Hosting the Olympics of the telecom industry, ITU (International Telecommunication Union) Telecom World, will bring not only tremendous economic benefit to Hong Kong and the Chinese mainland, but also new business opportunities, Hong Kong Chief Executive Donald Tsang said Sunday.

 

Speaking at the opening ceremony of the ITU Telecom World 2006,Tsang said it is a great honor to Hong Kong because this is the first Telecom World ever held outside Geneva. It underlines Hong Kong's unique position as a global hub for information and communication technology (ICT) and reinforces its position as an international events capital, a leading digital city, and Asia's World City.

 

Though small in size, Hong Kong is the 11th largest trading economy in the world, as well as an international financial and logistics hub, Tsang said. Broadband networks cover virtually all commercial and residential buildings in Hong Kong, with a household penetration rate of 67 percent. Three-quarters of those families can choose between two or more broadband networks. Meanwhile, the 3G broadband mobile networks are being upgraded to 3.5G standard.

 

He said Hong Kong's advantages on the digital front are magnified by its unique position as the premier gateway to the Chinese mainland, the world's largest ICT market.

 

Situated at the doorstep of the mainland, Hong Kong possesses plenty of management talent with intimate knowledge of the language and business culture there. With the reliable, high-capacity telecommunications connections between Hong Kong and the mainland, setting up regional operations in Hong Kong is the logical first step to entering the mainland market.

 

So far, over 3,800 overseas companies have done so, and the number is growing steadily.

 

"We are strong in innovative applications. ICT products and services using new technology command a keen following in Hong Kong. We welcome investors from all over the world to participate in our ICT market," he said.

 

(Xinhua News Agency December 4, 2006)