Hong Kong has climbed two spots to rank 5th in the 2024 World Competitiveness Ranking (WCR) by the International Institute for Management Development (IMD).
The ranking also sees Hong Kong taking the top spot in the categories of ‘international trade’ and ‘business regulations’.
Paul Chan Mo-po, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR), stated that Hong Kong’s economy remains stable and improving despite external challenges. In the first quarter of this year, Hong Kong’s economy grew by 2.7 percent, with the export sector showing strong performance.
For the record, the region’s goods exports continued to recover in the first quarter with a year-on-year increase of 6.8 percent. The retail sector also saw moderate growth, driven by a continuous rise in visitor numbers.
Paul Chan explained that as a ‘connector’ between the Mainland and the world, Hong Kong has unique advantages in enhancing international trade and investment, and promoting the sustainability of global supply chains.
Meanwhile, Sun Dong, Secretary for Innovation, Technology and Industry of the HKSAR, said that with strong capabilities in basic scientific research, Hong Kong has the potential to become a global research and development (R&D) hub.
According to him, there are many technology startups based in Hong Kong, and they have the potential to grow into world-class companies through the development of R&D centers.
