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"Some of our leading businessmen today were responsible for spearheading the development of the manufacturing base in Hong Kong in the 1950s.
"Many of those who helped develop Hong Kong's economy some 30 years ago have not been idle. Instead, they have continued to take a leading role in the transformation process.
"Hong Kong businessmen can take much pride in the role they have played in transforming Hong Kong from a barren rock.
"Without their entrepreneurial skills and flair, their 'can-do' attitude, their foresight and above all their long-term confidence in Hong Kong, which they have continuously displayed over the past 50 years, Hong Kong would not be the success it is today," Mr Tsang said.
"As a community, Hong Kong looks to them for leadership," he added.
He noted that the transformation had not ushered in the demise of Hong Kong's manufacturing industries, although a structural change in the sector had taken place at a fast pace.
"A strong manufacturing base has been and will remain a key feature of Hong Kong's economic activities," he said.
"The human resources released from the labour intensive manufacturing operations have fuelled naturally Hong Kong's trade-related services to reach an ever rising plateau of prosperity and maturity."
Mr Tsang said there was much potential for an effective partnership between the professionals in Singapore and Hong Kong to be forged.
"There are many areas in which we have seen close ties between Singapore and Hong Kong," he said.
"Bilateral trade between Singapore and Hong Kong grown rapidly over the years and in 1995 was worth S$21.25 billion, representing an increase of an impressive 23 per cent over 1994."
Singapore is Hong Kong's sixth largest export market and fifth largest source of
imports.
Mr Tsang said Singapore companies had made their presence felt across a wide spectrum of commercial activities in Hong Kong.