Brooklyn Betting on China as a New and Huge Trade Partner

Chinese investors are the force behind Pacific Park, the uber-development which Brooklynites from way back refer to as the Atlantic Yards. In December the country’s largest state-owned property developers broke ground there on a mixed-income housing project.

President Carlo Scissura of the Brooklyn Chamber of Commerce. Photo credit: Twitter

Brooklyn businessmen would not only like to see more Chinese money invested in their fair borough, but would like to get some of Brooklyn’s businesses available to Chinese consumers. To accomplish that dream a group of businessmen and their representatives from Brooklyn will be heading out to a trade mission to the world’s largest economy. The mission is sponsored by the British bank HSBC, and hopes to make connections with Chinese investors and business leaders who are enamored of New York’s hottest borough.

The trip is hosted by the Brooklyn Chamber of Commerce and will happen from May 15-24. They will be making stops in Beijing, Chengdu and Shanghai.

“China is a fascinating market for Brooklyn,” said Carlo Scissura, president of the chamber. “It’s very new in the sense that Brooklyn products and companies are just starting to look at China as the next frontier.”

A representative of HSBC stated that the trip was inspired by the enormous growth the Chinese economy has enjoyed in recent years.

“Our sponsorship … underscores our commitment to helping connect our clients with international business opportunities, including fast-growing markets such as China, where GDP is expected to [grow by] 7.3% in 2015,” said Mark Luppi, executive vice president and head of business banking at HSBC USA. “Whether they are accessing new markets, or aspiring to do so, we can support business’ international trade activity.”

The chamber is looking forward to additional trips to other continents. Mr. Scissura added that this is only the first of many missions for Brooklyn trade people.
“Japan, South America,” he said. “We hope to visit more emerging economies very soon.”