The SAR has climbed two places in the International Institute for Management Development’s World Competitiveness Yearbook since last year, with Hong Kong returning to the top three for the first time since 2019.
The ranking takes into account criteria including economic performance, government efficiency, business efficiency and infrastructure.
“The World Competitiveness Yearbook also affirms the excellent business environment and condition in Hong Kong that shows that we have advantages,” Lee said ahead of this week’s Executive Council meeting.
“We have the rule of law. We have an independent judiciary. We have a simple and low taxation system. We have a highly transparent and efficient market. We have a stable financial sector and we have various business-friendly measures and environment. And then there is free flow of information, people, goods, capital and so on. These are all recognised by the business sector.”
The SAR was ranked second for government efficiency, with Lee saying this shows his administration is improving people’s livelihoods.
Switzerland claimed the top spot in the ranking, with Singapore in second place.
