Chief Executive Donald Tsang
During the past 12 months, Invest Hong Kong has been celebrating its 10th anniversary. Since Invest Hong Kong was established in July 2000, the number of new investors has reached a record high year after year.
Last year alone, Invest Hong Kong assisted 284 new completed investment projects. That's an average of more than five new completed overseas investments every week.
Director-General of Investment Promotion Simon Galpin assures me that 2011 is shaping up to be yet another record year. Moreover, the pipeline of potential future projects is extremely healthy.
I should emphasise that Hong Kong today is significantly different to what it was in 2000. Over the past decade, the value of our trade in goods and services has grown by 104%. Air cargo is up 153%. Port cargo by 36%. The capitalisation of our stock market has increased more than four-fold.
Renminbi deposits, which did not exist in Hong Kong in 2000, now exceed RMB510 billion - or US$65 billion - according to the Hong Kong Monetary Authority. Even after the recent global financial tsunami, the Hang Seng Index is 53% ahead of its 2000 level.
Visitor numbers treble
The number of visitors to our city has almost trebled in the past decade. The number of
foreign-owned regional operations has grown by over 21%. Indeed, many of you represent companies with regional operations based in Hong Kong.
All these are important accomplishments that have added to Invest Hong Kong's 10th anniversary celebrations.
While much has changed, other key aspects of Hong Kong have remained the same. These include our common law legal system underpinned by an independent judiciary, zero tolerance of corruption, freely convertible currency, low tax regime, free flow of information and liberal immigration policies.
Secure base
We are committed to maintaining these business-friendly advantages. They provide a familiar and secure base for businesses from all over the world.
Importantly, Hong Kong is not just an ideal base for overseas companies to access opportunities in Mainland China; we also serve as a launch pad for Mainland companies to go global.
Our free market and international business environment provide the perfect platform for Mainland companies wishing to test the waters in international markets - and do business with companies like yours.
The number of such Mainland companies is ever-increasing. In 2000, Invest Hong Kong did not have any Mainland clients. Last year Mainland China was the biggest source of investment projects for Invest Hong Kong, followed closely by the US and Britain.
FDI magnet
I am delighted that the number of overseas and Mainland-owned regional operations here continues to grow. I am also proud of our record of attracting foreign direct investment, or FDI. A staggering $535 billion worth of FDI was invested here last year. That is according to the Census & Statistics Department. It represents a 32% increase over 2009.
On the one hand Hong Kong has successfully preserved its strengths as an international business and financial centre. At the same time, we are a small and agile city, flexible enough to respond to new opportunities in a rapidly changing world.
We deeply appreciate your vote of confidence in Hong Kong. I can assure you it is well placed. We also look forward to your presence here enriching our society through your talent, your passion, your ideas and of course your investment.
Chief Executive Donald Tsang gave these remarks at the annual Invest Hong Kong reception for new investors.
