News Capsule

World's Freest Economy Again
The Heritage Freedom's Index of Economic Freedom report has again named Hong Kong's as the world's freest economy. The report ranked Hong Kong first in trade freedom, investment freedom, financial freedom and property rights. However, the Foundation also indicated that the Government of the Hong Kong Special Administrative Region should shorten the processing time for issuing licences and should not formulate any market intervention policies (such as setting minimum wage).


2006: Record Overseas Investment
Hong Kong's appeal to overseas companies remains strong, as evidenced by the fact that Invest Hong Kong assisted 246 overseas, Mainland and Taiwan companies to set up or expand operations in the city during 2006 – a growth of 6% over 2005. At the same time, Hong Kong maintained its leading position as the preferred destination for foreign direct investment (FDI). According to the “World Investment Report 2006” released by the United Nations Conference on Trade and Development (UNCTAD), Hong Kong remained the second largest FDI recipient in Asia, after the Mainland. FDI inflows to Hong Kong in 2005 reached C$39.6 billion. On a global scale, Hong Kong ranked 6th in FDI inflows in 2005. FDI inflows of C$35 billion during the first three quarters of 2006, some C$6.1 billion higher than the same period of 2005.

Moreover, the number of regional operations in Hong Kong also reached new highs in 2006, demonstrating that Hong Kong remains the preferred base in Asia for foreign companies to oversee their regional operations. As at 1 June, 2006, there were 3,845 companies that were regional headquarters and regional offices, 2,509 companies that were local offices in Hong Kong of companies incorporated outside Hong Kong. 


Records, Awards for Hong Kong International Airport
Hong Kong International Airport has been named the world’s best airport among facilities serving 40-million plus passengers annually in the 2008 Airport Service Quality Awards. The award comes on the heels of a period of significant growth for HKIA. Passenger and cargo throughput grew in 2006 by 9.1% and 5.2% over 2005, respectively, while aircraft movements rose 6.4%. Meanwhile, Lunar New Year activity in February 2007 set new records with passenger traffic reaching 3.63 million, up 10.8% over the corresponding period last year. The impact of this traffic has registered in tourism spending, which grew by 12.7% in 2006 to a record high of C$!8.1 billion.


Delcan Wins Kowloon ATC Contract
Delcan has contracted with the Transport Department Hong Kong SAR to provide consultant services for the Kowloon Area Traffic Control (ATC) Project. This involves replacing existing ATC systems and associated traffic signal controllers for most of the Kowloon Peninsula, as well as expanding the new ATC system to cover traffic signals in Tsueng Kwan O. 

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