SPEECH
BY PRESIDENT OF DINNER, 11 JUNE 1992
THE BOARD OF TRADE AT THE DRAGON BOAT
DRAFT OUTLINE
of the Board of Trade at a dinner
free market economies of the
Speak to you as President
celebrating one of the great
world.
Parallels between Hong Kong and the UK are considerable:
both economies are historically heavily dependent as a motor for domestic economic development;
on trade
both recognise that such development can only be fully achieved within an open global trading environment.
both have economies which are internationally open and fundamentally private sector driven, recognising the importance of enterprise and individual endeavour. Is there
any work force in the world more energetic than that in Hong Kong?
Impossible to underestimate Hong Kong's importance within the global trading environment. This is many layered peeling the layers of an onion:
like
at the core, Hong Kong as a market of 6 million people, purchasing from UK alone over £lbillion of goods per annum. Market's attractiveness will increase from growing disposable incomes: massive infrastructural projects; a burgeoning
services sector.
- then Hong Kong as a gateway to Southern China; already two economies are very closely integrated. This will develop further. South China has potential over next decade to become fastest growing economic region in the world.
Hong Kong as a focal point for the Asia Pacific Rim. Well situated geographically, regional financial centre, ideal entry point for companies new to this hugely important trading bloc.
Hong Kong as an important and constructive player in multilateral trade groupings, GATT etc.
UK's
performance in Hong Kong: strong and growing
30%