For Immediate Release
Mr Andrew Brandler, Chairman of the Hong Kong General Chamber of Commerce, has expressed confidence in the economic resilience of Hong Kong businesses, when he chaired the last Annual General Meeting under his leadership.
“The past 150 years since the founding of the Chamber have provided us with a rock solid foundation on which to build - to coin a phrase, Hong Kong is no barren rock,” said Mr Brandler, “As I step down from the Chairmanship after this AGM, and as I hand over the chair to my successor, I feel comforted about the healthy prospects for the future both for Hong Kong and for our Chamber.”
“While the most recent data suggest that we are unlikely to see a global double-dip recession, the recent turmoil in the sovereign debt markets of Europe and with the Euro reminds us that surprises and shocks may still be lurking around the corner,” said Mr Brandler, “But in Asia and most particularly in Hong Kong, our strong institutions and commitment to open and fair commerce permitted us to stand against the worst economic and financial upheaval in many decades.”
He held positive outlook on the economy and faith in business community’s resilience in a highly globalized world. “As the global economic centre of gravity shifts from West to East, we should not think of ourselves as threatened with imminent displacement as the best business and financial centre in Asia. Indeed, Hong Kong stands out more significantly than ever among the handful of truly global commercial centres.” said Mr Brandler.
Chamber CEO Alex Fong revealed that the Chamber has launched a revamped website as the chamber starts the countdown for their 150th anniversary celebration.
“While we are proud of our history in the past, we are keen on engaging the younger generation more effectively through the virtual world ,” said Mr Fong, “The new website represents our effort to add value to our membership which includes not only the established businessmen, but also the growing generation of young business elites.”
“We will also display a countdown clock in the Chamber, to remind ourselves that the Chamber takes pride in having evolved to become the most local of the international chambers and the most international of the local chambers over these years, as we begin the countdown to celebrate our 150th anniversary in May 2011,” said Mr Fong.
On the economic performance of Hong Kong, Mr David O’Rear, Chief Economist of the Chamber, remarked that the Hong Kong economy has returned to the level before the financial tsunami but recovery was not yet solid. “The 8.2% growth in the first quarter was very strong, but only in comparison to the deep trouble we found ourselves in a year earlier."
He indicated that the employment market has not yet totally recovered. “Hong Kong’s jobs front is not giving great reasons for joy. Although the headline unemployment rate is down to 4.4% in recent months, we’re not creating more jobs. This year, the total number of people employed is still below the same 2009 level, and under-employment is up 1.3%,” said Mr O’Rear. He suggested that several months of insight are needed to see if Europe’s debt crisis might foil the global recovering market.
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