XN000022-1978-03-08 — Page 2

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WEDNESDAY, MARCH 8, 1978

DUKE OF KENT PRAISES HONG KONG'S SUCCESS

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HIS ROYAL HIGHNESS THE DUKE OF KENT TODAY PRAISED HONG KONG'S CONSPICUOUS SUCCESS IN GENERATING AN INCREASINGLY HIGH STANDARD OF LIVING BY PRODUCING MORE AND MORE SOPHISTICATED HIGH-TECHNOLOGY PRODUCTS.

SPEAKING AT THE LUNCHEON MEETING OF THE HONG KONG GENERAL CHAMBER OF COMMERCE AT THE HILTON HOTEL, THE DUKE SAID: +TO HAVE DONE THIS IN THE TEETH OF SUCH FIERCE WORLD-WIDE COMPETITION AND TO HAVE SUSTAINED SUCH A HIGH RATE OF GROWTH, ONLY BRIEFLY INTERRUPTED BY THE RECESSION OF 1974/75, SURELY DISPLAYS MANAGERIAL SKILL AND ENTREPRENEURIAL SPIRIT OF AN UNUSUALLY HIGH ORDER.+

HE SAID THESE ARE THE QUALITIES WHICH ARE STILL VERY MUCH ADMIRED IN BRITAIN EVEN IF THEY MAY HAVE SEEMED TO BE SOMEWHAT DORMANT IN RECENT YEARS.

+THEY ARE I ASSURE YOU BY NO MEANS DEFUNCT, AS A LOOK AT ALMOST ANY OF OUR MAJOR EXPORTING COMPANIES WOULD QUICKLY REMIND YOU,+ HE SAID.

THE DUKE WAS GLAD THAT THERE ARE REAL SIGNS OF A STRENGTHENING OF TRADE LINKS BETWEEN THE UNITED KINGDOM AND HONG KONG AND SAID HE HAD REMARKED ON THE EARLY INDICATIONS OF THIS TREND IN HIS ADDRESS TO THE ANNUAL DRAGON BOAT DINNER OF THE HONG KONG ASSOCIATION IN LONDON LAST SUMMER.

HE SAID: IT IS THEREFORE ENCOURAGING TO SEE THAT IT HAS BEEN MAINTAINED AND THAT IN 1977 WE RECORDED A SUBSTANTIAL RISE IN OUR EXPORTS TO HONG KONG AND INCREASED OUR SHARE OF THE MARKET EVEN THOUGH THE VISIBLE TRADE IMBALANCE REMAINS HEAVILY IN HONG KONG'S FAVOUR.+

THE DUKE ALSO POINTED OUT THAT THE UNITED KINGDOM TOOK PRIDE IN HER RECORD OVER THE YEARS, BOTH IN PROVIDING A SUBSTANTIAL OUTLET FOR HONG KONG'S PRODUCTS AS WELL AS IN ASSISTING HONG KONG TO OPEN UP NEW MARKETS.

+IN FACT SINCE 1971 THE TERRITORY'S EXPORTS TO BRITAIN, WHICH LAST YEAR REACHED OVER 450 MILLION POUNDS STERLING, HAVE MULTIPLIED ALMOST THREEFOLD,

+FOR HONG KONG, BRITAIN MUST BE RATED A HIGHLY IMPORTANT MARKET, TAKING AS SHE DOES ROUGHLY 10 PER CENT OF YOUR EXPORTS AND I HAVE NO DOUBT IT WILL REMAIN SO FOR MANY YEARS TO COME.

HE ALSO ASSURED THAT BRITAIN, WITH ITS ESTABLISHED OVERSEAS REPRESENTATION, WILL CONTINUE WHEREVER POSSIBLE TO ASSIST HONG KONG BUSINESSMEN TO OPEN UP THIRD MARKETS.

/THE DUKE