taking companies and Japanese interests.
5.
30 local representative offices owned by
An overwhelming share of the department store business
in Hong Kong is also owned by Japanese interests. Japanese
companies which have established department stores in Hong Kong include Yaohan, Seibu, Sogo, UNY, Mitsukoshi and Daimaru.
Korea
6.
Korea has recently emerged as another major investor in
Hong Kong. As at the end of May 1993, total Korean investment
in Hong Kong amounted to about HK$7.6 billion. A notable
example of Korean investment is the HK$1 billion petrochemical joint venture project in Hong Kong in which Korean investors in
partnership with Chinese and Italian businesses, are investing
heavily. Korea also maintains a strong presence in the food
products industry.
HK$13 million.
In 1991, investment in this area amounted to
7.
Apart from
the manufacturing industry, there are about
350 Korean companies active in Hong Kong in sectors such as
banking, insurance,
transportation, construction and other
service industries. As at the end of 1992, there were in Hong
Kong 3 licenced banks, 3 restricted licence banks, 8 deposit
taking companies and 8 local representative offices belonging to
Korean interests.
These companies include the Bank of Korea,
the Bank of Seoul, Coryo Securities, Air Couriers, Korea Air and
so on.
8.
Korea's interest in Hong Kong, in particular as a
location for international business cooperation, has increased
enormously in recent years.
The Korean stake in the vast
petrochemical project mentioned above is an example of this.
increasingly using Hong Kong as a base to
establish a regional office to oversee general business activities in the region. We fully expect that, in the wake of
the establishment of diplomatic relations between the People's
Republic of China and Korea, Korean economic.interests in the
Korean companies are