XN000022-1987-02-12 — Page 10

THURSDAY, FEBRUARY 12, 1987

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NEW HONG KONG ASSOCIATION IN SOUTHERN CALIFORNIA

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HONG KONG'S SENIOR REPRESENTATIVE IN THE UNITED STATES, MR BILL DORWARD, TODAY (HK TIME) REITERATED THAT HONG KONG OFFERS OUTSTANDING OPPORTUNITIES FOR AMERICAN INTERESTS AS A PLACE TO DO BUSINESS.

MR DORWARD WAS SPEAKING IN LOS ANGELES AT THE FIRST SCHEDULED MEETING OF THE HONG KONG ASSOCIATION OF SOUTHERN CALIFORNIA. THIS IS THE THIRD SUCH ASSOCIATION TO BE LAUNCHED IN THE UNITED STATES, AFTER NEW YORK AND SAN FRANCISCO.

WELCOMING ITS FORMATION, HE SAID SUCH ASSOCIATIONS FURT HER STRENGTHEN HONG KONG'S ECONOMIC LINKS WITH THE UNITED STATES, BRINGING TOGETHER PEOPLE WHO HAVE A CONNECTION WITH OR AN INTEREST IN HONG KONG AND OFFERING SPEAKERS TO PROVIDE AN UPDATE ON HONG KONG'S FAST-CHANGING COMMUNITY,

HE SUGGESTED THIS IS IMPORTANT FOR TWO REASONS: +FIRST

HONG KONG OFFERS AND WILL CONTINUE TO OFFER OUTSTANDING OPPORTUNITIES FOR AMERICAN INTERESTS AS A PLACE IN WHICH, WITH WHICH AND THROUGH WHICH TO DO COMMERCIAL, FINANCIAL, INDUSTRIAL AND MOST OTHER KINDS OF BUSINESS.

+SECONDLY, THE UNITED STATES HAS A VITAL ROLE TO PLAY IN FURTHERING STABILITY AND PROSPERITY THROUGH THE PROGRESSIVE INTERNATIONALISATION OF THIS REMARKABLE CITY WHICH SITS STRATEGICALLY AT THE CENTRE OF A WHEEL WHICH COMPASSES ONE THIRD OF THE POPULATION OF THIS PLANET.+

STRESSING THAT THE RELATIONSHIP IS TO MUTUAL ADVANTAGE,

MR DORWARD SAID THAT HONG KONG OFFERS THE UNITED STATES THE FREEST MAJOR MARKET IN ITS OWN RIGHT AS WELL AS THE MOST EFFICIENT AND CONVENIENT BASE FOR REGIONAL ACTIVITIES ON THE FAR SIDE OF THE PACIFIC RIM.

+TODAY OVER 16 000 AMERCIAN CITIZENS LIVE AND WORK IN HONG KONG AND OVER 900 AMERICAN OR AMERCIAN-CONTROLLED FIRMS ARE LOCATED THERE, INCLUDING 19 BANKS, 46 INSURANCE COMPANIES AND OVER 140 MANUFACTURING OPERATIONS.+

MR DORWARD SAID THAT HONG KONG SOLD ABOUT $8 BILLION OF ITS OWN PRODUCTS TO THE UNITED STATES LAST YEAR AND BOUGHT ABOUT $3 BILLION WORTH OF U.S. GOODS.

YET NOTING THAT THIS MIGHT LOOK AS IF HONG KONG IS CONTRIBUTING DISPROPORTIONATELY TO THE U.S. TRADE DEFICIT PROBLEM, MR DORWARD CITED THREE FACTORS IN HONG KONG'S FAVOUR.

/+FIRST, THERE

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