CONTRIBUTION TO SPEECH FOR DELIVERY BY MR FREEMAN (US/ODA)
ASIAN DEVELOPMENT BANK: 25TH ANNUAL MEETING OF THE BOARD OF
GOVERNORS HONG KONG, 4-6 MAY 1992
1.
Its
Whenever I visit Hong Kong I never fail to be impressed by its pace and progress, and the way in which Hong Kong copes with its problems not just well, but with great
success. Hong Kong recently moved from 11th to 10th place in the league of the world's largest trading economies. economy is buoyant and its trade and investment links with
China are not only of great benefit to Hong Kong but have ·
also begun to transform Southern China as well. Britain's investment portfolio in Hong Kong at some twenty billion pounds is second to none and our visible exports to Hong Kong are growing at a rate of 10%.
2.
There has been a tremendous surge of business confidence in Hong Kong following the signing of: the Memorandum of* Understanding on the new airport with the Chinese last year. I know that this project, or rather projects, for it: consists of a number of major infrastructural elements in: addition to the airport-itself, is: progressing rapidly and.. offers exciting opportunities for business and investment: off
a scale unparalleled in the construction world today. THE- projects themselves are vital for Hong Kong to maintáim itss key position in the region, well into the next century.
3. Britain is determined to fulfill its responsibilities-tox Hong Kong, the basic aims of which are the maintenance and preservation of Hong Kong's economic prosperity and social. stability. This is a key principle in our approach-to political decisions in the transition to 1997, and we are working to make that transition as smooth as possible. aim is to achieve a comfortable, undramatic transfer of
*ALKADB/17
The