Press Office |
|
Sydney Ranks Ahead of Melbourne as a Global Centre of Commerce, According to MasterCard Worldwide Research
Sydney Scores High in Ease of Doing Business Sydney, June 9, 2008 – According to the 2008 MasterCard Worldwide Centres of Commerce Index™, Sydney ranks #5 in the Asia/Pacific, Middle East and Africa region and #12 in the world, ahead of Los Angeles, Shanghai and Zurich. “Sydney has demonstrated its presence both as a global economic player and as a place that helps entrepreneurs succeed,” said Leigh Clapham, executive vice president, Australasia, MasterCard Worldwide. Home to the Australian Stock Exchange, Reserve Bank of Australia and the Australian Futures Exchange, Sydney has also ranked above Melbourne -- which was placed #9 across the Asia/Pacific, Middle East and Africa region and #41 in the world – reaffirming Sydney’s position as a financial hub. “Overall, Sydney has ranked very well in this year’s MasterCard Worldwide Centres of Commerce Index, achieving a higher ranking overall than some of the world’s more established cities,” added Clapham. Sydney performed particularly well, showing strength in areas such as financial flow, ease of doing business and livability. Sydney Chamber of Commerce executive director, Patricia Forsythe has also commended Sydney’s achievements in the Index. Regionally, Sydney and Melbourne’s performances in the Index are the result of a renaissance of economic growth currently being experienced throughout Asia. “This year’s study highlights the emergence of cities in the Asia/Pacific. Apart from the continued impressive performance of Tokyo, Singapore, Hong Kong and Seoul; many other Asian cities have gained in this year’s Worldwide Centers of Commerce ranking. Underpinning the dynamism of the Asia/Pacific region is the continuation of the rise of China and India in spite of increasing global economic volatility; amounting to a power shift that moves the center of gravity towards Asia. This has placed Australia in a strong position as a business partner, investor, and resource producer for Asia/Pacific to rise with a waxing tide. A direct consequence of this development is the strong showing of Sydney in the Worldwide Centers of Commerce Index,” said Dr. Yuwa Hedrick-Wong, Economic Advisor for MasterCard Worldwide, Asia/Pacific. The Index, developed by a panel of leading economic, urban development and social-science experts, lists and ranks the top 75 Centers of Commerce based on seven measurement dimensions consisting of 43 indicators and 74 sub-indicators for each city. The Index places London first, followed by New York, Tokyo, Singapore and Chicago in the top five. Completing the top ten cities are Hong Kong, Paris, Frankfurt, Seoul and Amsterdam. The full report is available at www.mastercardworldwide.com/insights. Key Findings
Asia Eight Asian cities assume positions in the top 25 Centers of Commerce. Tokyo, Singapore, Seoul, Sydney, Hong Kong, Osaka, Taipei and Shanghai rank among the top 25 Centers of Commerce, confirming Asia’s prominent role in the global economy. Tokyo remains the top city in Asia. Differentiated by its strength in knowledge creation and information flow, Tokyo also ranks top in Asia for livability. Shanghai jumps eight spots to secure its place among leading global cities. Shanghai (#24), among the world’s most populous and fastest-growing cities, moves into the top 25 from #32 in 2007, reclaiming its historical stronghold as the hub of commerce in China and the gateway to Asia. Bolstered by its economic stability, its legal and political framework, an increased quality of life and China’s booming economy, Shanghai demonstrates its importance to both Chinese and Asian economies as a global growth center. Singapore beats traditional rival Hong Kong. Singapore (#4) ranks ahead of Hong Kong (#6) in this year's Index, trumping its traditional rival in most of the dimensions. While Hong Kong retains its stronghold as a business center, Singapore shines as a financial hub and is recognized for its ease of doing business, economic stability, legal and political framework and livability. All four "Asian Tigers" continue their roar in the global economy. This year, Taipei joins the other three "Asian Tigers" - Singapore, Hong Kong and Seoul - as a key Center of Commerce. Singapore leads the pack at #4 while Hong Kong and Seoul remain among the top 10 global cities. Taipei is placed at #22. All four tigers rank well in the financial as well as knowledge creation and information flow dimensions. China shines. China continues to cement its growing regional importance with five cities represented in the Index. This is almost one-fifth of the Asian cities included in the Index. Shanghai leads the way at #24, followed by Beijing #57, Shenzhen #60, Chengdu #72 and Chongqing #73. This is the largest representation of cities from one country within the Asia/Pacific, Middle East and Africa grouping.
Europe
London maintains its stronghold as the number one Center of Commerce. With a strong and secure economy, vibrant financial markets and a legal and political framework that supports high levels of international trade, London again secures the top spot in the Centers of Commerce Index in 2008. The city significantly outperforms its rivals in most dimensions, with livability as the most prominent area for improvement when compared to other top cities. Madrid continues to be a financial leader, rising to the top five Centers of Commerce in Europe. Madrid continues its upward trajectory as a key European city, rising from its 2007 spot at #16 to #11 globally and from #6 to the #5 spot in Europe. Madrid’s stable GDP, exchange rate and strong bond market, coupled with a high standard of living, place this city in the company of Europe’s most prominent cities: London, Paris, Frankfurt and Amsterdam. Amsterdam emerges as an important European city. A historically innovative financial center, where the concept of stock ownership was invented, Amsterdam rises to become the #4 city in Europe in the global top 10. With one of the world’s most stable economies, high standard of living and strong legal and political framework, Amsterdam’s rise illustrates the continued importance of Europe as a dominant global player. Moscow improves the most in actual Index score. This gain is reflective of Moscow’s rising economy and role as a source for key commodities in Eastern Europe. As the city with the most significant gain on London year-over-year, it demonstrates the rising role of Eastern Europe in the global economy.
Latin America
Latin America continues to become more global and more competitive. Seven cities in Latin America placed among the top 75 Worldwide Centers of Commerce, with Santiago leading the region as a result of its strong business climate and stable legal and economic system. Sao Paulo also scores well and sits among the top 20 cities globally in terms of financial market volume. Bogota claims its position as one of the world’s top five advancing cities. Bogota’s stabilized economy and increased quality of life make this one of the cities to watch in Latin America. Middle East Strong business climate makes Dubai the leader in the Middle East. As the region’s air and cargo traffic hubs, Dubai claims a flexible business climate that makes it optimal for growing companies. Dubai’s political and legal framework also makes it a compelling city for conducting global business in the Middle East.
North America
New York and Chicago maintain regional primacy. The only two North American cities in the top 10 globally, both New York and Chicago benefit from strong financial markets and a strong U.S. business climate. Vancouver is the world’s most livable city. In addition to Vancouver, two other Canadian cities, Toronto and Montreal, also reside in the top 20 cities for livability, which evaluates personal freedom, climate, leisure activities and other quality-of-life factors. Los Angeles drops from top ten. The fall of Los Angeles to #17 in 2008, compared to #10 in 2007, is, in part, due to factors around its role in the global financial services network, as well as the rise of European cities in the area of knowledge creation. However, the city ranks #4 in the North American region behind New York, Chicago and Toronto. Methodology
The MasterCard Worldwide Centers of Commerce Index is compiled from research by a panel of eight independent economic, urban development and social-science experts from leading academic and research institutions around the world, led by Dr. Michael Goldberg Program Director, MasterCard Worldwide Centers of Commerce Program. To form the Index, the panel identified 75 cities around the world that met their initial criteria. Cities were then rated on seven key dimensions as follows:
The process entailed measuring a number of carefully weighted, relevant indicators and sub-indicators that aggregate available data on region-specific procedures, costs and ratings, as well as criteria related to quality of life, access to technology, city livability, transportation/ logistics and knowledge creation and creativity. The panel evaluated a total of seven dimensions comprised of 43 indicators and 74 sub-indicators to derive an Index score for each city, a process that exceeds traditional measures used to gauge worldwide financial and business activity. About the Worldwide Centers of Commerce Knowledge Panel
Leading the Worldwide Centers of Commerce program is Dr. Michael Goldberg, Program Director. With more than 40 years of experience, Dr. Goldberg has consulted to businesses and governments in Canada, the U.S. and Asia, lectured at 50 universities and research institutes in 16 countries and authored or co-authored nine books and more than 200 academic and professional articles. To assist him in this research, Dr. Yuwa Hedrick-Wong, Economic Advisor for MasterCard Worldwide, Asia/Pacific, initially assembled and chaired a panel of leading experts in economics, urban development and social-science from around the world, including the following:
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 18 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com.
Media Contacts:
Melissa Devine, PPR, 02 9818 0950, mdevine@ppr.com.au
|
|
