-7.
Hong Kong is very conscious of the need to diversify its exports and
sources of prosperity to reduce its reliance on exporting a narrow range
of products that can become a focus of protectionist pressures in its markets.
We also need to continus to trade up for our wages are relatively high for
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Asia and we, no more then you, can continue to rely on manufacturing
products that others can make just as well but more cheaply. This year we
still expect a groth rate of over eight per cent and we expect to be able
to maintain an average rate of even per cent till the end of the decade.
You need have no fear the Hong Kong market will continue.
.
ontre of these rapidly
There is another reason why I suggest it is in the United Kingdom's
interest to expand its exports to Hong Kong. Hong Kong is an area of
comparatively fast economic growth. Korea, Singapore, Malaysia, Indonesia,
Thailand all consistently enjoy annual growth rates of between six and 10
per cent. Hong Kong is at the communication: developing markets of Fast and South-East Asia, It has very close commercial
and financial links with Japan. But its closest connection is with China,
the biggest country in the world, nov poised for a period of rapid economic
expansion. Hong Kong is therefore a shop-window on a prime site.
equipment that is being used or the goods that are being brought or offered
for sale in Hong Kong will be seen by the businessmen of the whole area
who pass through it or maintain their representatives and correspondents in
it
S
The
and remember it is both the financial and communications centre of the
region. If what they see is British it may influence them to buy British.
Conversely if British goods are noticeably absent from a market under British
administration adverse conclusions will be drawn throughout South-East Asia to the detriment of British prospects. I realize that British exporters cannot
supply every market in the world, even when opportunities exist they must be
selective.
But I suggest