Overview of the Business Ready 2024 Report

The World Bank Group (WBG) has unveiled its highly anticipated Business Ready 2024 Report on October 3, and the results are nothing short of impressive—Hong Kong ranks among the top ten economies for business readiness out of 50 global economies evaluated. This pilot report sets out to analyze and compare the diverse business environments of participating economies across ten critical topics and three foundational pillars.

Hong Kong's Key Achievements

In this groundbreaking report, Hong Kong shines brightly, achieving the highest scores in three key categories: "International Trade" (90.77 points), "Business Entry" (85.49 points), and "Utility Services" (77.71 points). Remarkably, Hong Kong stands out by ranking fifth in "Operational Efficiency" with a noteworthy score of 78.52 points, reinforcing its position as a premier business nexus.

Government's Perspective

According to a government spokesperson, "The Report underscores Hong Kong's status as an international trading hub characterized by straightforward and transparent regulations governing business entry, along with a stable and efficient utility infrastructure." The findings highlight the minimal restrictions on international trade and the effective practices surrounding company registration, affirming Hong Kong's pivotal role as a 'super-connector' for businesses from around the globe, and emphasizing its importance in facilitating Mainland enterprises' international expansion.

International Rankings and Recognition

Moreover, Hong Kong's strong performance is echoed in various international rankings. The International Institute for Management Development's World Competitiveness Yearbook 2024, released in June, positioned Hong Kong fifth in the world while leading in sub-factors like "International Trade" and "Business Legislation." Notably, Hong Kong also took third place in the Global Financial Centres Index announced in September, and it was recognized as the best in the Asia-Pacific for its vast array of advantages, including a favorable business environment and skilled human capital.

Areas for Improvement

While the report paints a positive picture, it did not adequately capture several critical factors that enhance Hong Kong's business-friendly climate, such as the implementation of common law, strong rule of law, and gender equality protections. The government expressed plans to maintain a dialogue with the WBG to better articulate Hong Kong's comprehensive pro-business strategies and policies.

Future Plans

Looking ahead, the Hong Kong government plans to delve deeply into the findings of this report, collaborating closely with business sectors and other stakeholders to further enhance the territory's reputation as an ideal business environment. The aim is to fine-tune operational efficiencies and ensure Hong Kong continues to thrive as a magnet for international enterprises.

Community Engagement

Meanwhile, developments such as the commissioning of the To Kwa Wan Community Living Room, which aims to support local communities with essential services and facilities, emphasize the government's commitment to improving overall community welfare alongside fostering a robust business ecosystem. As Hong Kong navigates these dynamic changes, its position as a leading global business hub appears stronger than ever.

Conclusion

Stay tuned—Hong Kong's trajectory toward economic excellence is just beginning!