XN000022-1989-03-22 — Page 5

WEDNESDAY, MARCH 22, 1989

HONG KONG: A REMARKABLE ECONOMIC SUCCESS

A PLACE OF A TALENT FOR TRADING ECONOMY, NEW YORK,

IT IS NOTHING SHORT OF REMARKABLE THAT HONG KONG, LESS THAN SIX MILLION PEOPLE WITH LITTLE OTHER THAN DOING BUSINESS HAS BECOME THE WORLD'S 10TH LARGEST THE DIRECTOR OF THE HONG KONG ECONOMIC AND TRADE OFFICE IN MR KERRY MCGLYNN, SAID YESTERDAY (MARCH 21).

MINNEAPOLIS,

IN AN ADDRESS TO THE MIDWEST CHINA CENTRE IN MINNESOTA, MR MCGLYNN SAID THE JOINT DECLARATION AND IT HAD GENERATED IN HONG KONG'S FUTURE HIGH RATES OF GROWTH AND LONG-TERM INVESTMENT IN THE TERRITORY,

HAD PROVIDED

HE TOLD HIS AUDIENCE THAT IN HONG KONG'S

PLAYED A LARGE ROLE.

THE CONFIDENCE THE BASIS FOR

SUCCESS AMERICANS

KONG AND BILLION, HE

**

"THERE ARE MORE THAN 900 Ụ.S. CORPORATIONS IN HONG TOTAL U.S. INVESTMENT THERE IS ESTIMATED AT SAID.

AROUND $6

HONG PER CENT OF

"U.S. COMPANIES ARE ALSO THE LARGEST FOREIGN INVESTORS IN KONG'S MANUFACTURING SECTOR ACCOUNTING FOR MORE THAN 36 OVERSEAS INVESTMENTS."

MR MCGLYNN POINTED OUT THAT AMERICAN EXPORTERS FIND NUMEROUS OPPORTUNITIES IN HONG KONG TODAY.

COULD STILL

FOR EXAMPLE, HE SAID: "AS A MAJOR FINANCIAL CENTRE ASTONISHING SPEED, WE HAVE A LARGE APPETITE FOR BUSINESS EQUIPMENT AS WELL AS COMPUTERS, PERIPHERALS AND SOFTWARE.

GROWING AT AND OFFICE

"THERE IS GROWING INTEREST AMONG OUR COMPUTERISATION OF MANUFACTURING PROCESSES AND DESIGN WORK.

INDUSTRIALISTS

HONG KONG, HE CONTINUED, WAS ALSO A LUCRATIVE

AGRICULTURAL PRODUCTS THE

IN THE

WIDE RANGE OF AMERICAN

MARKET FOR A WHICH HAD DOUBLED TO NEARLY HALF A BILLION DOLLARS FROM 1976 TO 1987.

EXPORT VALUE OF

MR MCGLYNN EXPORTS

TURNING TO TRADE BETWEEN HONG KONG AND MINNESOTA, SAID NEARLY $57 MILLION WORTH OF THE STATE'S MANUFACTURING FOUND THEIR WAY TO HONG KONG'S MARKETS IN 1987.

OF

ITS EIGHT

OVERSEAS

TRADE

MINNESOTA AL30 HAD ONE REPRESENTATIVES IN HONG KONG, HE ADDED.

MR MCGLYNN NOTED THAT HONG KONG AND MINNESOTA ECONOMIC SUCCESSES IN TWO AREAS, EMPLOYMENT AND GROWTH OF INCOME.

BOTH SHARED PER CAPITA

THE NATIONAL

"UNEMPLOYMENT HERE IS 30 PER CENT BELOW AVERAGE. UNEMPLOYMENT IN HONG KONG 1S VIRTUALLY NON-EXISTENT.

"YOUR PER CAPITA INCOME GROWTH IS FIFTH FASTEST IN THE WE HAVE THE SECOND HIGHEST STANDARD OF LIVING IN ASIA OUTSIDE HE SAID.

NATION. JAPAN,

0

15