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| World's freest economy draws record foreign business ventures ( 01/02/2006 ) | |||||||||
The 2006 Index of Economic Freedom Study found that out of 161 economies worldwide, Hong Kong ranked first in six broad factors, namely trade, monetary policy, foreign investment, banking, finance, property rights, and regulation. Hong Kong also had one of its best years for attracting foreign companies to set up operations in the city, with investors putting in nearly HK$9 billion (US$1.15 million) last year. Invest Hong Kong, the government's investment promotion arm, assisted 232 foreign companies to establish or expand their presence in Hong Kong in 2005, a rise of 13 per cent compared to 2004, itself a record year. Invest Hong Kong's director-general Mike Rowse noted that foreign investments were made in different sectors including consumer products, sourcing, financial services, tourism, IT, multimedia, professional services, transportation and manufacturing. Global giants move in
Mr Rowse is confident that 2006 will be another year of growth for investment promotion in Hong Kong. "We are targeting to assist between 240 and 250 companies this year. The target is challenging but we are confident." Upbeat sentiments were also reflected in the recent Business Outlook Survey conducted by the American Chamber of Commerce (AmCham) in Hong Kong. The ACNielsen survey found an overwhelming majority of AmCham member companies strongly believe in the strength of Hong Kong's economy and business environment conditions, with the majority planning for growth for the next three years. "The positive feedback can be credited to Hong Kong's ability to provide an excellent platform for conducting business and a world-class commercial hub for the region," the survey noted. Banking sector strong Hong Kong's banking system was in good condition in 2005 and will continue to show healthy growth despite keen competition and an uncertain interest rate environment, said Monetary Authority (HKMA) Deputy Chief William Ryback. He expects interest margins to continue to do well and their earnings in the first half of this year to show "reasonable growth" given the strong underlying economy. Other positive indicators included record figures for passenger throughput, aircraft movements and cargo at Hong Kong International Airport (HKIA) last year. Due to a surge in transit passengers and visitors, passenger throughput rose nearly 10 per cent to 40.74 million in 2005 when compared to 2004. Robust demand for intra-regional trade and trade with the US and Europe saw cargo rising 9.9 per cent over 2004 to 3.4 million tonnes, while aircraft movements rose 11 per cent to more than 263,400. Related links
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