Hong Kong amongst best economies for international business

It excelled particularly in international trade, business entry, and utility services.

The World Bank Group (WBG) has named Hong Kong one of the top 10 economies in its Business Ready 2024 Report.

The Hong Kong government hailed the report as an affirmation of the city’s standing as an international trading hub, citing its clear regulations for business entry and stable, efficient utility infrastructure.

In a statement, the government emphasised the report’s findings, which assess the overall business environment across 10 topics and three pillars. Hong Kong excelled particularly in "International Trade" (90.77 points), "Business Entry" (85.49 points), and "Utility Services" (77.71 points). The city also ranked fifth in "Operational Efficiency," achieving a score of 78.52 points.

The WBG noted Hong Kong's few restrictions on international trade in services and its effective company registration practices. This recognition underscores Hong Kong's role as a "super-connector" and facilitator for overseas enterprises, aiding Mainland companies in their global endeavors.

The Hong Kong government acknowledged that the report does not fully capture elements that contribute to its favorable business environment, such as common law, strong rule of law, and gender equality initiatives. It plans to engage with the WBG to clarify these aspects and improve future assessments.

It said that it will also analyse the report's findings and collaborate with business stakeholders to enhance the city's business-friendly environment.