The annual Outstanding 50 Asian Americans in Business awards, sponsored by the Asian American Business Development Center, gathered over 500 attendees to congratulate award winners at Cipriani Wall Street restaurant in New York City on June 19,. Larry Lee, president and executive editor of China Daily USA, was among the entrepreneurs and executives. [Stephen Smith for China Daily]

The 2012 Outstanding 50 Asian Americans in Business awards honored top entrepreneurs, corporate executives and business professionals of Asian heritage for their contribution to the economy of the New York metropolitan area.

Since 2001, the annual event — held this year at Cipriani Wall Street restaurant on June 19 — has recognized over 500 individuals from Asian-American ethnicities. John Wang, president of the Asian American Business Development Center, which organizes the awards event, said the organization will continue to provide services and strategic advice to those engaged in a variety of business interests.

"Over the years, we have built up a tremendous network for successful businesspeople who represent over 50 industries and businesses, and they have made great support to local economic development," he said.

In addition to the 50 recipients, two business professionals are honored annually with the Lifetime Achievement Award and the Pinnacle Award. The latter is presented to a business leader who has reached the peak of a professional career and is acknowledged as a leader in his or her field.

The 2012 Pinnacle Award went to Dinesh Paliwal, chairman and CEO of Harman International Industries Inc, which makes high-end audio equipment. The Lifetime Achievement Award was presented to Norman Mineta, a former US congressman who later served as commerce secretary and transportation secretary under two different presidents and is currently an executive with public relations firm Hill & Knowlton.

Business professionals of Chinese heritage also were recognized at the New York ceremony, including Larry Lee, president of China Daily USA. Besides his achievements in the media industry, he led a first-of-its-kind shareholding reform at China Insurance Media Co in 2005. Yijun Tan, CEO of China Telecom Americas Corp, led the company's expansion into North and South America with products and services linking the Western Hemisphere to carriers and business customers in Asia.

Sun Guoxiang, China's consul general in New York, said that as more entrepreneurs of Chinese descent are recognized, more of their peers will be encouraged to invest in the US.

"As the economy has grown in China and the US over the past few years, there has been an increasing number of Chinese businesses that are seeking opportunities to invest in the US," Sun said. "This will encourage more Chinese [or Chinese-American] entrepreneurs to become successful in the US.

"Opportunities come with challenges," he added. "It's never easy for a Chinese company to establish a presence in the US, but I believe that as the global economy and the US economy continue to recover, these businesses will have greater chances for success."

Contact the writer at liuyuhan11@chinadailyusa.com