Hong Kong Chosen as Best to do Business by World Bank
A recent World Bank Group (WBG) report put Hong Kong among the top ten places for business. The first of its kind, the Business Ready 2024 Report by WBG covered 50 economies. It applauded Hong Kong’s transparent business entry laws and stable and efficient utility infrastructure.
Key Strengths of Hong Kong’s Business Environment
There were ten topics and three pillars as areas of concern relating to the overall economic performance of business environments. For Hong Kong, the three highest-scoring topics are “International Trade” (90.77 points), “Business Entry” (85.49 points), and “Utility Services” (77.71 points). Hong Kong ranks fifth among the three “Operational Efficiency” pillars with 78.52 points.
The Report further highlights why Hong Kong is a preferred place for business as it has minimal restrictions on international trade in services and follows best practices within the context of information provision and company registration regulations. Additionally, the region is depicted as a super-connector and value-adder in assisting both Mainland enterprises to go global and attracting foreign businesses to establish their footing in the region.
Areas for Improvement and Excluded Factors
However, specific components that support a favourable business climate in Hong Kong were excluded from the Report. They are, among others, implementing common law, robust rule of law and preserving gender equality. Following the matter, the government will provide further details about Hong Kong’s situation, including the various policies and measures to facilitate the business ecosystem for WBG.
Future Initiatives for Enhancing Business Efficiency
To build a more efficient business-conducive environment in Hong Kong, the government will examine the Report further and work with the business sectors and stakeholders to ensure that Hong Kong remains the preferred place for business.
