Hong Kong was voted as the best country for business by Bloomberg Ranking on Wednesday, while Korea ranked 29th.

One hundred and sixty countries were evaluated on six criteria: degree of economic integration (weighted 10 percent), cost of setting up a business (20 percent), cost of labor and materials (20 percent), cost of moving goods (20 percent), less tangible costs (20 percent), and readiness of local consumer base (10 percent).

Hong Kong came top with 49 points, followed by the Netherlands, the U.S., and the U.K. Korea shared 29th place with Portugal and Qatar, below other Asian countries such as Japan (seventh), Singapore (ninth), and China (19th).