Hong Kong will become home to the largest regional business association in the Pacific region before the end of the year. The international headquarters of the Pacific Basin Economic Council (PBEC), consisting of 1,000 companies from 20 economies across Asia, North America, Latin America and Australia, will be moved from Honolulu to Hong Kong. HSBC chairman David Eldon, who is also chairman of the PBEC's Hong Kong chapter, believed the move would benefit both the council and the city. 'The move will further confirm Hong Kong's position as the foremost business hub in the Asia-Pacific,' he said. 'This decision proves that [Hong Kong] is a very attractive location for regional headquarters. We look forward to working closely with PBEC International to strengthen regional business ties and dialogue with the government.' Hong Kong General Chamber of Commerce's chief executive Eden Woon Yi-teng, also the director-general of PBEC Hong Kong, believes the Pacific region is getting more and more important in terms of geopolitics and economics. 'PBEC Hong Kong members worked hard to win this bid, and we are very pleased that as the centre of gravity of geopolitics and economics shifts gradually from the Atlantic to the Pacific, PBEC will now use Hong Kong as the base not only to represent the views of PBEC to governments, international organisations and the public, but also to co-ordinate the business networking of its members across the vast Pacific basin,' he said. The council has been based in Hawaii since 1992. The decision to move came after a council board meeting that took place during the Asia-Pacific Economic Co-operation forum meetings in Bangkok.