HK attracts nearly 36 billion U.S. dollars in FDI in 2005

A United Nations' report shows Hong Kong attracted 35.9 billion U.S. dollars in foreign direct investment (FDI) in 2005, up 5.6 percent over a year earlier.

It makes Hong Kong the second-largest FDI destination in Asia following the Chinese Mainland, which amassed 72.4 billion U.S. dollars.

According to the UN's World Investment Report 2006, the FDI that flowed into Hong Kong was greater than the combined total for Singapore (20.1 billion U.S. dollars), South Korea (7.2 billion U. S. dollars) and India (6.6 billion U.S. dollars).

Invest Hong Kong's Director-General of Investment Promotion Mike Rowse said on Tuesday it is encouraging to see that Hong Kong continues to be a major destination for FDI globally.

"The results reflect Hong Kong's unique position as the two-way platform for overseas investors accessing the Mainland and the rest of the region - and for Mainland companies to expand in the international markets," he said.

"Beyond the numbers, many of these companies are bringing new skills, products and services and job opportunities that contribute substantially to our economic development and competitiveness," Rowse said.

According to the report, Hong Kong ranked 6th in FDI inflows on a global scale in 2005, and continued to be classified as one of the "front-runner" economies.

The city also led all Asian economies, ranking 4th globally in terms of inward FDI stock last year, with 533 billion U.S. dollars.

HK Census and Statistics Department's latest figures showed that Hong Kong's inward FDI in the first half this year amounted to 20.66 billion U.S. dollars.

Source: Xinhua