Foreign Investments Swell in HK despite SARS Outbreak

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Last updated at: (Beijing Time) Wednesday, June 25, 2003

Foreign Investments Swell in HK despite SARS Outbreak

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The continued influx of foreign direct investment has reaffirmed Hong Kong's position as a major business hub in the region, Chief Executive of the Hong Kong Special Administrative Region Tung Chee Hwa said here Tuesday.

Hosting a reception at the Government House Tuesday night, Tung thanked about 100 new foreign and mainland companies for their support to Hong Kong, who have either set up operations or increased their overall investment in Hong Kong between last July and June this year.

Investors' move is also a great vote of confidence in Hong Kong, Tung noted.

This has demonstrated the city's sound economic fundamentals despite the SARS outbreak, he added.

Tung pointed out that the Chinese mainland's rapid growth and development, in particular in the Pearl River Delta, and the Closer Economic Partnership Arrangement, which is timed to be signed at the end of June, will offer more opportunities.

Director-General of Invest Hong Kong Mike Rowse noted that Hong Kong's sophisticated infrastructure, dedicated and well-trained workforce, as well as transparent and business-friendly regulatory environment will make the city an attractive destination for foreign direct investment.

In the past 12 months, some 135 external investors have set up offices or substantially expanded their presence in Hong Kong, no fewer than 70 of them in the first five months of this year alone.

Even in April and May when Hong Kong was hit by SARS, it attracted a total of 24 external investors.

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