Hong Kong experience shows business can be done without corruption, says ICAC Commissioner
2013-10-17
The Hong Kong experience of successful transition from a hotbed of corruption to a clean place to do business proves that business can be done without corruption, said ICAC Commissioner Simon Peh Yun-lu today (Thursday).
Addressing over 200 local and expatriate businessmen at the “Austria Connect Greater China 2013 –'96 Conference & Forum” in Hong Kong, Mr Peh noted that with staunch support from the general public and the business community in ICAC’s anti-corruption work, Hong Kong was able to sustain a clean and level-playing field which helped attract foreign investments and enhance its competitive edge.
The ICAC Commissioner believed that a corruption-free environment was one of the major considerations for over 3,600 overseas companies in choosing Hong Kong as a place for their regional headquarters or offices.
“A society that tolerates corruption has to face the consequence of impaired economic development as it inflates cost, undermines competition and discourages investment,” Mr Peh told the conference.
Mr Peh also cited a study of the World Bank which estimated the cost of corruption to be more than 5 per cent of global GDP, including over one trillion US dollars paid in bribes each year. It also increased the cost of doing business globally by up to 1 0 per cent on average.
On the local corruption scene, Mr Peh noted that in the first six months of this year, the number of corruption reports had registered a significant drop which could be attributed to the public’s heightened awareness towards corruption, though there was not yet a conclusion.
He further remarked that the recent prosecutions of a former senior government official and businessmen for alleged misconduct in public office and conspiracy to offer advantages demonstrated the ICAC’s zero tolerance towards corruption.
“It also bears testimony that the ICAC always pursues every corruption case impartially in strict accordance with the law, regardless of the background, status and position of the people involved.”
The two-day conference, organised by the Austrian Trade Commission Hong Kong, was attended by businessmen, professionals and government officials from Austria, Hong Kong and the Mainland.
Also addressing the conference were Dr Irene Giner-Reichi, Austrian Ambassador to People’s Republic of China; Dr Christoph Matznetter, Vice-President of Austrian Federal Economic Chamber; Dr Walter Koren, Chief Executive Officer, Advantage Austria; and Mr Martin Kreutner, Dean of the International Anti-Corruption Academy.
Financial Secretary John C. Tsang also delivered a keynote speech at the conference today on “Hong Kong, Austria’s Gateway to China”.
Addressing over 200 local and expatriate businessmen at the “Austria Connect Greater China 2013 –'96 Conference & Forum” in Hong Kong, Mr Peh noted that with staunch support from the general public and the business community in ICAC’s anti-corruption work, Hong Kong was able to sustain a clean and level-playing field which helped attract foreign investments and enhance its competitive edge.
The ICAC Commissioner believed that a corruption-free environment was one of the major considerations for over 3,600 overseas companies in choosing Hong Kong as a place for their regional headquarters or offices.
“A society that tolerates corruption has to face the consequence of impaired economic development as it inflates cost, undermines competition and discourages investment,” Mr Peh told the conference.
Mr Peh also cited a study of the World Bank which estimated the cost of corruption to be more than 5 per cent of global GDP, including over one trillion US dollars paid in bribes each year. It also increased the cost of doing business globally by up to 1 0 per cent on average.
On the local corruption scene, Mr Peh noted that in the first six months of this year, the number of corruption reports had registered a significant drop which could be attributed to the public’s heightened awareness towards corruption, though there was not yet a conclusion.
He further remarked that the recent prosecutions of a former senior government official and businessmen for alleged misconduct in public office and conspiracy to offer advantages demonstrated the ICAC’s zero tolerance towards corruption.
“It also bears testimony that the ICAC always pursues every corruption case impartially in strict accordance with the law, regardless of the background, status and position of the people involved.”
The two-day conference, organised by the Austrian Trade Commission Hong Kong, was attended by businessmen, professionals and government officials from Austria, Hong Kong and the Mainland.
Also addressing the conference were Dr Irene Giner-Reichi, Austrian Ambassador to People’s Republic of China; Dr Christoph Matznetter, Vice-President of Austrian Federal Economic Chamber; Dr Walter Koren, Chief Executive Officer, Advantage Austria; and Mr Martin Kreutner, Dean of the International Anti-Corruption Academy.
Financial Secretary John C. Tsang also delivered a keynote speech at the conference today on “Hong Kong, Austria’s Gateway to China”.