Cities – habitat to half of world population – now generate over 80% of the global GDP. According to a study by “The Economist “(2012), already global business is beginning to plan strategy from a city, rather than a country, perspective. Given the rapid growth and development of many cities, competition between them for business, investment, ideas and talent will only get fiercer. Legacy, scale and geo-location alone no longer determine a city’s global attractiveness and growth potential. While some megacities, such as London, New York, Paris and Tokyo, continue to be immensely influential in global economy, many cities – such as Hong Kong, Singapore, Taipei, Copenhagen and Stockholm – have established themselves as globally competitive centers in recent years. Competitiveness is not determined only by a single criterion. It is a holistic concept and is the result of synergistic effect of multiple factors. Prominent among them are innovation, economic dynamism, governance and infrastructure.
Speech by Chief Guest Hon Patali Champika Ranawaka