No.6  June, 2010  
  Foreign investment inflow benefits Hong Kong  
  Hong Kong stands to benefit from the flow of investment which has shifted towards Asia, according to the Chief Executive of the Special Administrative Region, Mr Donald Tsang.

With the shift magnified by the credit crunch and the global financial crisis, Mr Tsang said Hong Kong was strongly committed to capitalising on this development and enhancing the city's competitiveness through a raft of initiatives.

At a recent official reception to thank foreign investors for their continuing support for Hong Kong, Mr Tsang outlined Hong Kong’s competitive edge as a business destination above other regional centres.
  "These include the growing network of double taxation agreements, the Renminbi Trade Settlement scheme, and the development of six new growth industries where Hong Kong has clear advantages."

He said Hong Kong's economy expanded at its fastest pace in four years in the first quarter of 2010 with GDP growing 8.2% year-on-year.

"It was the fourth consecutive quarterly rise and above economists' expectations, Mr Tsang said.

"This positive news is being reflected at Invest Hong Kong where the department continues to exceed its previous years' targets for completed investment projects. This year it is again on track to beat its target of 270 projects."

Hong Kong’s Director-General of Investment Promotion Simon Galpin said InvestHK had helped 178 foreign companies to set up or expand their operations in Hong Kong in the first half of 2010.

He thanked the past year's investors for creating 1,980 new job opportunities within the first year of their operation or expansion in Hong Kong.

"In terms of geographical distribution, in the first half of 2010 the number of completed investment projects from Asia Pacific accounted for 39%, those from Europe for 31% and North America 24%," Mr Galpin said.

“To support future potential growth from BRIC markets, we have hired additional consultants in India and Russia."
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