12
is a reflection of the vital importance of the part these sectors play
in the economic life of Hong Kong, and will ensure that their interests
are appropriately represented. We shall test the success of these
steps. before moving to a further review in 1987.
36.
In that review we shall need to consider other important
issues such as the composition of the Executive Council, its relationship
with the legislature, and the role of the Govemor in each. In each
step we take we shall take fully into account the need for stability,
both political and economic. We shall keep in mind the fact that the
Chinese Government will be considering the future Basic Law for Hong
Kong, and the provisions of the Sino-British agreement, which provides
for an elected legislature by 1997 and an executive accountable to it.
There will be nothing in our plans inconsistent with those aims.
37.
Against this background, what will be the role of the United
Kingdom? As regards the administration of Hong Kong, the obligations
of the United Kingdom are clear, the British Government, through the
-
Hong Kong Govemment, will remain responsible for the administration of
Hong Kong until 1997. Both the Prime Minister and the Secretary, of
State have given unequivocal undertakings that Her Majesty's Goremment
will do its utmost to ensure that the agreement works, that Hong Kong
will continue to have a stable and responsive Government, and that the
territory will be administered in accordance with the interests and
wishes of its people.
38.
There will also be great opportunities for the UK business
community. Many UK companies, some of them household names, have been
operating successfully and profitably in Hong Kong for many years.
More than 50 are involved in manufacturing in Hong Kong, with a total
investment of around £88 million. But this investment pales in
comparison with that of the US, China and Japan. UK investment represents less than 7% of total overseas investment in Hong Kong
industry. In trading terus, the UK provides only some 4 percent of
our imports. This low level of UK involvement is difficult to explain.
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