Macau shares the honour for being the city with the “Best Economic Potential” with Seoul, an award given by a Financial Times magazine.
The London-based fDi magazine (Foreign Direct Investment) pointed out that Macau¡¦s GDP was USD 10.7 billion in 2004 with a growth rate of an “astounding” 28%.
Macau has attracted USD 263 million in foreign direct investment inflows in 2003.
The magazine also pointed out that the World Trade Organisation once praised Macau for operating “one of the most open trade and investment regimes in the world”.
The award was announced in December 2005, and David East, Publisher of the magazine, presented the award to the Macau Trade and Investment Promotion Institute.
David East told the Macau Government's Information Bureau that following the strong economic performance of Macau, where it faces the world and with mainland China as its hinterland, in combination of free port policy and good business environment, it has successfully attracted foreign investors to set up businesses in Macau.
The inauguration of new casinos and hotels has stimulated other sectors “to perform well”, a criteria which won the approval of the panel to present Macau with the honour, East indicated.
In the same set of awards, Hong Kong was awarded “Asian City of the Future”, the highest honour; and the Tamil Nadu region in India was awarded “Asian Region of the Future”. The Chugoku region in Japan was awarded the Asian region with the “Best Economic Potential”.
Additional awards include cost effectiveness, human resources, transport, IT and telecoms, quality of life, and FDI potential. Hong Kong scooped the winner award for transport, IT and telecoms, quality of life and FDI potential.
According to fDi information, the search for the Asian Cities & Regions of the Future was begun in spring 2005, when investment promotion agencies, development authorities and national and regional governments were invited to return questionnaires giving detailed reasons why their locations should be chosen for an award.
A panel of judges, consisted of executives from firms in China, Singapore and Hong Kong, examined applications from the more than 60 cities and regions that entered the competition. A total of 34 criteria indicators were used to judge which locations offer investors the best deal.
In the note of categories and criteria, fDi admitted that the information was provided from government sources, and “it had not been possible to verify all figures provided by government agencies”.