XN000022-1982-10-18 — Page 2

MONDAY, OCTOBER 18, 1982

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HONG KONG IS SIGNIFICANT MARKET IN OWN RIGHT

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BREMRIDGE

APART FROM RAW MATERIALS AND SEMI-MANUFACTURES REQUIRED FOR HONG KONG'S INDUSTRIES, CONSUMER GOODS CONSTITUTE ITS LARGEST ITEM OF IMPORTS, THE FINANCIAL SECRETARY, MR JOHN BREMRIDGE, SAID TODAY (MONDAY).

SPEAKING AT THE OPENING CEREMONY OF THE HONG KONG TRADE FAIR, MR BREMRIDGE POINTED OUT THAT CONSUMER GOODS HAD CONSISTENTLY ACCOUNTED FOR A QUARTER OF HONG KONG'S TOTAL ANNUAL IMPORTS IN VALUE DURING THE PAST FIVE YEARS, RISING BY AN AVERAGE OF 34 PER CENT A YEAR FROM $11.4 BILLION IN 1977 TO $37 BILLION IN 1981.

HE STRESSED THAT HONG KONG'S SIGNIFICANCE AS A MARKET IN ITS OWN RIGHT AND A SHOP-WINDOW FOR THIS PART OF THE WORLD HAD RECEIVED AS MUCH ATTENTION AS IT SHOULD HAVE DESERVED+.

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HONG KONG'S RAPID ECONOMIC GROWTH OVER THE PAST DECADE HAD GREATLY ENHANCED ITS PURCHASING POWER AND CONSUMER DEMAND WHILE ITS FREE TRADE POLICY AND FREE PORT STATUS HAD MADE IT POSSIBLE FOR OVERSEAS SUPPLIERS TO TAKE FULL ADVANTAGE OF THE GROWTH OF THIS MARKET, MR BREMRIDGE SAID.

+BY VIRTUE OF HONG KONG'S STRATEGIC POSITION IN THE ASIAN PACIFIC REGION, THE EXCELLENT INFRASTRUCTURAL FACILITIES, AND THE CLOSE LINKS BETWEEN OUR BUSINESS COMMUNITY AND ITS COUNTERPARTS THROUGHOUT THE WORLD AND PARTICULARLY IN ASIA, HONG KONG IS AN IMPORTANT SHOP-WINDOW FOR BOTH SELLERS AND BUYERS.

+HONG KONG IS ALSO BEST PLACED TO SERVICE CHINA'S NEEDS ARISING FROM ITS MODERNISATION PROGRAMME AND THERE ARE MANY EXAMPLES OF ECONOMIC CO-OPERATION BETWEEN CHINA AND HONG KONG, + MR BREMRIDGE SAID.

HE ALSO CITED SUPPORT PROVIDED BY BANKS AND INSURANCE COMPANIES AND THE ABSENCE OF EXCHANGE CONTROL WHICH MADE HONG KONG +AN IDEAL PLACE FOR CONCLUDING BUSINESS TRANSACTIONS+.

+THE PRESENCE OF THE LARGE NUMBER OF OVERSEAS EXHIBITORS AT THIS FAIR BEARS TESTIMONY TO WHAT I HAVE JUST SAID, HE ADDED.

ON THE EXPORT SIDE, MR BREMRIDGE SAID THAT WHILE THE CLOTHING INDUSTRY REMAINED THE LARGEST MANUFACTURING LINE, ACCOUNTING FOR OVER A THIRD OF HONG KONG'S EXPORTS, OTHER INDUSTRIES HAD EXPANDED OR EMERGED IN THE PAST DECADE.

+THESE INCLUDE TOYS, WATCHES AND CLOCKS, RADIOS, ELECTRONIC PRODUCTS AND HOUSEHOLD ELECTRICAL APPLIANCES, FOR SOME OF WHICH HONG KONG IS AMONG THE LARGEST PRODUCERS IN THE WORLD IN QUANTITY AS WELL AS IN VALUE TERMS.

+THE WIDE VARIETY OF PRODUCTS FROM HONG KONG ON DISPLAY AT THIS FAIR IS A CLEAR REFLECTION OF WHAT HONG KONG'S MANUFACTURING INDUSTRIES HAVE TO OFFER, MR BREMRIDGE STATED.

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