XN000022-1988-09-27 — Page 4

TUESDAY, SEPTEMBER 27, 1988

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COMPELLING EVIDENCE THAT J.D. WORKS

ON

THE MOST COMPELLING EVIDENCE THAT THE JOINT DECLARATION HONG KONG'S FUTURE IS WORKING IS THE TERRITORY'S ECONOMIC PERFORMANCE, THE DIRECTOR OF HONG KONG'S ECONOMIC AND TRADE OFFICE IN NEW YORK, KERRY MCGLYNN TOLD A CONNECTICUT AUDIENCE OF BUSINESSMEN AND TRADERS.

ADDRESSING THE WORLD AFFAIRS CENTER IN HARTFORD, THE STATE CAPITAL, MR MCGLYNN CITED DOUBLE-DIGIT GROWTH OVER THE PAST TWO YEARS AND SUBSTANTIAL INCREASES IN PRIVATE INVESTMENT IN PLANT AND

MACHINERY.

HE NOTED THAT AMONG THE MANY SIMILARITIES BETWEEN HONG KONG AND CONNECTICUT WERE DEPENDENCE ON INTERNATIONAL TRADE: CONNECTICUT'S EXPORTS ARE THE HIGHEST IN THE UNITED STATES ON A PER CAPITA BASIS, AMOUNTING TO US$35 MILLION TO HONG KONG ALONE.

THE PEOPLE OF HONG KONG, HE SAID, BOUGHT OVER $600 OF AMERICAN PRODUCTS PER CAPITA EACH YEAR ALMOST THREE TIMES AS MUCH AS THE JAPANESE AND FOUR TIMES THAT OF THE EUROPEAN COMMUNITY.

AS A MEASURE OF THE WORKING LINKS, THE STATE'S GOVERNOR, WILLIAM A, O'NEILL HAD LED A CONNECTICUT TRADE DELEGATION TO CHINA. JAPAN AND HONG KONG LAST YEAR, AND ANOTHER STATE DELEGATION WOULD VISIT HONG KONG NEXT APRIL.

CONNECTICUT COMPANIES

SUCH AS

MR MCGLYNN SAID MANY COMBUSTION ENGINEERING, EMHART CORPORATION. GENERAL ELECTRIC AND PERKIN ELMER

HAD CONTRIBUTED TO AND SHARED IN HONG KONG'S

INDUSTRIAL AND TECHNOLOGICAL DEVELOPMENT.

"BUT PERHAPS MOST SIGNIFICANTLY, WE BOTH HAVE MAJOR FINANCIAL AND INSURANCE INTEREST. HARTFORD 15 THE CAPITAL OF THE US INSURANCE INDUSTRY AND HONG KONG 1S ONE OF THE WORLD'S LEADING FINANCIAL CENTRES.

"MANY OF YOUR MAJOR INSTITUTIONS

SUCH AS CIGNA. HARTFORD INSURANCE CORPORATION, PRUDENTIAL, CONNECTICUT MUTUAL LIFE AND BLUE CROSS BLUE SHIELD ARE WELL ESTABLISHED THERE," HE SAID.

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HAD BEEN WHICH

LOOKING TO THE FUTURE, MR MCGLYNN SAID MUCH PROGRESS MADE IN IMPLEMENTING PROVISIONS OF THE JOINT DECLARATION, ENSURED AUTONOMY IN ECONOMIC, FINANCIAL AND MONETARY AFFAIRS,

"FOR EXAMPLE, HONG KONG HAS SIGNED AIR SERVICE AGREEMENTS WITH CANADA, SWITZERLAND AND THE NETHERLANDS AND IS NEGOTIATING A NUMBER OF OTHERS; HONG KONG HAS BECOME A SEPARATE CONTRACTING PARTY TO THE GATT AND A MEMBER OF THE CUSTOMS COOPERATION COUNCIL; AND AGREEMENT HAS BEEN REACHED ON HONG KONG'S PARTICIPATION IN A DOZEN OTHER INTERNATIONAL ORGANISATIONS.

"THESE ARRANGEMENTS