HK General Chamber of Commerce is confident of city's economic outlook

ANDREW Brandler, chairman of the Hong Kong General Chamber of Commerce, has expressed confidence over the economic resilience of Hong Kong businesses at the body's Annual General Meeting.

"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," said Mr Brandler.

"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," he said. "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."

Mr Brandler expressed a positive outlook for the economy. "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."

On the economic performance of Hong Kong, David O'Rear, chief economist of the Chamber, said that the Hong Kong economy has returned to the level before the financial tsunami, but recovery was not yet solid.

"The 8.2 per cent growth in the first quarter was very strong, but only in comparison to the deep trouble we found ourselves in a year earlier."

Replacing outgoing Mr Brandler, Anthony Wu of Bauhinia Foundation Research Centre was elected chairman of HK General Chamber of Commerce for the coming year.

Succeeding Anthony Wu as deputy chairman is Sir CK Chow, chief executive officer, MTR Corporation Ltd.

At the AGM, members elected six members to fill the seats on the general committee, the governing body of the Chamber, who are required to step down this year but have confirmed their wish to stand for re-election, including Christopher Wai Chee Cheng, Stanley HC Hui, Ronald Lee, David TC Lie, Stephen Tin Hoi Ng and Anthony Wu.
(Source:www.schednet.com)