WEDNESDAY, MAY 26, 1993
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TALKS ON INVESTMENT AGREEMENTS UNDERWAY
THE GOVERNMENT HAS BEEN NEGOTIATING WITH HONG KONG'S MAJOR TRADING AND INVESTMENT PARTNERS A NETWORK OF INVESTMENT PROMOTION AND PROTECTION AGREEMENTS WHICH WILL CONTINUE ΤΟ HAVE EFFECT AFTER 1997.
SPEAKING AT THE TEXTILE INSTITUTE'S ASIA AND WORLD TEXTILES CONFERENCE TODAY (WEDNESDAY), THE DEPUTY DIRECTOR-GENERAL OF INDUSTRY, MR RICKY FUNG, SAID THE AGREEMENTS WERE AIMED AT PROVIDING FURTHER ASSURANCE TO FOREIGN INVESTORS.
"TO DATE, WE HAVE SIGNED ONE AND INITIALLED BIGHT SUCH AGREEMENTS WITH SOME OF OUR MAJOR ECONOMIC PARTNERS, AND WE HOPE TO BE ABLE TO BRING THEM INTO FORCE SOON, MR FUNG SAID.
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STRATEGIC LOCATION IN ASIA ITS ABILITY TO LEVERAGE ON CHINA'S ABILITY TO TAP HONG
MR FUNG NOTED THAT HONG KONG'S PACIFIC, ITS EFFICIENT INFRASTRUCTURE, CHINA'S SOUTHERN INDUSTRIAL BASE, AND KONG'S TECHNICAL AND MANAGERIAL SKILLS WERE MAJOR REASONS WHY FOREIGN COMPANIES WERE INCREASING THEIR INVESTMENT IN THE TERRITORY.
"HONG KONG IS ALSO AN IMPORTANT LOCATION FOR A BUSINESS PRESENCE IN ASIA PACIFIC: AS AT THE MIDDLE OF 1992, 1,360 COMPANIES HAD LOCATED THEIR REGIONAL HEADQUARTERS AND REGIONAL OFFICES IN HONG KONG," HE ADDED.
MR FUNG SAID ONE OF THE REASONS FOR HONG KONG TO BECOME A LEADING MANUFACTURING, FINANCIAL AND TRADING CENTRE FOR GOODS AND SERVICES OF THE WORLD WAS ITS ECONOMIC GEOGRAPHY.
"HONG KONG IS CLEARLY AN INTEGRAL PART OF ASIA PACIFIC, THE FASTEST GROWING AND MOST DYNAMIC REGION IN THE WORLD, HE SAID.
"ITS STRATEGIC LOCATION IN THE REGION HAS HELPED US PROSPER; AND GREATER ECONOMIC TIES AND CO-OPERATION WITH COUNTRIES IN THE REGION IN TURN CONTINUE TO GENERATE SUBSTANTIAL TRADE AND SUSTAIN GROWTH IN THE SERVICE SECTOR.
"THIS, COUPLED WITH INCREASING PER CAPITA PURCHASING POWER AS A RESULT OF GROWING AFFLUENCE, INVESTMENT OPPORTUNITIES IN HONG KONG ITSELF, HE ADDED.
INCOME AND PROVIDE GOOD
HONG KONG'S CLOSE ECONOMIC RELATIONSHIP WITH CHINA HAD PLACED IT IN A UNIQUE POSITION TO CONTRIBUTE TOWARDS CHINA'S ECONOMIC DEVELOPMENT WHILE FURTHERING ITS OWN.
"THE OPENING OF CHINA AS A MARKET AND A SOURCE OF LABOUR AND LAND FACILITATES THE FURTHER UPGRADING AND TRANSFORMATION OF HONG KONG'S OWN ECONOMY.
"THE FLOURISHING RE-EXPORT TRADE BRINGS BUSINESS NOT ONLY TO OUR TRADERS, BUT ALSO OUR SERVICE SECTOR SUCH AS TRANSPORTATION, COMMUNICATION, FINANCE AND EVEN TOURISM.
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