The FINANCIAL -- Mumbai, May 26, 2011 -- The finance and business centers of the future
may not be the traditional capitals of global dominance, according to a
new report released today by PwC and the Partnership for New York City.
The fourth edition of Cities of Opportunity shows that in a more virtual and mobile world, holistic cities with balanced economies and strong quality of life offer an attractive alternative: resilience during downturns and allure for skilled people who will build the future.
The 2011 study, which analyses and ranks how 26 global centers of finance, business and culture includes Mumbai and records its performance across 10 key indicators. It highlights that there is significant scope for improvement for Mumbai across all parameters. Mumbai tops the index on renewable energy consumption, performs well on recycling of waste and lowering its carbon footprint and also ranks fifth on the sustainability parameter.
According to Ranen Banerjee, Executive Director, PwC India:
"It is no longer sufficient for cities to provide good governance and good infrastructure. Other dimensions such as health, security, culture and art, demographics, etc. not only make a city more liveable, but also help in attracting talent for nurturing innovation and further economic growth. Most cities in India are still grappling with addressing the infrastructure issues. However, more mature cities can begin looking at improving these aspects to become globally competitive".
Here is the list of Cities of Opportunity key indicators and the names of top three cities in each:
• Intellectual capital and innovation--Stockholm, Toronto, New York/San Francisco (tied for 3rd)
• Technology readiness--New York, Seoul, Stockholm
• Transportation and infrastructure--Paris, Chicago, New York
• Demographics and livability--Stockholm, Sydney, Toronto
• Economic clout--London, Paris, New York
• Cost--Houston, Los Angeles, Chicago
• Lifestyle assets--New York, Paris, London
• Health, safety and security--Stockholm, Toronto, Chicago
• Ease of doing business--Hong Kong, Singapore, New York
• Sustainability--Berlin, Sydney, Stockholm
Bob Moritz, US Chairman and Senior Partner of PwC:
"Changes in communications, education and knowledge-sharing, transportation and urban migration are transforming world dynamics. Cities that want to thrive, need to adapt to these changes. Size is no longer a leading predictor of influence. The success of cities such as Toronto, San Francisco, Stockholm and Sydney sends a clear signal that holistic balance makes a real difference."
About PwC
PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See pwc.com for more information.
In India, PwC (www.pwc.com/India) offers a comprehensive portfolio of Advisory and Tax & Regulatory services; each, in turn, presents a basket of finely defined deliverables. Network firms of PwC in India also provide services in Assurance as per the relevant rules and regulations in India.
Complementing our depth of industry expertise and breadth of skills is our sound knowledge of the local business environment in India. We are committed to working with our clients in India and beyond to deliver the solutions that help them take on the challenges of the ever-changing business environment.
PwC has offices in Ahmadabad, Bangalore, Bhubaneswar, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai and Pune.
PwC has changed its brand name from PricewaterhouseCoopers to PwC. 'PwC' is written in text with a capital 'P' and capital 'C'. Only when you use the PwC logo is the name represented in lower case.
"PwC" is the brand under which member firms of PricewaterhouseCoopers International Limited (PwCIL) operate and provide services. Together, these firms form the PwC network. Each firm in the network is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way.
About the Partnership for New York City
The Partnership for New York City’s (www.pfnyc.org) mission is to engage the business community in efforts to advance the economy of New York City and maintain the city’s position as the center of world commerce, finance and innovation. Through the New York City Investment Fund, the Partnership contributes directly to projects that create jobs, improve economically distressed communities and stimulate new business creation. Partnership companies account for nearly 7 million American jobs and contribute over $740 billion to the national GDP.
For assistance contact Perfect Relations – Heena Uttamchandani@ 9821009003
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