Annex 4
- 5
13. By any standard, Hong Kong is a very good export market
for the UK. The relative performance of the UK in Hong Kong
compares favourably with its performance in world trade
generally, particularly in comparison with like competitors
such as the Federal Republic of Germany, France and Italy.
Also, the UK's balance of trade in manufactures with Hong Kong
compares well with the UK's trade with the main industrialised
countries. (For details see Annex 4).
Invisible trade and others
14.
Being a major commercial and financial centre, Hong Kong
handles a substantial amount of banking and insurance business,
a considerable portion of which is conducted by UK companies.
There are at present 8 banks and 21 deposit-taking companies
of UK origin operating in Hong Kong. Another 8 UK banks
maintain representative offices in Hong Kong. In the insurance
field, 62 insurance companies from the UK are carrying on
various types of insurance business in Hong Kong.
15. The UK's invisible earnings are also boosted by the
prevalence of British consulting engineers in Hong Kong. UK
contracting companies do well in the construction field. In
particular, in the public works sector, over the past five
years UK contracting companies were awarded contracts with
a value totalling £57 million. In addition, UK companies have
been awarded Mass Transit contracts totalling £170 million in
respect of the Modified Initial System and the Tsuen Wan
Extension, plus another £123 million in respect of the Island
Line. On average, some 20% of Hong Kong's MTR contracts have
gone to UK contractors and there is plenty of opportunity for
them to win more business, particularly as a large number of
the Island Line contracts have yet to be let.
16.
The UK also derives considerable benefits from Hong Kong's
landing rights. Furthermore, two UK airlines, British Airways
and..
/-