XN000022-1987-05-22 — Page 6

FRIDAY, MAY 22, 1987

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HE SAID THAT HONG KONG IS APPRECIATIVE OF THE EFFORTS OF WASHINGTON STATE'S POLITICAL LEADERS, AS WELL AS TRADE AND OTHER ORGANISATIONS FROM THE STATE, IN EXERTING PRESSURE AGAINST ANY EXTREME PROTECTIONIST LEGISLATION. HE CITED AS AN EXAMPLE THE IR INFLUENCE OVER EVENTS IN WASHINGTON DC AGAINST THE JENKINS BILL LAST YEAR.

HARARE

HE NOTED TOO THAT HONG KONG'S RELATIONSHIP WITH THE USA IS A LONG STANDING AND MUTUALLY BENEFICIAL ONE WHICH GOES BEYOND TRADE.

+ONE ONLY HAS TO THINK OF THE LITERALLY THOUSANDS OF HONG KONG STUDENTS WHO HAVE BENEFITTED FROM EDUCATION IN THE UNITED STATES AND RETURNED TO THE TERRITORY WITH WARM FEELINGS TOWARDS THE USA.

+THIS RELATIONSHIP ALSO INVOLVES A VERY SUBSTANTIAL US PRESENCE AND INVESTMENT IN HONG KONG. THE US CONSULATE HAS ESTIMATED THE TOTAL US INVESTMENT IN HONG KONG AT ABOUT US$6 BILLION (ABOUT HK$46.8 BILLION), + HE SAID. +THERE ARE ABOUT 15 000 US CITIZENS RESIDENT IN HONG KONG AND AROUND 900 US FIRMS NOT JUST IN BUSINESS, BUT IN THE SERVICE SECTOR TOO.

+NEVERTHELESS, TRADE IS THE CORNERSTONE OF THE RELATIONSHIP,

AND THE USA IS OUR LARGEST MARKET, MR MACLEOD EMPHASISED.

HE REMINDED HIS AUDIENCE THAT DESPITE THE FACT THAT THE TRADE BALANCE IS IN HONG KONG'S FAVOUR, THE TERRITORY'S MARKET IS OPEN WITHOUT QUOTA OR TARIFF TO US AND OTHER GOODS AND THAT OVERALL HONG KONG - IN ITS TRADE WITH THE WORLD - DOES NOT RUN A SURPLUS.

HK MARKET OPEN TO U.S. PRODUCTS *****

THE POTENTIAL FOR SALES OF U.S. GOODS IN HONG KONG IS FAR FROM EXHAUSTED, DESPITE THE FACT THAT HONG KONG PEOPLE BUY MORE THAN $4 000 WORTH A YEAR PER CAPITA ALREADY, THE SENIOR DIRECTOR OF HONG KONG ECONOMIC AFFAIRS IN NEW YORK, MR BILL DORWARD, SAID YESTERDAY (MAY 21).

MR DORWARD WAS SPEAKING AT THE INTERNATIONAL TRADE FORUM OF THE AMERICAN ASSOCIATION OF EXPORTERS AND IMPORTERS IN NEW YORK.

THE TRADE GROUP'S FORUM IS ONE OF THE MOST HIGH-POWERED IN THE UNITED STATES, WITH THIS YEAR'S MEETING FEATURING SUCH NAMES AS U.S. TRADE REPRESENTATIVE, CLAYTON YEUTTER, AND EEC AMBASSADOR TO THE U.S., SIR ROY DENMAN.

/IR DORWARD