XN000022-1989-04-19 — Page 12

11

WEDNESDAY, APRIL 19, 1989

HK OFFERS ENORMOUS OPPORTUNITIES FOR THE FUTURE

*

HONG KONG IS KNOWN AS A GREAT PLACE TO DO BUSINESS AT PRESENT, BUT THERE ARE ENORMOUS OPPORTUNITIES THE TERRITORY HAS TO OFFER FOR THE FUTURE, THE MINISTER FOR HONG KONG ECONOMIC AND TRADE AFFAIRS IN WASHINGTON, MR PETER LO, SAID YESTERDAY (TUESDAY, APRIL 18).

IN

HE SAID HONG KONG COULD OFFER THESE OPPORTUNITIES AS A MARKET ITS OWN RIGHT; AS A LOCATION FOR MANUFACTURING COMPETITIVE PRODUCTS; AS A GATEWAY TO CHINA AND TO THE ASIA-PACIFIC REGION AS A WHOLE; AND INCREASINGLY, AS AN ACTIVE PLAYER IN INTERNATIONAL TRADE AFFAIRS.

"ON OUR ECONOMIC TIES WITH CHINA, WE NOW FACE ONE OF THE GREATEST OPPORTUNITIES IN HONG KONG'S HISTORY, SAID MR LO.

中

ADDRESSING A MEETING OF THE MID-WEST/HONG KONG BUSINESS ASSOCIATION IN CHICAGO, HE SAID HONG KONG ALSO GAVE CHINA A CONVENIENT DOOR TO THE CAPITALIST WORLD THROUGH MUCH NEEDED CAPITAL PLUS FINANCIAL, MANAGERIAL AND OTHER PROFESSIONAL SERVICES.

VOLUME OF

TRADE

TODAY

HE POINTED OUT THAT SINCE THE 1970'S THE BETWEEN HONG KONG AND CHINA HAD INCREASED OVER 25 TIMES AND HONG KONG HAD BECOME CHINA'S LARGEST TRADING PARTNER.

CHINA, ON THE OTHER HAND, IS HONG KONG'S NUMBER ONE AND THE SECOND LARGEST MARKET FOR ITS DOMESTIC EXPORTS.

THE U.S., MR LO SAID, WAS HONG KONG'S SECOND LARGEST PARTNER OVERALL AFTER CHINA AND IN 1988 MADE SALES TO HONG OVER US$5 BILLION. HONG KONG PEOPLE BOUGHT US$640 WORTH OF GOODS PER PERSON WHICH WAS THREE TIMES AS MUCH AS JAPAN TIMES THAT OF THE EEC.

MR LO SAID THE UNITED STATES WAS ALSO THE TOP RANKING OF GOODS TO THE HONG KONG GOVERNMENT WITH THE LATEST DEAL US$54 MILLION CONTRACT FOR EIGHT SIKORSKY HELICOPTERS.

SUPPLIER

TRADING KONG OF AMERICAN AND FOUR

SUPPLIER BRING

A

HOWEVER, MANY SECTORS OF THE HONG KONG MARKET STILL REMAINED VIRTUALLY UNTAPPED BY AMERICAN FIRMS, HE SAID, AS SHOWN BY A RECENT U.S. COMMERCE DEPARTMENT REPORT WHICH HAD IDENTIFIED STRONG SALES OPPORTUNITIES IN HONG KONG FOR A WIDE VARIETY OF PRODUCTS.

MR LO SAID WHILE HONG KONG HOPED ITS EXPORTS TO THE U.S. CONTINUE TO DO WELL, "WE HAVE SEEN SOME DARK CLOUDS LOOMING HORIZON

-

THE THREAT OF PROTECTIONISM."

WOULD ON THE

/HE SAID