th April, 2012.
cobcoe news
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cobcoe news
COBCOE has reached 40
COBCOE is proud to announce an additional three new
members to its network since the spring, with further
growth expected by the end of the year.
The British-Belarus Chamber of Commerce, the British-
Ukrainian Chamber of Commerce, and the Netherlands
British Chamber of Commerce joined COBCOE in April
2011, bringing COBCOE’s membership to a very impressive
40 chambers of commerce across Europe.
COBCOE is very proud of this achievement and looks forward
to further developing its services for members.
For further details of how COBCOE can advise and
support you to establish and/or develop your chamber,
or to join COBCOE, please contact Anne-Marie Martin at
anne-marie.martin@cobcoe.eu
Historic formal launch of the
British Irish Chamber of Commerce
The British Irish Chamber of Commerce, which was set up
in February 2011 with the support of COBCOE, was formally
launched in Dublin on 17th May during the official visit of
Her Majesty Queen Elizabeth II to Ireland.
Tánaiste Eamon Gilmore, Irish Minister of Trade, and British
Foreign Secretary William Hague formally inaugurated the
chamber at a launch reception attended by over 200 guests.
The BICC has been established as a not-for-profit membershipbased
organisation with the mission to increase British-Irish
business and investments, while also being an effective voice
for its members and the British-Irish business community as
a whole.
COBCOE works closely with
associates across the world
British Business Worldwide (BBW) is an alliance
between British chambers of commerce around the
world that was initiated by COBCOE in early 2010.
Between us, we represent thousands of businesses outside
Britain with trade or other connections to the UK, as well
as British businesses looking to trade across the global
markets. Our mission and purpose is to link up with business
communities in key market territories across the globe,
as well as to work in partnership with those parts of the
British government that facilitate international trade and
investment.
Member organisations work together on an informal basis for
the benefit of their respective members by creating a platform
for information exchange and knowledge transfer, joint activities,
and the identification of synergies between BBW members. In
so doing, we widen cross-market networking and business-tobusiness
opportunities, while increasing the range of marketing
tools available to our members.
The latest partner to join the BBW network is the British Chamber
of Commerce in Korea (BCCK), which signed a Memorandum
of Understanding with COBCOE on 16th June, 2011.
For a full roundup and coverage, including video footage
from the launch event, please visit http://www.cobcoe.
eu/news/18/05/2011/british-irish-chamber-of-commerceformally-launched-in-dublin-during-the-official-visit-of-hermajesty-queen-elizabeth-ii-to-ireland/
The BCCK, established in 1977, has approximately 200 members,
of which around 25% are Korean. Its mission is to promote
the development of British trade, commerce and investment
in Korea; to represent the opinion of the British business
community in Korea on trade, commerce, finance and industry;
to help create better understanding between the Korean and
British business communities; and to provide opportunities for
members to meet for business and social networking. For more
information, please visit www.bcck.or.kr
Other members of the BBW are:
For more information about BBW and its members please visit
http://www.cobcoe.eu/sponsors-partners/associate-organisations/bbw
illustration: www.shutterstock.com

More professional
partners for online
health and safety
training
Training to deal with
anti-social behaviour
and aggression
COBCOE is delighted to welcome four
professional partners to the online health and
safety training service. The member chambers
(and their training websites) are:
• British Chamber of Commerce for Italy
(www.bccitraining.com)
• British Chamber of Commerce for Germany
(www.bccgtraining.com)
• British Swiss Chamber of Commerce
(www.bscctraining.com)
• British Chamber of Commerce in Belgium
(www.britchamtraining.com)
Feedback shows that members find the service of real value,
as they know that it comes from a respected and trusted
source. The material is produced by qualified professionals
at the National Examination Board in Occupational Safety
and Health.
New source of members
The housing industry has found this online training
particularly valuable. The induction course for estate agents
and lettings deals with industry-specific hazards such as
lone working and contact with anti-social and aggressive
behaviour, as well as gas and legionella management. It also
shows how to manage vendor meetings, property detail
preparation and “to be accompanied” (TBA) viewings.
Every housing association using
this online training service has
joined a chamber specifically to
take advantage of the special price
for members. More are likely to be
attracted from the housing industry
by this useful benefit, even though
this industry is not traditionally a
source of chamber members.
For a free trial, please contact
anne-marie.martin@cobcoe.eu or
visit www.cobcoetraining.com
A useful benefit, online training is attracting new members
cobcoe news
Need a base in Europe’s capital?
The British Chamber of Commerce in Belgium (BCCB)
is offering valuable business services to all members
of COBCOE chambers at the same competitive rates
its own members enjoy.
With spacious offices in Brussels’ European business and
financial district, the BCCB can help companies establish
a presence here. It can also help them to build their profile
through networking and gain insights into how Europe works.
The BCCB has found that many organisations need a presence
in the heart of Europe, but find it costly and difficult to arrange.
It has therefore developed a portfolio of services following
consultations with members.
BCCB business services are available in affordable and flexible
packages, starting at €90 per month for a ‘virtual office’
correspondence address.
Other packages include mail forwarding and phone or fax
numbers, with calls being handled by a dedicated receptionist
and transferred anywhere in the world. The service also provides
a base for people visiting Brussels with a hot desk, meeting
facilities and any other backup they might need.
Business lunch at the BCCB
Housed in a modern building close to excellent transport
connections, the BCCB offices make an ideal venue for business
meetings of all sizes.
Prices for members of COBCOE chambers are very competitive,
starting at €37.50 per hour for a meeting of up to six people
(€50 for non-members), with reductions for multiple bookings.
Workshops, meetings, seminars and cocktail receptions can all
be held here, whether on a once only, occasional or regular
basis. Space is flexible, accommodating up to 150 people, for
which the cost is €330 per half day (€450 for non-members).
Full-service logistical and catering support is also available, and
all services are delivered with the chamber’s unique brand of
friendliness and efficiency.
For more on the BCCB’s exceptional value in Europe’s
capital, visit www.britcham.be/business-space or contact
Emma Smale, Business Services and Membership Manager,
emma@britcham.be
Large meeting room at the BCCB, Brussels
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photo: www.shutterstock.com photo: www.shutterstock.com
feature
Poland’s EU
Presidency - an effective
path to faster economic growth
European integration as the
source of growth
Poland took up the EU Council
Presidency on 1st July with
the aim to lead the European
Union on a path to faster economic
growth and enhanced political union,
concentrating on three basic priorities:
“European integration as the source
of growth”, a “Secure Europe” and a
“Europe benefiting from openness”.
The aim of the Polish Presidency is further development of
the internal market (including the electronic market) and
using the EU’s budget for building a competitive Europe.
Poland targets the proposed multi-annual EU budget (beyond
2013), as an essential investment tool for the implementation
…an essential
investment
tool for the
implementation of
the ‘Europe 2020’
strategy
of the “Europe 2020” strategy. It
views the new budget as a way
to enhance cooperation within
the EU as the most appropriate
answer to the economic crisis,
and believes the Cohesion Policy
should remain a key policy of the
Union. It recognises that reform
of the Common Agricultural
Policy will be another important issue. The enhanced
CAP should remain market-oriented and consider public
common goods, including agricultural security and the
multifunctional development of agriculture and rural areas.
An important element of the Common Agricultural Policy
reform will include in particular the resolution of the issue
of direct payments and support for rural areas.
By
David Thomas MBE
Vice-President COBCOE
and immediate
past-Chairman British
Polish Chamber of
Commerce
Further enhancement of the
single market will focus on the
development of electronic services.
This will mean taking action to
abolish the barriers which block
cross-border online transactions,
as well as continuing work on
reducing roaming charges. Work
will be initiated on the creation
of a 28th legal system to facilitate
…action to abolish
the barriers which
block cross-border
online transactions
finalising sales agreements within the internal market,
including simplifying potential internet transactions for 500
million citizens. This new system would function alongside
the 27 current legal systems.
As part of internal market reform, the Polish Presidency
wants to work on improving the conditions for small and
medium sized enterprises, (SMEs) with special focus on their
…work on
improving the
conditions
for small and
medium sized
enterprises,
(SMEs)
access to capital. SMEs are critical
to European economic growth,
being responsible for 60% of GDP
and generating 70% of jobs. The
Commission’s initiative to facilitate
access to capital markets and high
risk funds, as well as support SMEs
in third countries will be supported.
Poland will aim to complete the
creation of a patent system which
is cheap and easily available for
European enterprises. The absence
photo: www.shutterstock.com

of such a European patent is too costly for our economies.
Poland will support the EC’s reform package to the EU’s
economic directives “Single Market Act”. Our country will
also organize an important event supporting internal market
development: the “Single Market Forum – SIMFO”.
Secure Europe
Poland views security in a number of different areas.
Firstly, Europe must improve its macroeconomic security.
The improvement of governance in the area of economy
and finance in the European Union will be a priority task
of the Polish Presidency. Actions and proposals improving
the regulation and supervision of financial markets will be
supported, as well as drafting the principles of financial
market crisis management. Of similar importance is the
photo: www.shutterstock.com
feature
creation of an external energy policy for the EU. The Polish
Government is confident that the position of the EU in
relation to major producers, consumers and transit states
of energy resources can be made considerably stronger
if there is better coordination between the EU and the
international energy environment, resulting in savings and
better conditions for economic growth.
Europe benefiting from openness
EU enlargement and the creation of free trade areas with
states of the Eastern Partnership are key priorities. Under
the Eastern Partnership, Poland wants the process of signing
association agreements and free trade areas (among others,
finalising or moving forward negotiations with Ukraine and
Moldova) to continue. Poland believes it will be the best
location for European business looking east.
Poland hopes that a Treaty of Accession with Croatia will
be signed during its Presidency, and it will also support
the continuation of accession negotiations with Turkey and
Iceland, and will support the European aspirations of the
Western Balkans.
The government hopes that during the Polish Presidency a
new framework of cooperation between the EU and Russia
can be established, culminating in the signing of a new
agreement with Russia and the development of an EU-
Russia Partnership for Modernisation.
In terms of common trade policy, the most important
issue of its Presidency will be to continue the current
round of multilateral trade negotiations at the World Trade
Organization (so called Doha Round). In addition to further
steps towards the liberalisation of trade (elimination of
customs barriers), such issues as agriculture subsidies,
patent law, anti-dumping regulations and intellectual
property protection will be discussed.
It is a highly ambitious programme with almost no chance
of complete success. However even if only a couple of the
things listed above are achieved, this will go down as a
successful Presidency.
photo: www.shutterstock.com
11

12
feature
Britain open for business -
Lord Green
Historically, trade and investment have always been
pivotal in defining and shaping the British economy.
It is vital to our national prosperity, drives innovation,
fosters collaboration and unlocks a plethora of opportunities.
Britain’s exporters and global investors are important to us,
which is why UKTI’s new strategy - Britain Open for Business
– is about delivering the practical support to help companies
succeed.
We only need to look at the figures to see that the case for
exporting is compelling. Independent research tells us that
exporters increase their productivity by nearly 35% in the
first year alone; they achieve stronger financial performance
and are more likely to stay in business. Yet, despite all the
advantages, not enough companies export. And only 28% of
those firms already exporting actually had an international
strategic plan, according to a survey published earlier this
year by Barclays Business and Kingston University.
Certainly, if we are to promote economic growth, we need
to begin by supporting SMEs. That means addressing the
challenges they face so that we can make the experience
smoother for existing and future exporters.
UKTI’s strategy, which was launched in May 2011, and
attended by many of its key stakeholders, aims to do exactly
this. Research shows that there is a virtuous cycle between
innovation and exporting. That is why we will be increasing
our drive to encourage more of our innovative and highgrowth
SMEs to trade overseas and help them - and existing
exporters - to pursue those markets that offer the most
lucrative opportunities.
UKTI already works closely with expert organisations such
as the UK-India Business Council and China-Britain Business
Council to foster business partnerships. The Government’s
appointment of high profile Business Ambassadors is also
helping to promote British exports to companies overseas.
I am also very pleased to note that UKTI is working closely
with COBCOE and its chamber members around Europe.
COBCOE plays an important role in promoting the cooperation
of national business organisations and driving
business interests. Some of the members of these chambers or
organisations may be new to the export game. UKTI is ready
and able to help such companies.
Even if a company is not sure whether it is ready to trade
overseas, UKTI’s Passport to Export programme will assess
its readiness for international business, develop its export
potential, and bring it to international trade capacity. And
once the initial homework has been done, UKTI can help
with the business of starting afresh in a new country through
its range of market visits and overseas missions.
Thanks to UKTI, thousands of companies are already
realising their potential and expanding globally. In 2009/10,
writes Lord Green
Minister of State for Trade & Investment
for example, UKTI helped almost 25,000 companies (of
which 90% were SMEs) to trade overseas - up from 20,700
the previous year. These firms tell independent assessors that
the support from UKTI helped them win an additional £5
billion in bottom line profits, representing over £35 billion in
estimated additional sales.
As well as helping companies to export successfully, we
also want to attract the best and the brightest to Britain.
Entrepreneurs and global companies are vital to the UK’s
economic growth, which is why we have introduced the
investors’ and entrepreneurs visa to help make it easier to set
up in the UK. We have also set up the Tech City Investment
Organisation – led by a team of entrepreneurs set up to help
drive technology-led investment, talent and innovation into
Tech City, the rapidly growing cluster of technology firms.
While Tech City is now home to one of the largest
concentrations of small, fast growing, digital technology firms
in Europe, further east in the Olympic Park is a wealth of
investment opportunities for overseas companies to tap into
- from new housing developments to regeneration projects.
We want to make the process of doing business in the UK
as easy as possible for global investors, which is why we are
introducing an enhanced bespoke service, including in-depth
market analysis and tailored business propositions to firms
interested in the UK market
Our Government wants the next decade to be the most
entrepreneurial and dynamic in Britain’s history. By helping
companies unlock their business potential - whether by
exporting or helping them to set up in the UK - we are one
step closer toward achieving this.
About Lord Green of Hurstpierpoint
Lord Green is UK Minister of State for Trade and
Investment and responsible for development and
implementation of cross-Government strategy for
trade and inward investment, UK Trade & Investment,
Export Credits Guarantee Department, oversight of new
Foreign & Commonwealth Office Commercial Director,
spokesman for the Government on trade and investment
issues in the House of Lords, accountable to the Business
Secretary and Foreign Secretary.
Lord Green took up his appointment after a 28-year
career with HSBC which culminated in his appointment
as Group Chairman of HSBC Holdings in 2006. He has
been Chairman of the British Bankers’ Association and
Chairman of the Prime Minister’s Business Council for
Britain. He has also served as a trustee of The British
Museum and an honorary trustee of Peking University.

Cities of
the Future
With over half of the world living in cities and with
the figure expected to increase to over 75% by
2050, urbanization is already in the global political,
economic and social agenda. The world’s total population is
expected to rise to 7 billion people by October 2011, and
close to 1 billion would be slum dwellers, presently growing
at around 10% every year. In sub-Saharan Africa, 62% of
the total urban population is currently living in slums. This
means that 6 out of 10 people lack basic services such
as water, sanitation, and housing, and have poor access
to health and education facilities. Whole generations
of young people are lost in an urbanization process
without sufficient opportunities for employment and for
developing a decent life.
We need to re-think the urban agenda and to adopt a new
approach to the huge urbanization challenge. Our future
cities must generate wealth, equity and freedom. A wellmanaged
urbanization process could be a solution to the
challenges of urban poverty and inequality. The development
of national urban policies, urban legal frameworks, planned
city enlargements, urban energy and mobility plans, and the
strengthening of the financial capacity of cities are some of
the basic tools that UN-Habitat promotes in order to face the
current situation and to respond to the will and aspirations
of urban people, who are everywhere seeking prosperity
and sustainable development.
At the upcoming Economist Conferences Future
Cities event, taking place in Stockholm on 18th and
19th October, Joan Clos, Executive Director of UN-
Habitat, will be discussing these issues with the City
Mayors of Kolkata, Dar Es Saalam and Dongguan.
Find out more at www.economistconferences.com/cities
By Dr Joan Clos
Executive Director
UN-Habitat
About
Dr Joan Clos
and UN-Habitat
feature
Dr Clos was appointed Executive Director of the
United Nations Human Settlements Programme
(UN-HABITAT) at the level of Undersecretary-General
by the United Nations General Assembly, taking office
at the Programme’s headquarters in Nairobi, Kenya
on 18 October 2010.
The United Nations Human Settlements Programme,
UN-HABITAT, is the United Nations agency for
human settlements. It is mandated by the UN General
Assembly to promote socially and environmentally
sustainable towns and cities with the goal of providing
adequate shelter for all.
COBCOE is pleased to offer a
special “through airport to
runway experience for members”
In association with Essex Chambers of
Commerce, COBCOE is pleased to be working
with partner, No1 Traveller, offering security fast
track, access to premium airport lounges and
travel concierge services at three major London
airports: Gatwick North and South Terminals,
Heathrow Terminal 3 and Stansted.
For members rates and bespoke packages via the
COBCOE network, please contact Kay Joyce,
Corporate Relationships on +44 (0) 20 7479 4700
or +44 (0) 7950 545 564,
or email at Kay.Joyce@No1Traveller.com
13

14
feature
In today’s competitive world, firms
have to constantly look for new
strategies and markets to generate
revenue and grow business. We all
know that entering new markets is
never an easy option. There are many
challenges for European businesses in
deciding whether to enter any overseas
market - let alone one as complex as
India. However, for one simple reason
alone they should look to India, which is growing at almost
10% whist Europe is growing at below 1%.
Europe needs to find quick solutions out of the current
economic crisis, but I also believe that Europe should have
greater urgency about scaling up its trade and investment
links with India. In the end, Europe can only keep tightening
its belt for so long. Eventually there will need to be fresh
growth, and India is able to provide it.
France has successfully sold high-end brands like L’Oréal
and Dior into the Indian market, Germany has sold vehicle
parts to Indian auto giants, whilst the UK is helping to
design new Indian airports. But the European footprint in
India is a fraction of what it could be. This financial crisis
teaches us that European countries need to look beyond
just trading and investing with each other, and India is an
opportunity we can no longer afford to miss.
photo: www.shutterstock.com
Europe should look East
to balance the books
Dynamic and complex India
We all know that India has a dynamic workforce and a
domestic economy which occupies 87% of its overall
activity. It has developed financial, professional, legal and
corporate services sectors which, while they should be
liberalised further, have sustained and nurtured impressive
economic development to date. It is a vibrant, multi-cultural
society and is famously the world’s largest democracy. It
is widely accepted that India will evolve into the world’s
second largest economy by the year 2050.
By
Richard Heald
CEO, UK India
Business Council
Given its size, however, India should not be seen as one
market but a series of interconnected regional markets
where the legislative and investment climate may change
from one state to another. Gujurat and West Bengal sit on
opposite ends of the political spectrum, while Noida and
New Delhi, although only a few miles
apart, operate in different states.
When choosing a location, investors
must compare local laws, government
incentives, the local infrastructure and
workforce. Often it is also crucial to
find the right partner for your product
or service.
Trade barriers
Eventually
there will need
to be fresh
growth, and
India is able to
provide it
It is often believed that trade barriers
in India remain the main obstacle for
businesses. In fact, India has come
a long way since 1991 when its finance reforms began.
Today, 100% FDI is permitted in most sectors. In addition,
the Government-to-Government deliberations between
Indian and many European countries are working all the
time to create a beneficial investment climate.
In the UK, we help companies both understand and do
business with India. We do this by providing information
on specific industries and by developing themes and
opportunities around which companies can congregate/
participate. Last year we spoke to some 1500 companies in
the UK. This year the number will be higher.
photo: www.shutterstock.com

Opportunities for different size
companies
We need to remember that it is not just Vodafone and
Daimler Chrysler that are entering the Indian market.
Companies of different sizes and from different sectors
have found success in India.
Delcom, headquartered in Birmingham, offers software
solutions to sectors ranging from aerospace and automotive
to jewellery and sporting equipment. It now has 135
employees in India in 14 offices based in cities such as
Bangalore and Chennai as well as Delhi and Mumbai.
Manchester-based HMG Paints joined Indian partner Titan
in June 2008 to create Titan HMG Paints India Limited. They
now have a manufacturing facility in Coimbatore that sells
to Indian customers.
Interactive Ideas is a value-added software distributor based
in the UK with activities across Europe. It partnered with
Indian company Interfinet based in Bhubaneswar Orissa,
which delivers services to Interactive Ideas’ customers
remotely
Opportunities in Tier 2 cities
Almost 50% of British businesses looking to grow their
operations in India are now doing business in emerging
cites such as Pune and Chandigarh and not just the metros
such as Delhi and Mumbai.
A survey by us of 40 British businesses already established
in India shows that 34% do business in both the metros and
emerging cities whilst, another 13% do business in just the
emerging cities. Some of the reasons cited by businesses
in the survey include fewer competitors, good standard of
living, less pollution, less traffic, new investment in facilities
and roads, as well as greater access to government decision
makers. A recent report by McKinsey Global Institute
estimates that India will have 68 cities with a population
the size of Birmingham by 2030.
Key Sectors
Infrastructure is a sector that India is rapidly scaling up
in order to sustain its growth. The Indian Government is
projected to invest £350 billion in infrastructure projects in
the next few years alone – from roads and railways to the
urban built environment. India’s manufacturing sector is
also developing fast, with world-class companies such as
Bharat Forge, Tata Motors, and Mahindra.
India’s healthcare industry is already worth around £25-
30 billion and will grow to over £40 billion in the next
three years. European businesses specializing in pharma,
advanced healthcare delivery, diagnostics and medical
equipment are filling the demand. Further opportunities
are emerging in e-healthcare, clinical research, R&D and
education and training.
With the world’s largest young population to educate, India
aims to train 500 million people and provide an additional
40 million university places by 2022. This opens up a
market for European skills providers. And, fuelled by rising
income levels among India’s youth, the entertainment and
media sector is also expected to be worth £15 billion by
2014 – creating a lucrative market for technology businesses
selling smart IP.
…the real risk
now, is not being
aware of the
opportunities
presented by
India.…
Conclusion
feature
India may not suit all companies.
However, the opportunities
presented by India are too great
to ignore it completely. It is not
sufficient merely to put India in the
“too difficult” or “too risky” box, or
ignore its potential going forward.
Indeed, I would argue that the real
risk now is not being aware of the
opportunities presented by India and indeed by Indian
capital. Moreover, many UK companies have benefitted
from Indian capital investment, such as such as Jaguar Land
Rover, which is now significantly adding to its workforce
here in the UK.
Top Tips
1.
2.
3.
European brands are valued
Due Diligence is very important
Tie up with the correct partner
4. Understand your proposition and what
makes you different from your competitors
5. Adapt to the local market to succeed.
6. Price point is crucial
7. Talent retention is a challenge-attrition rates
are high
8. Tier 2 cities are less competitive and
cheaper to do business in
www.ukibc.com
15

16
feature
A challenging debate
When the European Commission
published its green paper on
audit policy in October 2010,
it set out to launch a broad, forwardlooking
debate where ‘no subject should
be taboo’. ICAEW has welcomed the
comprehensive nature of this debate and
will participate actively as the EU process
moves towards reform proposals.
Both the European Commission and the European Parliament
are asking whether:
• Statutory audit fulfils the role society expects of it
• Auditors are demonstrably independent of the
companies they audit
• The audit market is sustainable in the long term, with
specific reference to addressing concentration issues
• Audit requirements are proportionate for the needs of
all businesses and particularly SMEs
• Auditors can operate across national borders without
unnecessary constraints
photo: www.shutterstock.com
Audit Policy moves
centre-stage
By
Clive Parritt FCA CF
President, ICAEW
The Institute of Chartered
Accountants of England and Wales
A new public interest
balance in the audit
market
More is expected of auditors. We
believe the starting point must be
an awareness that audit is a service
required by statute to serve the
…auditors should
still learn from the
crisis and adopt a
forward-looking
approach…
public interest. While the financial crisis was caused by
economic behaviour – not the financial reporting and
auditing that reflect that behaviour – auditors should
still learn from the crisis and adopt a forward-looking
approach to audit that addresses public concern.
The challenge for auditors is to be proactive in assessing
– with market participants and with feedback from
regulators – what can be done to improve understanding
of companies’ risk, perhaps via new areas such as the
provision of assurance services on risk reporting. There
are other steps that can also
…Promoting
independence
and objectivity is
vital…
be taken, such as enhancing
communication between auditors
and prudential supervisors,
improving the presentation of
risk information, or providing
additional information to
stakeholders on the work carried
out by auditors.
The potential for conflicts of interest exists and should
be addressed. Promoting independence and objectivity is
vital. However, we are concerned that some of the ideas
being discussed, such as an outright ban on the provision
of non-audit services, would give rise to unintended
consequences with potential negative consequences for
businesses that value the additional services auditors
can provide. There are other more desirable ways to
ensure auditors do not allow their independence to be
compromised, including rigorous and proportionate
implementation of the ethical standards and safeguards
photo: www.shutterstock.com

on independence already defined in EU legislation.
Consideration should also be given to strengthening
the role of audit committees in appointing auditors and
exercising judgement over non-audit services.
In our response to the EC green paper, ICAEW
acknowledged the keen and legitimate concerns among
policy-makers and regulators regarding audit market
concentration. The current configuration of the market
calls for the development of effective mechanisms to help
achieve the participation of a wider number of firms in
the audit market for large companies. Our contribution to
the debate called for regulators to assume responsibility
for market structure, competition and choice via the
definition of national strategies which are compatible
across member states. More regular and transparent
tendering, where accompanied by reduced barriers to
market entry and more accountability in auditor selection,
could help reduce concentration without damaging
quality and confidence. In particular, we see the benefits
of developing an auditor selection evaluation system
that helps establish a level playing field for firms of all
sizes by providing objective and balanced criteria for
the evaluation of incumbent auditors and tender bids,
placing emphasis on innovation and communication, as
well as price and scale of operations
There are, of course, a number of other measures that we
support, including EU adoption of clarified International
Standards on Auditing (ISAs) for all statutory audits. The
challenges facing SMEs in the aftermath of the crisis
deserve particular attention:
…establish a level
playing field for
firms of all sizes by
providing objective
and balanced
criteria…
a good understanding of the
needs of smaller businesses
and a tailored approach to
SME assurance is essential. We
also believe it is important not
to overlook issues to do with
the education, training and
professional development of
auditors.
photo: www.shutterstock.com
Looking ahead
feature
There are busy months ahead. As the European
Parliament moves to vote, the Commission is preparing
draft legislation. Legislative proposals will have to be
accompanied by a detailed impact assessment and will be
subject to internal consultation across the Commission’s
different departments before publication, announced for
November. It will then fall to member states and MEPs to
negotiate the final shape of legislation – a process that
will surely take up much of 2012 and possibly beyond.
ICAEW supports change which is based on evidence of
need and will continue to develop ideas and contribute
expertise, engaging with the EU institutions to help
establish a proportionate regulatory framework that
contributes towards a high quality, sustainable audit
environment.
www.icaew.com
Clive Parritt FCA CF
Was elected ICAEW President in June 2011. Clive
is an ICAEW Chartered Accountant with over 30
years’ experience of providing strategic, financial
and commercial advice to growing businesses. He
is actively involved in a number of businesses.
He chairs the audit committee of a listed property
company and is a member of two other audit
committees.
In addition to chairing a listed venture capital trust
he is also chairman of three private equity backed
companies. Clive trained with a small firm before
moving to and becoming a partner in a medium
sized firm and then Touche Ross, now Deloitte. In
1982 he joined Baker Tilly, becoming the National
Managing Partner in 1986 and then Chairman from
1996 until 2001.
photo: www.shutterstock.com
17

18
feature
Opportunities for UK
companies in Korea
Ajourney that began
in May 2007 as a
cornerstone of the
“Global Europe” initiative,
ended on the 1st of July 2011:
the EU/Korea Free Trade
Agreement became operative
on that day and immediately 70% of previous tariff lines
became zero and practically all duties on industrial goods
(98%) will be removed after five years. In the first year,
approximately €850 million of duties on EU exporters to
Korea will be removed. It is by far the most complex and farreaching
FTA that either the EU or Korea has concluded to
date: and more importantly it has come into effect before the
Korea/US FTA, which still has issues to overcome.
So how is British business positioned to take advantage
of a major opportunity to expand exports to a consumer
market rapidly growing in wealth and sophistication, with
an estimated benefit of £500 million per annum? Before I
answer that question, first of all there is always a need to
set the scene as far as Korea is concerned with the rest of
the world.
Much to the frustration of the Koreans, especially after
they have hosted a Summer Olympics, a Football World
Cup, a G20 Meeting and again the international community
has indicated their trust in awarding them the 2018 Winter
Olympics, for all the wrong reasons, the only aspect that
usually keeps South Korea on most European and US
radar screens, is its unpredictable neighbour, North Korea.
Whenever there is an incident, the whole world is briefly
and intensely watching what is unfolding and gaining an
incorrect impression that the peninsular is a continual war
zone, sandwiched as it is between China and Japan, with
no sizeable functioning commerce and industry, when in
fact Korea is the meat in the sandwich and nearly all the
time is peaceful and very busy indeed.
Korea is the fourth largest economy in Asia and the14th in
the world on a nominal GDP basis and 12th by purchasing
power parity. It is an OECD country. It is the 6th biggest
export nation in the world. The UK is in 10th place. More
importantly, CDP per capita on a PPP basis is $30,000.
There is a growing High Net Worth sector, eagerly buying
sophisticated merchandize, including Jaguars, Range Rovers
and Bentleys, even though duties on such vehicles will not
be reduced under the FTA for five years.
Opportunities, therefore, are rife for British fashion, brilliantly
promoted by our lovely new Duchess of Cambridge. Indeed
hot on the heels (forgive the pun) of the launch of the FTA, we
had a number of garment and footwear fashion houses visit
Korea with the help of UKTI. For textile exports 93% of duties
have been swiped away immediately; for footwear 95%.
by
Rob Edwards
Chairman, British Chamber
of Commerce in Korea
Whisky is the biggest export from the UK to Korea. It was
the 6th biggest export market by value and the 9th biggest
by volume, with direct shipments from the UK worth £153
million in 2010. With no real competition, once duties are
fully removed, I can only see consumption and profits
growing substantially.
In services, the UK has a major opportunity. We already have
a significant presence in banking, with Standard Chartered
the biggest British investor in Korea, having paid $3.2 billion
for Korea First Bank. HSBC, Royal Bank of Scotland and
Barclays have branches in Korea. In insurance, Prudential
Life has a locally incorporated company and Aviva is in a
joint venture with a local bank. The FTA will gradually open
up the legal profession. In five years, time the big UK firms
can establish offices here using Korean lawyers for local
work and European lawyers for international work.
From meeting many trade missions from the UK over the
last couple of years, I do believe a major opportunity
beckons for the SME sector. The UK has brilliant boutique
companies in electronics and machine tools, with worldbeating
technologies. However, Korea was an unknown
space to them and often a brief stop on visits to China
and Japan. Now they know better, and that Korea is a
real opportunity. ECGD is currently showing the below
profile for Korea, which would-be exporters should take
advantage of:
Country
South Korea
Market risk
appetite
(£million)
At least
£750 million
Cash or short
term cover
Medium or
long term
cover
Consensus
Category
Yes Yes One
The opportunity is there for the taking, but be aware; as
always our German friends are the ultimate competitors.
In the engineering area they are looking to aggressively
increase their not inconsiderable space. For too long we
have let them get on with it. The FTA gives us a new start.
We must seize the opportunity. The UKTI and the British
Chamber of Commerce in Korea stand ready to assist.
Please visit the below UKTI site to view those
opportunities.
“100 Opportunities for UK Companies in Korea”
http://www.ukti.gov.uk/export/countries/asiapacific/
fareast/koreasouth/item/119500.html
www.bcck.or.kr

T
he EU institutions took another step towards
transparency on 23rd June, with the publication of a
new transparency register, launched by the European
Commission and the European Parliament. Registration in
the joint system is voluntary, but all lobbyists who wish to
enter the Parliament’s premises will have to register, giving
them a strong incentive to do so. The launch represents the
culmination of years of discussions between the two EU
institutions on setting up a joint lobby register.
In the European Union (EU), enhanced cooperation is a
procedure where a minimum of nine EU member states are
allowed to establish advanced integration or cooperation in
an area within EU structures but without the other members
being involved. Introduced by the Treaty of Amsterdam
for community, judicial cooperation and criminal matters,
its jurisdiction was extended to the Common Foreign and
Security Policy by the Treaty of Nice (which also simplified
the mechanism and limited the ability to veto enhanced
cooperation). It was further extended by the Treaty of
Lisbon to include defence issues.
The mechanism needs a minimum of one third of the
member states (nine of the twenty-seven), to file a request
with the European Commission. If the Commission accepts
it then it has to be approved by a qualified majority of all
member states to proceed. A member may not veto the
establishment of enhanced cooperation except for foreign
policy. Rarely used, the procedure has only been used in the
areas of divorce and, most recently, the EU patent regime.
Faced with the substantially higher costs of filing and
protecting patents in the EU (a patent covering just 13
countries will cost €18,000 – of which €10,000 is the cost
of translation – according to a European Commission
statement published last December – which is ten times the
cost of a patent covering all of the US), moves to develop a
single patent system for the EU began in 2000, but progress
has been hampered by linguistic, technical and legal
difficulties.
In July 2010, the European Commission presented a
proposal to end a deadlock that had mainly been caused
photo: www.shutterstock.com
How transparent is the EU
transparency initiative?
Andrew Johnson
Deputy Chairman, COBCOE
Public Affairs Commission,
Head of EU Public Affairs,
Euro RSCG C&O, Brussels
by linguistic disputes. Internal Market Commissioner Michel
Barnier proposed to maintain English, French and German
as the official languages for filing an EU patent, triggering
angry reactions from Spain and Italy. However, the day
after the proposal was published, the Advocates General
of the European Court of Justice issued an opinion saying
the jurisdictional regime proposed for the EU patent was
not compatible with the EU treaties, also on the grounds of
linguistic issues.
... all EU
member states
except for Italy
and Spain have
decided to opt
for enhanced
cooperation
feature
With the deadlock on linguistic issues persisting, 12
member states agreed last December to go ahead with
enhanced cooperation on the EU patent. The Commission
immediately supported the plan. Following the initial launch
of the procedure, all EU member states except for Italy
and Spain have decided to opt for enhanced cooperation.
The European Parliament, at the recent plenary session in
February, approved its use among 25 member states.
At the time of writing, the European Court of Justice is
expected to rule on the jurisdictional regime of EU patent
on 8th March. A day later the Council of EU ministers is
expected to confirm the use of the “enhanced cooperation”
mechanism. However, if the Court were to reject the
proposed jurisdictional regime, this could force the
Commission to come up with new proposals, thus delaying
the entire legislative process.
A number of scenarios are thereafter possible: in the
European Parliament, opposition by MEPs from Spain and
Italy could gather momentum and attract members from
other countries.
The initial idea of introducing a system based exclusively
on English could resurface, justified by arguments that such
a regime (backed by Italy and Spain) would be cheaper,
simpler, and would avoid giving French and German
companies a competitive advantage.
However, should the Court of Justice uphold the opinion
of the Advocates General, (which occurs in about 80% of
cases) a multilingual system based on all the EU’s official
languages may be the only option left.
photo: www.shutterstock.com
19

20
photo: www.shutterstock.com
feature
Shaken, not stirred
Japan remains open for
business after the earthquake
Ian Fleming may be
turning in his grave by
the clichéd title of this
article but it just about sums
up the state of the Japanese
economy following the Great Eastern Japan Earthquake
(“GEJE”) of 11th March, 2011, measuring M9 on the Richter
Scale, and the ensuing trouble at the Fukushima Dai-ichi
Nuclear Power Plant.
Recovery
Despite the scale of the calamity, recovery has been quite
swift. All major companies in the automotive sector, one
of the hardest hit, had plants and suppliers in Tohoku
and were forced to curtail production around the country
…which
showed an
increase of
12.8% from
April, the
largest monthly
increase since
1968.…
(and even overseas), because of
the damage to their facilities and
major disruption to the supply
chain. Nissan managed to restore
full production at its Iwaki plant by
mid-May. Toyota listed 500 parts
that could not be procured in the
week after the GEJE and set about
providing financial and physical
assistance to affected suppliers. In
April the list was down to 150 and
in May to 30.
A statistical indicator of this recovery is the seasonally
adjusted index of manufacturing industries’ operating ratio
for May 2011, which showed an increase of 12.8% from
April, the largest monthly increase since 1968. The transport
equipment sector (including automotive) alone recorded an
improvement of 64.3%, whereas the electronic parts and
devices sector showed an advance of 14.8%.
Political paralysis
The big fly in the ointment in all this is the national
government. Naoto Kan’s ineptitude and blatant partypolitical
manoeuvering among all major parties have
Yuuichiro Nakajima
Managing Partner, Crimson
Phoenix K.K. and Executive
Committee Member, British
Chamber of Commerce
in Japan
conspired to bring about a paralysis in the proper functioning
of the Diet (national Parliament). The opportunity to unite
the country with a grand plan to create a new way of
running the economy and the country in the wake of the
disaster has been and gone, Mr. Kan having failed to grasp
that particular bull by the horn. The
most that can be expected now is for
the private sector and local authorities
to find their own ways of dealing
with post-quake realities, without any
coordinated policy initiatives from
central government.
M&A involving Japanese
companies
…If anything,
the disaster
has spurred
on Japanese
buyers’ activity
One of the clear trends over the past year has been
Japanese companies’ appetite for acquisitions overseas.
Since before the GEJE, there had been a spate of highprofile
purchases of companies abroad, for example Daiichi
Sankyo’s acquisition of Plexxikon, Terumo/Gambro and
Takara Tomy/RC2 Corporation. If anything, the disaster has
spurred on Japanese buyers’ activity. Since 11th March, NTT
Data has bought Value Team, Takeda/Nycomed, Toshiba/
Landis & Gyr, Nissan (with Renault)/AvtoVAZ, Kyocera/
Unimerco, to name but a few. The motivations behind this
increased level of M&A moves are manifold: the need to
find markets outside Japan, whose population is shrinking;
the desire to spread business risk across many markets
following the GEJE; the financial benefits of having a
greater foreign currency cost base in the face of soaring yen
exchange rates; and the relative decline in acquisition cost
given the strong yen. This trend will undoubtedly continue,
because the reasons that drive it will persist for some time
to come.
photo: www.shutterstock.com

Looking at flows of capital into Japan, the unprecedented
strength of the yen has not necessarily put paid to the
ambitions of foreign companies to acquire Japanese
companies. My firm, Crimson Phoenix, has (had) a number
of non-Japanese clients with plans to strengthen their
existing presence in the country through acquisition. They
have these ambitions because they believe that additional
value to customers could be provided by buying local
companies; acquisitions would bring new or stronger
customer relationships; new markets could be tapped; or
organic growth is simply too time-consuming.
photo: www.shutterstock.com
… have all made
Japan a more
open market for
foreign acquirers
than ever
before…
feature
Selling and buying companies used
to be an almost taboo subject in
Japan but that has changed over the
last 20 years; nowadays M&A is very
much part of daily business parlance.
While there is still some resistance
to the idea of selling companies,
particularly to foreign buyers, many
company owners have accepted
the principles of the market for
corporate control. Succession issues,
changes to previously cozy relationships between banks
and borrowers, the influence of private equity-sponsored
MBOs and government encouragement have all made
Japan a more open market for foreign acquirors than ever
before.
Japan has been badly shaken by the GEJE but is by no
means down or out. Like Nadeshiko Japan, the women’s
national football team that
won the World Cup in
July, to the great delight
of a nation in need of
unadulterated good news,
the country’s resilience
and determination are
genuine. It is very much
open for business.
www.bccjapan.com
photo: www.shutterstock.com
21

22
Advertorial
Advertorial
Why own one city apartment
when you can own 120
Over the past few years the international property market, along with the global economy, has proved itself to
be a somewhat volatile and uncertain area in which to invest. In these fluctuating financial times when security
of investment is of prime concern, those people considering purchasing a holiday home or city apartment could
well take a look at membership of The Hideaways Club. With its two professionally managed, diversified and
liquid funds, this type of membership provides the logical financial alternative to sole property ownership.
Formed in 2007, the Club has grown to become
the largest club of its kind in the world, offering
its members the opportunity to invest in and
exclusively enjoy a global portfolio of luxury
villas, chalets and city apartments.
Following on from the success of the company’s
first Fund, the Classic Collection – a portfolio of
luxurious villas and chalets throughout Europe,
Africa, Mauritius and South East Asia – in June
this year The Hideaways Club launched its
second Fund, the City Collection. This Fund
provides investors with a new way to enjoy
an unrivalled and luxurious city lifestyle and
provides Members with a wide selection of
fully serviced two/three bedroom apartments
in some of the most glamorous, vibrant and
exciting cities around the world.
All the apartments will be stylishly designed
and furnished to feel like a home from home
with great attention paid to the smallest detail
and the latest high tech audio visual equipment,
iPad, iPod, wireless printer, book library,
wireless internet, flat screen televisions and fully
equipped kitchens. The majority of apartments
will have spectacular views over some of the
cities’ most iconic landmarks.
Currently Members of the Fund can choose
apartments between London, New York, Miami,
Paris, Barcelona, Vienna, Prague, Istanbul, Kuala
Lumpur, Singapore and Bangkok in which to
holiday. Additional cities to be included in the
portfolio will be as diversified as Moscow and
Rio de Janeiro to Bangkok and Sydney. Over
the next few years the company is targeting 120
apartments and 1200 members after which the
Fund will close.
Ideal for short city breaks and offering variety
and flexibility, every apartment will be located
in a secure location in or close to city centres,
and all will be overseen by a 5 Star private
Concierge Service. The Concierge will look
after all day-to-day requirements from booking
apartments and arranging dinner parties to
acquiring tables in the smartest restaurants or
tickets for the best shows in town.
The City Collection has been created for people
who enjoy travel and an international lifestyle
and make frequent city visits. It is of particular
appeal to those with hectic schedules who are
looking for a few days relaxation, family breaks
and those who want to experience the wide
variety of shops, restaurants and nightlife on
offer in these cities.
Once members join the Club they will have
an equity share in the whole portfolio of the
Fund which they join. This type of property
ownership is rapidly becoming recognised as
the most financially astute way to invest in and
enjoy overseas properties that not only offers
members a wide variety of holiday options
but the medium to long term growth of their
investment.
Membership fees range from £65,000 to
£120,000 offering between 12 and 23 nights
usage per year.
For further information:
www.thehideawaysclub.com
tel: +44(0)20 7824 9940

British Chamber of
Commerce in Belgium
www.britcham.be
An Insider Guide to the European Parliament
Whatever and wherever your business is EU decisions
have an impact, and your public affairs professionals
need to understand how it works. Even if you have
specialist colleagues in Brussels, first-hand experience and
connections give you the edge in integrating the EU into
your company’s thinking.
That is why the British Chamber of Commerce in Belgium
(BCCB) and Cambre Associates are organising a special visit
to Strasbourg designed to introduce young public affairs
professionals (up to the age of 35 years) from across Europe
to the inner workings of the European Parliament.
The programme covers a full day with a briefing over
dinner from a leading MEP on building your network in
the parliament, followed by a series of sessions with EU
insiders on how things work in theory and in practice.
The visit is open to members of COBCOE chambers and
starts on the evening of 17 November 2011.
To find out more, please visit our website www.britcham.
be/bngstrasbourg
British Chamber of
Commerce in Denmark
www.bccd.dk
Søren Brinkmann, Lett
Advokatfirma, opening
the joint seminar with
BCCD, Danish American
Business Forum,
and Anti-corruption
law specialists from
Fulbright & Jaworski
New UK and US anti-bribery laws have wide scope
Ignorance of new UK and US anti-bribery laws could result
in prosecution. To inform businesspeople of the new rules,
the BCCD held a joint seminar with the Danish American
Business Forum and anti-corruption law specialists from
law firm Fulbright & Jaworski.
The reach and sanctions of the US and UK anti-bribery laws
made for uncomfortable listening, causing some to question
whether these countries have the right to make such laws.
Others welcomed them as a necessary step towards reducing
corruption worldwide.
Under the new rules, a manager or responsible party could
go to jail even if no one in their company has made (or
has knowledge of) bribes. This applies regardless of the
nationality of the company, or the location of the bribe.
“Often, there is complete disbelief among non-Americans
chambers’ review
when they realise that they can, in fact, go to jail” said
Guy Singer, a defence lawyer at Fulbright & Jaworski and a
former US prosecutor focusing on violations of the Foreign
Corrupt Practices Act (FCPA).
Capti Guy Singer worked as a US prosecutor focussing on violations of the FCPA
(Foreign Corrupt Practices Act) for several years, before becoming a defence
lawyer at Fulbright & Jaworski on
Under US regulations, surprisingly little hard evidence is
needed to initiate investigation of a company. Firms are
often encouraged to carry out the initial investigations
themselves, however, saving government resources.
The FCPA rewards whistleblowers by giving them a share
of any settlement, which can be a sizeable sum. This is
certainly not the case under the new UK law.
Also unique to the US law is that “facilitating payments”
remain legal. These are payments necessary for getting a US
person or goods into a country.
“I am an English
lawyer… Don’t be
disappointed by the
accent… I am from
New York” (Lista
Cannon, UK Partner
in charge, Fulbright
& Jaworski)
The UK law states that it is a defence to show that “adequate
procedures” have been put in place to prevent bribery.
This is not the case in the US, although having “adequate
procedures” does provide a valid legal argument.
Lista Canon, UK Partner in Charge at Fulbright & Jaworski,
explained that there had been a period of consultation
between the UK government, British businesses, lawyers
and stakeholders, to discuss how the new law would
be implemented, what would count as “adequate
procedures”, and how facilitating payments could be
phased out without business grinding to a halt. There is
still uncertainty, however, and it remains to be seen how
the courts will rule.
23

24
chambers’ review
British Chamber of
Commerce in Germany
www.bccg.de
Exploring renewable energy opportunities
The BCCG held a successful renewable energy conference
in London in July. Given the threats of climate change and
energy shortages, this timely conference looked at the
opportunities that renewable energy presents.
Organised by the BCCG’s co-chairman, Tobias Verlende,
head of the London office of Brinkmann & Partner LLP,
the conference explored the subject from UK and German
perspectives. It attracted 61 guests and was held at the
offices of Barlow Lyde & Gilbert, an international law firm.
The keynote speaker and panel discussion moderator
was Stephen Tindale, an associate fellow of the Centre
for European Reform, working on climate, energy and
development issues. Professor Dr Friebert Pflüger, Director
of the European Centre for Energy and Resource Security
(EUCERS) at King’s College London, spoke about ‘green’
business being a great opportunity for European business.
An overview of UK renewable energy incentives followed
from Humphrey Douglas, a partner at Barlow Lyde &
Gilbert. Alex Shivananda, Co-Founder and Managing Partner
of Aclaria Capital, then gave his views on making projects
bankable for project and equity financing.
Jürgen Kaiser, COO Business Development of BARD
GmbH was the final keynote speaker. He looked at the
risks, challenges and solutions for German offshore wind
energy and gave insights into the engineering practicalities
of renewable energy, including an explanation of how
offshore wind farms are constructed and built.
A lively panel discussion with some heated debates ensued
as the audience questioned the speakers. Many discussions
continued after the conference had closed.
Tobias Verlende,
Co-Chairman, BCCG
Panel of experts, BCCG event London
British Hellenic
Chamber of Commerce
London www.bhcc.gr conference shows positive side
London conference shows positive side
With Greece the focus of international attention, the BHCC
annual London conference in late June was well timed. Now
in its ninth year, the conference was entitled ‘Reforming
Hellas - a challenge’ and took place at Claridge’s Hotel in
London.
The aim of the conference is to promote Greece as a
destination for international investors and answer questions
about the country’s longer-term prospects. To help find
constructive solutions to current problems, the audience
was encouraged to participate in lively discussions.
Harris Ikonomopoulos, Chairman BHCC
The conference was also used as an opportunity to portray
Greece in a more positive light. It opened with the BHCC
video “That’s Greece – that’s not Greece”, while BHCC Greek
President, Harris Ikonomopoulos, used the media attention
to counter the country’s negative press. Conference speakers
also stressed that the reforms and revenue targets needed
to secure financial assistance and make the economy more
competitive were within reach.
The chamber’s video and press coverage of the conference
can be viewed at www.bhcc.gr
Panel of experts at the conference

British Chamber of
Commerce in Hungary
www.bcch.com
HMA Greg Dorey, Tibor Héjj, winner of the St George Award, and BCCH
Chairman Gergely Mikola
20th anniversary celebrations
This year’s annual St George’s Day gala dinner, held at the
Corinthia Hotel Budapest, also marked the 20th anniversary
of the BCCH. To honour the patron saint of England and
celebrate the chamber’s milestone, guests enjoyed British
specialities and live music and entertainment. The dinner
also saw the introduction of the BCCH St George Award for
outstanding management, won by Tibor Héjj of Proactive
Management Consulting Kft.
HM Ambassador to Hungary, Greg Dorey, and Gergely Mikola, BCCH Chairman,
cut the anniversary cake
The AGM was held at the Boscolo New York Palace,
Budapest, where members elected a new council. This
was followed by a gala reception and more anniversary
celebrations as HM Ambassador to Hungary, Greg Dorey, and
BCCH Chairman, Gergely Mikola, awarded commemorative
medals to former chairmen and members of staff past and
present.
The BCCH moved its offices to the Madách Trade Center,
a serviced office building in a prestigious and businessfriendly
district (H1075 Budapest, Madách Imre út 13-14).
The chamber is preparing for the next council year,
compiling the 2011 BCCH Yearbook and developing
projects to improve services to members.
British-Icelandic
Chamber of Commerce
www.bicc.is
chambers’ review
Competitive spirit at golf day
Forest Pines Hotel and Golf Resort, North Lincolnshire,
welcomed 56 keen golfers to the BICC’s ninth annual golf
day in June.
Competition was fierce among participants, with this year’s
British Icelandic Chamber of Commerce Challenge Trophy
going to the Bridge McFarland team after they narrowly
beat Seagold.
The victorious team, lead by partners Ian Sprakes and
Richard Parnel, won a two-day trip to Reykjavik donated by
the lead sponsor, Icelandair.
The well-attended tournament attracted 14 teams
representing both Icelandic and UK businesses in the
Humber region. Sponsors Icelandair and Bridge McFarland
have committed to supporting the tenth annual golf day
next year, to which the BICC is hoping to attract a record
number of entrants.
British Chamber of
Commerce for Italy
www.britchamitaly.com
Members prepare for Expo Milano 2015
June’s monthly business lunch featured talks on Expo Milano
2015, international labour markets, and the state of the
world economy. Held at the Westin Palace Hotel in Milan,
after the BCCI AGM, there was a lively and enthusiastic
audience of around 100 guests.
Diana Bracco, President of Expo Milano 2015, outlined the
business, investment and work opportunities that Expo
Milano could bring to the whole country. The Expo’s theme
is sustainable development and 30 countries have already
confirmed their presence.
Stefano Colli Lanzi, CEO of the Gi Group, a recruitment
specialist and sustaining member of the chamber, talked
about the group’s history and international expansion. It
now has a presence in China, India, Argentina and major
European countries, the most recent being the UK.
25

26
chambers’ review
Susan Haird, acting CEO of UK Trade & Investment,
with John J Law, BCCI President
Susan Haird, explained how UKTI aims to help British
business, and presented the opportunities created by the
London 2012 Olympics and Expo 2015.
Shelly Sandall, Corporate Partners & Sponsors Director
of Expo 2015, concluded the talks by highlighting the
opportunities for company involvement in the Expo and
taking questions from the floor.
Diana Bracco, President of Expo Milano 2015, addresses a BCCI business lunch
British Chamber of
Commerce in Lithuania
www.bccl.lt
Promoting the chamber and Lithuanian
businesses
The chamber elected 11 board members at its 12th AGM,
held at the Novotel Vilnius Centre in March. Chris Butler,
Managing Partner PwC, was re-elected chairman.
A business reception followed and this year’s keynote speaker
was Simon Butt, then British Ambassador to Lithuania,
making the last speech of his long and distinguished
diplomatic career. After a standing ovation from more
than 100 members and guests, Mr Butler presented the
Ambassador with a painting by the Lithuanian artist, Antanas
Kmieliauskas, as a token of the chamber’s appreciation of
the Ambassador’s support.
To celebrate the wedding of HRH Prince William, the
chamber held a reception at the British Ambassador’s
residence in Vilnius in partnership with the British Embassy,
which attracted the interest of the local press. Around 100
BCCL members, diplomats and other members of the British
community gathered to watch the royal wedding and enjoy
refreshments provided by local restaurants.
Newly elected BCCL board 2011-2013
A business day out to Klaipėda, the third largest city in
Lithuania and an ice-free Baltic port, was organised in May
to familiarise members with the city and its advantages.
Around 50 BCCL members and diplomats visited key
companies there, including the Klaipėda Free Economic
Zone, Klaipėda Seaport, Klaipėdos Nafta (oil company)
and new BCCL member, Glassbel Baltic, a processor of
architectural and facade glass.
The day ended with a networking reception at the Old Port
Hotel with members of the Klaipėda International Business
Club and other senior representatives of the city’s business
community, arranged by Klaipėda Free Economic Zone
and BNTP (Baltic Real Estate Developments). The mayor,
Vytautas Grubliauskas, spoke about the city and brought the
day to a resounding close with an impressive jazz trumpet
performance.
BCCL team celebrates the royal wedding

British Chamber of
Commerce for Luxembourg
www.bcc.lu
Focusing on topical issues
To reflect growing public interest in sustainable development,
the spring business forum looked at sustainable technology
in buildings. Held next to a new hangar at Cargolux, a
leading cargo airline, the presentation and discussion
focused on how the design, construction and operation of
the building ensured maximum sustainability.
Another business forum looked at employee engagement
and how to secure commitment. This was led by human
resources managers from Kremer & Clifford Chance, KPMG
and Lombard.
As taxation law is fundamental to Luxembourg’s status as a
financial centre, another forum topic was “Tax Information
Exchange and the EU Savings Directive: How will this affect
you and your banker?” with speakers from HSBC and Allen
& Overy. BCCL has a policy of cooperating with other
organisations and this event was held in association with
the Society of Trust and Estate Practitioners.
Topics at BCCL lunches included economics, law, general
interest and history. Olli Rehn, EU Commissioner for
Economic and Monetary Affairs, spoke on “Overcoming the
Economic Crisis”, while another lunch was addressed on
the pitfalls of drafting international transactions.
A session on how Luxembourg’s eaux-de-vie brandy is
awarded the marque nationale, with tasting samples, also
generated a high level of interest. Another lunch looked at
the German invasion of May 1940.
The chamber also helped to raise awareness within
the international community of the right to vote in local
elections. At a meeting organised with AMCHAM and other
chambers, guests heard speakers from all the main political
parties.
A key social and networking event, the annual golf day and
dinner, was as well attended as ever.
Upcoming events include the members’ trade fair, now
in its fourth year, combined with a business forum where
the General Manager of Business Operations at Skype
will speak on the commercial impact of social networks.
This will be held jointly with the Consultative Committee
of Accountancy Bodies and will also feature the popular
annual talk on personal income tax before the end of the
tax year.
Jeannot Krecké, Minister for the Economy and Foreign Trade,
at a BCCL session on Luxembourg’s economy
British Romanian
Chamber of Commerce
www.brcconline.eu
chambers’ review
Active in Bucharest and London
A highlight of our recent activities was the British Days party
and awards ceremony at the Radisson Blu Hotel, Bucharest,
at the end of June. This year’s celebration was also a farewell
to Brian Davies, who has been chairman for the past four
years. He was thanked for his hard work in making the
chamber such an outstanding organisation as he handed
over to his successor, Ray
Breden, who will lead
the chamber for the next
three years.
The winners of this year’s
photography competition,
entitled ‘Romania – Design
and Innovation,’ were also
announced at the British
Days party. Entries for
the competition, which
showcases Romanian and
British talent, had been
exhibited in Bucharest
during June.
Outgoing chairman, Brian Davies, hands
over to new chairman, Ray Breden
More formal events included a Business Breakfast with Tony
Lybeck, the International Monetary Fund (IMF) Regional
Resident Representative in Romania and Bulgaria, with a
discussion on the IMF’s approach to Romania.
In April, the chamber held a business breakfast in Bucharest
at which the British Ambassador to Romania, Martin Harris
OBE, spoke about future relations between Britain and
Romania.
Later that month, members celebrated the British royal
wedding at a reception in London. Guests included Their
Royal Highnesses Crown Princess Margarita of Romania
and Prince Radu of Romania, and other members of the
Romanian royal family.
Romania’s renewable energy industry was the topic for
the CityLink panel discussion in June. This networking
opportunity looked at this sector’s potential to become a
major driver of foreign direct investment in future.
Lord Lamont, Honorary President of the BRCC, with HMA Martin Harris
with guests at the 2011 British Days party
27

chambers’ review
Guests with the Romanian Royal Family at the Royal Wedding celebration
evening in London
The well-known business figure, Digby, Lord Jones of
Birmingham Kt, launched his book Fixing Britain at a BRCC
Business Luncheon in London in May. He said he hoped
his forthright critique of business issues would inspire
countries like Romania to carry out the reforms needed to
foster growth after one of the worst recessions in economic
history.
There was an opportunity to network with colleagues at the
Slovenian Romanian Business Club in May at a Slovenian
wine tasting. Cartier Perfumes provided surprise raffle
prizes.
The BRCC was delighted to win the 2011 COBCOE award for
corporate responsibility in April. This reflects the chamber’s
success in raising awareness of business, social and cultural
issues.
An Extraordinary General Meeting was held in April to bring
the Articles of Association into line with recent changes in
the running of the chamber.
British-Serbian
Chamber of Commerce
www.britserbcham.eu
New directors and membership drive
As one of the youngest chambers in the COBCOE network,
the BSCC is expanding its membership with a growing
range of activities.
The chamber recently appointed three new directors to its
London board from the large UK-based Serbian business
community. They are Avram Balabanovic, an independent
entrepreneur, Kosta Jovanovic of Chevron, and Darko
Hajdukovic of the London Stock Exchange. Their combined
experience, contacts and drive will be of considerable
benefit to the chamber, which plans to replicate this in
Serbia by appointing three directors to the Belgrade board.
Recruiting new corporate and individual members is the
chamber’s primary goal. To this end, networking events
are planned later this year in London and Belgrade with
the support of the Serbian and British Embassies, and with
COBCOE’s help.
The BSCC is also working with neighbouring chambers to
target a broader range of countries for inward investment.
Russia, Germany, Italy and Slovenia tend to be the main
targets, and the chamber is now looking to organise events
jointly with the Russo-British Chamber of Commerce
and British Chamber of Commerce in Slovenia to attract
investors from further afield.
28
British Chamber of
Commerce in Slovenia
www.bccs.si
Increasing opportunities for members
The BCCS continues to grow and provide members with
more opportunities, despite the economy. A networking
event took place every month during the first half of the
year and sports tournaments were also held.
Rt Hon John Bercow MP shakes hands with US Ambassador Joseph A. Mussomeli,
as British Ambassador Andrew Pages looks on
John Bercow MP, Speaker of the House of Commons,
was guest of honour at a brunch sponsored by
PricewaterhouseCoopers. He spoke about the requirements
for a healthy business environment and mentioned that
Slovenians could take as much pride in their companies
as they do in Tina Maže, the Olympic medallist downhill
skier.
Dr Andrej Vizjak of PwC outlines the keys to business success
At another meeting, sponsored by DataLab dd, Dr Andrej
Vizjak, PwC President of Consulting for Southeastern
Europe, outlined the current keys to success. He looked
at the tough choices Slovenian companies face in deciding
whether to become local specialists or raise funds for
international expansion.
This year’s golf tournament, the ‘Profiles International
Open’, was sponsored by Abbott Laboratories doo, and
managed by Profiles International Slovenia. The tournament
was preceded by a talk to the Slovene Business Society by
Deiric McCann on the effects of charismatic leadership on
businesses. “Leaders are the ones who instil confidence and
know how to make things better,” he said.

British Chamber of
Commerce in Spain
www.britishchamberspain.com
Events management award winner
The BCCS was honoured to receive the COBCOE award for
effective events management in April. The award recognises
the diverse nature of the chamber’s events and the fact
that they provide members with excellent networking
opportunities.
National Director of the BCCS, Charlotte Fraser-Prynne
with Barbara Jamison of London & Partners
Soon after this, a press roundtable, entitled ‘How to work
with the British press in Spain’ was held jointly with the
British Embassy and Dircom in Madrid. Correspondents
from The Economist, Reuters and the Spanish newspaper
Expansión gave members valuable guidance on working
with the press.
The chamber hosted a European Business drinks evening
in June, welcoming over 130 guests and strengthening
relations with the German, French and Belgian chambers,
among others.
Economist Edward Hugh, addresses the chamber in Barcelona
chambers’ review
Meanwhile in Barcelona, a lunch hosted by Edward Hugh,
macroeconomist and member of the Caixa Catalunya
executive board, gave members insights into the Spanish
economic crisis. He spoke about the current economic
cycle and how Spain could recover.
Mind mapping was the theme of a session hosted by the
Essor Professional Development Group in Barcelona in
June. Members were shown how to use mind maps to clarify
their thoughts and meet their objectives more effectively.
Andalucía was bathed in sunshine as members enjoyed
the annual golf tournament and garden party. Thanks to
Blacktower Financial Management, the main tournament
sponsor, and Megacall, which sponsored the hog roast, the
day was a great success.
In addition to the dinner, entertainment, prize-giving and
networking opportunities, over EUR 1,400 was raised for
Age Concern. As the charity is supported by the British
Consulate, the Vice Consul for Malaga, Roslyn Crotty, also
attended.
The final networking event before the summer break was
the ‘London Season’ garden party. This brought a piece
of Britain to Spain as members dressed for Ascot, Henley,
Wimbledon and cricket!
The chamber is pleased to have Land Rover, Jaguar, IESE
and Karen Millen as new members. They will be welcomed
at a cocktail party in September.
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chambers’ review
Dorset Chamber of
Commerce & Industry
www.dcci.co.uk
The hunt is on for Dorset’s best businesses
This year’s Dorset Business Awards (DBA) were launched at
Lulworth Castle in June. Organised by DCCI, these are the
only county-wide awards for blue chip companies, SMEs
and entrepreneurs.
In keeping with the historic setting, Peter Scott, Chief
Executive of DCCI, was dressed as a medieval herald for
the launch. He said: “The benefits of winning are significant
– companies have an opportunity to highlight successes,
employee morale receives a great boost, and the company
profile is raised.”
Now in their 17th year and the sixth to be run by DCCI,
these awards have seen a growing level of interest. “Last
year’s awards brought forward a record number of entries
and we are looking forward to repeating that achievement
in 2011,” said Mr Scott.
Entry is open until 9th September, with finalists being
announced in October. The winners will be revealed in late
November at a gala dinner to be held at the Lighthouse,
Poole.
Categories (and sponsors) are: Best Employer for a Healthy
Workplace (Nuffield Health Bournemouth Hospital),
Business Engagement with the Community Award (Morgan
Sindall), Entrepreneur of the Year Award (Bournemouth
University), KPMG Company of the Year Award, Linking
with Schools Award (JP Morgan), NatWest Excellence
in Customer Service Award and Princecroft Willis Family
Reaching the Right Targets with COBCOE
By becoming a partner of COBCOE, organizations gain access and exposure to
the extensive COBCOE membership network, which in turn enables them to
reach many thousands of successful businesses across Europe.
COBCOE would like to acknowledge the kind support of its
existing partners
Benefactors
European Strategic Partners
Sponsors
Business Partners
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Business Award. Two new categories this year are the Dorset
Tourism Award (DCCI and Liz Lean PR) and Engineering
and Electrical Apprenticeship Award (Superior).
Tickets for the awards ceremony are now on sale – all
600 places have sold out in recent years. Please contact
Shirley Ewart (+44 (0)1202 714812) if you are interested in
attending, sponsoring next year’s DBA, or organising your
own awards.
Peter Scott, DCCI Chief Executive,
with sponsors and Liz Willingham
(front) of Liz Lean PR
Heralding the launch of Dorset
Business Awards (from left) Sylvie
Wilson, Shirley Ewart and Peter
Scott of DCCI
Council of British
Chambers
of Commerce
in Europe
Be part of the COBCOE
Chambers’ network
COBCOE member Chambers provide active
support for their members’ interests.
For instant access to a large pool of potential clients and
expertise, a business, social and educational networking
platform, access to Government officials, an opportunity
for information transfer and exchange, access to business
and market research services and an extensive range of
marketing tools available through the varied publications,
online facilities, advertising, speaking and sponsorship
opportunities and access to all the business opportunities,
facilities and benefits of being a member of a Chamber
of Commerce which is part of the dynamic business
organisation which is COBCOE.
Join a COBCOE Chamber of
Commerce today!
To find out more about COBCOE Chambers
in Europe visit www.cobcoe.eu

COBCOE Executive
President and Chairman, Public Affairs Commission
Howard Rosen CBE
Principal, Howard Rosen Solicitors, Switzerland
Past President and Councillor,
British Swiss Chamber of Commerce
howard.rosen@cobcoe.eu
Honorary Chairman
Bryan Jeeves CMG, OBE
Chairman, Jeeves Group of Companies, Liechtenstein
Councillor, British Swiss Chamber
of Commerce
Past President COBCOE
bryan.jeeves@cobcoe.eu
Vice Presidents
David Crackett
Immediate Past President, British Chamber
of Commerce in Italy
david.crackett@cobcoe.eu
David Thomas MBE
CEO & Principal Partner, Financier sp z o o,
Poland Immediate Past Chairman,
British Polish Chamber of Commerce
david.thomas@cobcoe.eu
Treasurer
Michael Humphreys, FCA
Chartered Accountant, Brussels
Michael.humphreys@cobcoe.eu
“Links” is the official publication of the
Council of British Chambers of Commerce
in Europe (COBCOE). It is distributed to all
member chambers and their members, British
embassies and consulates across Europe,
other chambers of commerce, Government
departments, trade and professional
associations, British members of parliament
and members of the European Parliament.
Circulation either in printed form or
electronically is approximately 15,000.
Continuity meets Innovation.
Executive Members
Mariano A. Davies
Nordic CEO, The International Institute of Written
Oxford English, Denmark President, British Chamber
of Commerce in Denmark
mad@cobcoe.eu
Michel de Fabiani OBE
Non-Executive Director, BP France, the Rhodia Group
and the Vallourec Group, France President,
Franco-British Chamber of Commerce & Industry
michel.defabiani@cobcoe.eu
Carolyn P. Helbling
Managing Director, British Swiss Chamber of Commerce
carolyn.helbling@bscc.co.uk
Andreas Meyer-Schwickerath
Director and Member of the Board, British Chamber
of Commerce in Germany
andreas.meyer-schwickerath@cobcoe.eu
Gergely Mikola
Director of Corporate and Regulatory Affairs for Hungary
and Austria, British American Tobacco
Chairman, British Chamber of Commerce in Hungary
gergely.mikola@cobcoe.eu
Your partner as international �duciaries and trustees. Our Group offers
multi - disciplinary comprehensive management services in all major
jurisdictions, as well as in-house legal and accountancy professionals.
www.jeeves-group.com
Ray Power
Chairman, British Chamber of Commerce in Kosovo and
British Business Group in FYR Macedonia
rpower@activereception.com
Glenn Vaughan
Executive Director, British Chamber of Commerce
in Belgium
Member of the COBCOE Public Affairs Commission
glenn@britcham.be
Director, Marketing & Communications
Anne-Marie N. Martin
Chief Executive Officer, British Romanian Chamber
of Commerce
anne-marie.martin@cobcoe.eu
Events Manager
Jelena Krzanicki
Director, British-Serbian Chamber of Commerce
jelena.krzanicki@cobcoe.eu
Editor in Chief: Howard Rosen, CBE
Editorial support: Anne-Marie Martin / Deborah Lamb / Michelle Oberman
Designed and printed by:
Pilot Creative Marketing Ltd, Waterside House, Nene Park, Irthlingborough,
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The opinions expressed in articles or reports in this publication
do not necessarily reflect the opinions or policy of COBCOE.
© Council of British Chambers of Commerce in Europe 2011
The Council of British Chambers of Commerce in Europe
12 York Gate, London, NW14QS United Kingdom
Tel: +44 (0)20 8785 57 60 Fax: +44 (0)20 8785 57 70
www.cobcoe.eu
Liechtenstein� �� St. Kitts� �� St. Lucia� �� St. Vincent� �� Hong Kong� �� Singapore� �� Switzerland� �� Panama� �� New Zealand
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