HK A TOP PLACE TO DO BUSINESS

Hong Kong is among the top 10 performers of 50 economies covered in the first Business Ready 2024 Report published by the World Bank Group (WBG) today, the Government said today.

In a statement, the Government said the WBG Report has given recognition to Hong Kong as an international trading centre with simple and clear regulations in business entry as well as stable and efficient utility infrastructure.

The report, which is pilot in nature, compares the overall performance of economies in terms of their business environment under 10 topics and three pillars.

For Hong Kong, the three topics with the highest score are: "International Trade" (90.77 points), "Business Entry" (85.49 points) and "Utility Services" (77.71 points). Among the three pillars, it ranks fifth in "Operational Efficiency" with a score of 78.52 points.

The Government said the report highlights that Hong Kong has few restrictions on international trade in services and implements good practices in terms of information provision and regulations relating to company registration.

It fully illustrates Hong Kong's role as a super-connector and a super value-adder, and as a two-way door in attracting overseas enterprises and assisting Mainland enterprises to “go global”, it added.

Noting that the report has not reflected some of Hong Kong’s elements conducive to a friendly business environment such as implementing common law, a robust rule of law and safeguarding gender equality, the Government said it will maintain close communication with the WBG to explain comprehensively the city's situation, and its policies and measures that facilitate the business environment.

It will also proactively provide feedback for the WBG to improve the methodology and approach of the report.

The Government will conduct in-depth studies on the report and work closely with the business sector and other stakeholders to create a more business-friendly and efficient environment for Hong Kong, the statement added.

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