Am Chams of Asia-Pacific (ACAP) is moving out of Hong Kong and transferring the registration of their organization to Guam.
According to Guam Chamber of Commerce President Cathy Castro, ACAP just informed the Guam Chamber this week that it will register its organization on Guam and have their bank account here on island.
The Guam Chamber is part of ACAP, which is a network of American Chambers of Commerce from the Indo-Pacific region and Oceania. The AmChams of Asia Pacific is an umbrella organization of 28 American Chambers of Commerce that promotes trade and investment between the Asia Pacific region and the United States.
Founded in 1968, the AmChams of Asia Pacific represents the shared interests of US and international businesses that employ millions of people across the region and includes some of the world’s biggest manufacturing and trading entities.
“They’re moving from Hong Kong to Guam, so we’re very excited about this,” Castro said.
Although the reason for the move wasn’t explicitly given, many American companies and organizations are thinking of relocating out of Hong Kong because of the political unrest there.
A recent survey by the American Chamber of Commerce shows about 39 percent of the 154 firms surveyed are considering leaving Hong Kong over fears about the new national security law Beijing recently enacted in the city.
Just last month, the American Chamber of Commerce in Hong Kong sold its offices in Central Hong Kong at a discount. Earlier, the US Consulate General in Hong Kong unloaded its luxury properties in Hong Kong in response to the growing unrest.
The Guam Chamber of Commerce, the Guam Economic Development Authority, and the Guam Visitors Bureau have all been working to woo American and other western companies to relocate to Guam because of the political unrest in Hong Kong.
The relocation of Am Chams Asia-Pacific to Guam is a good first step and Chamber leaders are hopeful that this will set a precedent.
“So we’re gonna be busy in the next couple of months helping ACP go through the relocation and registration process and stuff like that. We’re very excited! We just have to keep working at it,” Castro said.