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Hong Kong is the hub of Asia in every sense. It is Asia’s most international city: a vibrant, cosmopolitan community where East meets West. This produces a creative and dynamic business culture and an ideal environment for international investors interested in expanding into Asia.
Hong Kong is a leading global and regional centre for business and finance. It is the chosen base for more than 3200 regional headquarters and regional offices representing companies from around the world. In 2003, the number of regional headquarters increased to 966, an all-time high. Hong Kong is also the second largest recipient of FDI in Asia after mainland China.
Invest Hong Kong is the government department set up to spearhead Hong Kong’s efforts to attract inward investment. It provides assistance to corporations and individuals looking for direct investment opportunities in Hong Kong. The agency’s sector specialists guide potential investors through all stages of the investment process. Their business expertise includes financial services, business and professional services, IT, media/multimedia, technology (especially electronics and biotechnology), telecommunications, tourism and entertainment, trade-related services and transportation.
ECONOMIC INFORMATION
Population - 6.8m
Population growth - 0.75%
GDP (current US$) - $161.53bn (2002)
GDP per capita - $23,849
GDP per capita on a purchasing price parity basis - $24,646
GDP growth - 2.26% (2002)
Industrial production growth - -9.7%
Inflation (12-month average) - -3.0% (2002)
Exports of goods and services as % of GDP - 152.4%
Top 3 export markets - China, US, Japan
Local currency (change vs. US$ Jan 1-Nov 26, 2003) - Dollar (0.4%)
WEF Growth Competitiveness ranking * - 24/102
WEF Business Competitiveness ranking ** - 19/95
Local industries - Textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks
Languages - Chinese (Cantonese) and English (official)
GOVERNANCE
World Bank Governance Matters III ***
Political stability - 1.03
Government effectiveness - 1.44
Regulatory quality - 1.5
Rule of law - 1.3
Control of corruption - 1.52
Economic Freedom ranking - 1/165
UN Human Development Index ranking - 26/175
FDI INFORMATION
Region - Peoples Republic of China
No.of projects (Jan-Sep 2003) - 124
Market-share of projects in the region - 7.5%
Value of projects relative to GNP - 71.3%
Top 3 destination sectors - IT & Software, Financial Services, Consumer Products
Top 3 source countries - USA, UK, Germany
Top 3 investors - Hotels.com, Walt Disney, Microsoft
IPA
Name - Invest Hong Kong
Web address - www.investhk.gov.hk
Telephone +852 3107 1000
* World Economic Forum Growth Competitiveness Ranking assesses an economy’s ability to grow consistently
** World Economic Forum Business Competitiveness Ranking assesses the microeconomic factors that contribute to economic growth
*** The score given is a deviation from the global mean score of zero. Ranged between –2.5 and +2.5, the higher the score, the better the performance
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