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VISIT BY THE FOREIGN AFFAIRS COMMITTEE TO THE BRITISH TRADE COMMISSION,
HONG KONG, 18 APRIL 1989
The Trade Commission is an FCO Post working directly to the FCO and the DTI.
It has about the same number of staff as a medium sized Embassy: 10 UK based (plus four language students) and 28 locally engaged.
It promotes British commercial interests in Hong Kong and Macao and includes a China Trade Unit staffed by personnel from the Embassy in Peking.
It also provides a point of contact for visiting Ministers and officials, administrative support for other London staff based in Hong Kong, assists other Posts in the region (helping with the sick and the purchase of stores etc) and runs the Diplomatic Mails Office for the region.
Ninety percent of its effort is commercial. Last year it became a Senior Grade Post (the Senior Trade Commissioner is now of the Ambassadorial Grade). This recognised the growing importance of the Post and of Britains commercial interests and investment in Hong Kong.
British companies have sold more than £1bn worth of merchandise in Hong Kong in each of the last two years. This was more than ever before though it represents only about three percent of Hong Kong's total imports. While China has become an increasingly important source of imports and a manufacturing base for Hong Kong companies, almost all the other major suppliers have lost market share, Britain at a slightly steeper rate than most (1986 3.4%; 1987 3.1%; 1988 2.6%)
British companies have net assets of £3bn in Hong Kong. Owned and controlled assets together are worth twice that amount; the total gross stock market value of British owned or controlled companies and others managed by British personnel is £19bn. Thus British investment and management involvement remains the major overseas influence in Hong Kong business.
Two-way business between Hong Kong and Britain (including invisibles for which there are no comprehensive figures) is thought to be roughly in balance and probably worth in excess of £4bn a year.
Attached (A) The Senior Trade Commissioner's speech to British business
people in Hong Kong on 20 December 1988.
(B) A Review of British Investment in Hong Kong and Invisible
Earnings prepared by the Trade Commission in March 1989.
(C) Notes on which the Senior Trade Commissioner draws in
briefing trade missions.
(D) The guest list for the dinner with British businessmen on
Friday 21 April.
18 April 1989
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