Offshore News: January 2008
18.01.2008 In its 2008 Index of Economic Freedom study, the Heritage Foundation has ranked Hong Kong as the world's freest economy for the 14th consecutive year. The study reveals that Hong Kong scores exceptionally well in nearly all areas of economic freedom. Hong Kong was ranked 1st in trade freedom, financial freedom, investment freedom, and property rights. It also appears in the top 10 in another 4 areas - fiscal freedom, monetary freedom, government size, and labour freedom.
15.01.2008 A Memorandum of Understanding (MOU) has been signed between Hong Kong and Canada. On January 11, 2008, Secretary for Commerce and Economic Development of the Hong Kong Special Administrative Region, Frederick Ma, and Canadian Minister of International Trade, David Emerson, announced signing a MOU on investment promotion co-operation. Emerson said that it is important for Canada to enhance commercial relations with Hong Kong and that Canada recognises the benefit of increasing 2-way investment between the economies. He also added that an international financial centre of Hong Kong is ranked 3rd among Canadian investment destinations in Asia. It is worth mentioning that the Memorandum will help identify strategic investments from Hong Kong into smaller Canadian companies that are seeking capital and local market expertise to launch business opportunities into Mainland China.
02.01.2008 According to the World Bank's predictions, Latin America and the Caribbean's economy is expected to grow about 5.1% in 2008. It should be noted that the growth forecast is slightly higher than previously? As in 2007 the bank predicted 4.8% growth forecast. However, the World Bank predicts growth coming down slightly in 2008 because of the stabilization of commodity prices and the impact of the United States' economic slowdown. World Bank Vice President for Latin America and the Caribbean, Pamela Cox said that, in order to compete better globally against regions like Asia or Eastern Europe, the Caribbean and Latin America should reduce the cost of doing business in the region, invest in improving the quality of research, development, innovation and education.
