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TUESDAY, OCTOBER 16, 1990
BILATERAL TRADE WAS DOING WELL AND IT HAD GROWN AT AN AVERAGE OF 22 PER CENT EACH YEAR FOR THE LAST DECADE WITH THE BALANCE HEAVILY IN ITALY'S FAVOUR (L450 BILLION/HK$2.98 BILLION).
SIR DAVID SAID EUROPEAN FIRMS WERE ALSO FINDING THAT THEY COULD MANAGE THEIR FAR EASTERN SALES AND DISTRIBUTION BETTER FROM HONG KONG THAN ANYWHERE ELSE IN THE REGION.
KONG
ABOUT 600 FOREIGN FIRMS HAD REGIONAL HEADQUARTERS IN HONG MORE THAN DOUBLE THE NUMBER FIVE YEARS AGO AND SOME 40 PER CENT WERE EUROPEAN, AMONG THEM, MANY ITALIANS.
"I KNOW THAT YOU SHARE THE SAME COMMERCIAL BELIEFS AS HONG KONG: THAT BUSINESSMEN ARE BEST AT JUDGING BUSINESS OPPORTUNITIES, AND THAT TRADE, FREE OF GOVERNMENT INTERFERENCE, GENERATES GREATER BENEFITS FOR ALL, SIR DAVID SAID.
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HK: A VERY IMPORTANT PART OF WORLD'S ECONOMIC SYSTEM
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THE CAUTIOUS OPTIMISM OF OVERSEAS INVESTORS ABOUT HONG KONG IS ATTRIBUTABLE TO THE TERRITORY'S LONG-TERM ECONOMIC FUNDAMENTALS, THE DEPUTY DIRECTOR OF INDUSTRY, MR WILFRED WONG, SAID TODAY (TUESDAY).
SPEAKING AT AN INWARD INVESTMENT PROMOTION SYMPOSIUM IN OSAKA, JAPAN, MR WONG SAID HONG KONG HAD BECOME A VERY IMPORTANT PART OF THE WORLD'S ECONOMIC SYSTEM WITH ITS GDP GROWING AT AN AVERAGE ANNUAL RATE OF 8.4 PER CENT IN REAL TERMS IN THE PAST DECADE.
"SECONDLY, UNDER THE JOINT DECLARATION, HONG KONG HAS BECOME A SEPARATE CONTRACTING PARTY TO THE GATT AND A SEPARATE MEMBER OF THE CUSTOMS COOPERATION COUNCIL. WE WILL CONTINUE TO PARTICIPATE IN MANY INTERNATIONAL BODIES IN OUR OWN RIGHT BEYOND 1997.
"WE HAVE NEGOTIATED SEVERAL OF OUR OWN SEPARATE AIR SERVICES AGREEMENTS. WE ARE ESTABLISHING OUR OWN SHIPPING REGISTER. THESE INTERNATIONAL LINKS AND SEPARATE STATUS WILL CONTINUE TO BENEFIT HONG KONG AND CHINA BEYOND 1997," MR WONG SAID.
THIRDLY, MR WONG SAID, HONG KONG HAD AN EXCELLENT AND EVER-IMPROVING BUSINESS INFRASTRUCTURE, INCLUDING A FREE ECONOMY, A HARD-WORKING LABOUR FORCE, A WORLD-RENOWNED CONTAINER PORT AND AIRPORT, HIGHLY SOPHISTICATED TELECOMMUNICATIONS AND FINANCIAL SERVICES.
"FOURTHLY, EVEN AFTER RECENT EVENTS, CHINA HAS REPEATEDLY REAFFIRMED ITS 'OPEN DOOR POLICY. MUCH OF THE ECONOMIC DEVELOPMENTS IN CHINA HAS BEEN SPEARHEADED BY GUANGDONG, WHICH IN TURN DEPENDS ON HONG KONG FOR ITS FOREIGN CAPITAL, FOR MANAGEMENT EXPERTISE, THE SUPPLY OF PARTS, COMPONENTS AND PROCESSED MATERIALS.
AND FOR
/"FIFTHLY, HONG