THURSDAY, OCTOBER 19, 1989
HK RESPONDING TO PACIFIC BASIN'S ECONOMIC GROWTH: GOVERNOR
HONG KONG'S PORT AND AIRPORT DEVELOPMENT, AND BUILDING OF OTHER MAJOR FACILITIES ARE A RESPONSE TO THE RAPID GROWTH OF THE PACIFIC BASIN ECONOMY WHICH INEVITABLY WILL TIE THE TERRITORY MORE CLOSELY TO THE UNITED STATES. THE GOVERNOR. SIR DAVID WILSON. SAID TODAY (THURSDAY, LOS ANGELES TIME).
SPEAKING AT A LUNCHEON MEETING OF THE WORLD AFFAIRS COUNCIL IN LOS ANGELES. SIR DAVID SAID THE LINKS BETWEEN HONG KONG AND THE UNITED STATES WERE ALREADY STRONG WITH SOME 900 AMERICAN FIRMS AT WORK IN THE TERRITORY. 54 OF THEM CALIFORNIA-BASED MULTINATIONALS.
BOTH HONG KONG AND LOS ANGELES WERE PART OF THE NEW PHENOMENON OF PACIFIC RIM GROWTH. THE GOVERNOR SAID.
"THE US NOW DOES MORE TRADE ACROSS THE PACIFIC THAN ACROSS THE ATLANTIC. THIS IS AS CLEARLY REFLECTED IN OUR OWN TRADE FIGURES AS IT IS IN THE VOLUME OF CARGO THAT PASSES THROUGH LONG BEACH, HE SAID.
HONG KONG WAS NOW THE NUMBER ONE CONTAINER PORT IN THE WORLD. ITS CONTAINER TERMINALS WERE OWNED AND MANAGED BY PRIVATE COMPANIES, ONE OF THEM AMERICAN.
SIR DAVID POINTED OUT THAT TRADE PATTERNS WERE CHANGING, AND HONG KONG WAS NO LONGER QUITE SO DEPENDENT ON ITS TRADITIONAL MARKETS IN NORTH AMERICA AND EUROPE.
LLI
"TRADE WITH THE ASIAN REGION NOW REPRESENTS ABOUT 60 PER CENT OF OUR TOTAL TRADE. HE SAID. ADDING THAT THE FIGURES ALSO HIGHLIGHTED THE HUB ROLE WHICH HONG KONG NOW PLAYED IN THE REGION A HUB POSITION PARTLY DETERMINED BY GEOGRAPHY AND PARTLY BY ITS DETERMINATION TO REMAIN THE SUPER PORT OF ASIA.
HE POINTED OUT THAT AMERICAN FIRMS WERE THE BIGGEST FOREIGN INVESTORS IN HONG KONG. ACCOUNTING FOR MORE THAN 36 PER CENT OF FOREIGN INVESTMENT IN MANUFACTURING, EMPLOYING 36,000 WORKERS FACTORIES.
"THEY PRODUCE MORE THAN SEVEN PER CENT OF OUR EXPORTS. TOTAL SALES WERE ESTIMATED AT US$2.2 BILLION IN 1988. HE SAID.
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'INDEED. JOINT INVESTMENT IN HONG KONG 13 BIGGER ANYWHERE ELSE IN EAST AND SOUTHEAST ASIA EXCEPT JAPAN.
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THAN
HE SAID.
SIR DAVID NOTED THAT THE UNITED STATES REMAINED BIGGEST MARKET. TAKING ONE THIRD OF OUR EXPORTS.
HONG KONG'S
"AND. WHILE WE ARE ONLY YOUR 14TH LARGEST MARKET. WE BUY MORE FROM YOU PER HEAD THAN ANYONE ELSE. ON AVERAGE. EACH PERSON IN HONG KONG BUYS JUST UNDER US$1.000 IN AMERICAN GOODS EACH YEAR.
"COMPARE THIS