UK presence in the services sector and reflect our long and close historical ties.
Hong Kong is also increasing in importance as a base for the financing of business elsewhere in the region. GEC Alsthom's recent success in securing the contract for the Shajiao C power station is a case in point. The power station will be built in South China but financed out of Hong Kong. There is also one sector, aerospace, where the UK does large quantities of business with Hong Kong but which never appears in the trade statistics. I should like to pay tribute to Cathay Pacific's commitment to the quality and competitiveness of UK suppliers over the years not just in the purchase of engines for their fleets but of a wide range of fixtures and fittings for their aircraft. The nature of trade statistics mean that these appear as exports to the United States, the place of final assembly.
Hong Kong is now probably the most exciting place in the world for major project business. This extends beyond the port and airport development to power stations and other large infrastructural plans. These present massive opportunities to international project companies and contracts will invariably be let after intense competition. I was delighted by the success of those UK companies which formed part of the Anglo-Japanese consortium that recently won the contract for the Lantau Fixed Crossing. This more than anything else clearly demonstrates the international competitiveness of UK companies bidding for business of this kind. I must emphasise that neither we in the British Government nor British companies look for any favours from the Hong Kong Government in the award of major infrastructural contracts of this kind and we certainly get none. Business
Business is rightly won solely through full and fair
competition.
I should say something about the future of Hong Kong which is clearly uppermost in everyone's minds. Those who know and visit Hong Kong find it difficult to reconcile the sense of optimism and business as usual which they find there with the pessimistic views of those further afield. Business is certainly
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