identify the conditions under which Hong Kong enterprise can and will flourish, and make sure that those conditions prevail. The toy industry typifies healthy development under these conditions. It has been flexible, innovative and determined. It has not sat around waiting for official action, but when official support has been available the toy industry has taken constructive advantage of it.
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This toy fair is an excellent example. It is the fifth in a series which has been organised by the Trade Development Council, vigorously supported by toy manufacturers and exporters themselves, and attended by thousands of overseas buyers. The toy business is highly competitive and subject to dramatic changes in trends and demand. Hong Kong toy manufacturers have proved themselves well able to cope with change and in several lines they are now the trend setters.
Partly by the nature of their business but in large measure as a result of their own initiative they are strongly diversified as to product lines. If they had not been, some of the major changes which have taken place recently could have been damaging to the industry as a whole. They
are also healthily diversified in their markets. It is a particularly healthy sign that the increased trade they have recorded in the first half on this year has been fairly evenly spread among our leading and medium- sized markets, and that positive growth was recorded in almost every one, including new markets.
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As the world's largest exporters of toys, Hong Kong manufacturers are very conscious of the fact that, in the end, it is quality that counts, not cheapness. In fact it is true to say that they have become the world's leading exporters becuase of this awareness. The process of trading-up has become even more evident in recent years as Hong Kong has increased its share of the world market for sophisticated toys, and this is a process that will continue. In addition to this fair, our toys are regularly exhibited at some of the most important trade fairs in the world such as Nuremburg, New York and London, where they are exposed to the most demanding of international buyers. In this toy fair you will see the products of an industry that is relatively young, technologically advanced, sophisticated in marketing matters, and internationally respected in every way an excellent ambassador for Hong Kong and for our economic principles.
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