XN000022-1989-06-15 — Page 3

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THURSDAY, JUNE 15, 1989

A

"HONG KONG HAS SINCE BECOME A SEPARATE AGREEMENT ON TARIFFS AND TRADE (GATT) AND CO-OPERATION COUNCIL (CCC) AND WILL CONTINUE ASIA DEVELOPMENT BANK AFTER 1997.

PARTY OF THE GENERAL

CUSTOMS IN THE

MEMBER OF THE TO PARTICIPATE

"AGREEMENT HAS ALREADY BEEN REACHED ON HONG KONG'S CONTINUING. PARTICIPATION IN NO LESS THAN 25 INTERNATIONAL ORGANISATIONS.

MR LIAO EMPHASISED THAT ALL THESE STEPS AND EXTENSIVE PROGRAMME OF WORK ARE TO ENSURE HONG KONG REMAINS AN CENTRE.

INTERNATIONAL.

MR

TURNING TO OVERSEAS INVESTMENTS IN HONG KONG, OUT THAT INTERNATIONAL CONFIDENCE IN THE FUTURE OF THE OF PARAMOUNT IMPORTANCE.

LIAO POINTED TERRITORY IS

WERE THE

HE NOTED THAT JAPAN AND THE UNITED STATES FIRST TWO COUNTRIES THAT INDICATED SUPPORT FOR THE JOINT DECLARATION UPON ITS PUBLICATION IN 1984, AND HAVE SINCE CONTINUED WITH THEIR INVESTMENT IN HONG KONG.

JAPANESE INVESTMENT IN HONG KONG ACCOUNTS FOR ONE-FIFTH OF THE COUNTRY'S DIRECT INVESTMENT IN ASIA. JAPAN IS THE SECOND LARGEST SOURCE COUNTRY (AFTER THE UNITED STATES) OF INVESTMENT IN HONG KONG'S MANUFACTURING INDUSTRIES.

"ONE IN SIX BANKS IN HONG KONG IS JAPANESE OWNED. JAPANESE INTEREST ALSO HAS AN OVERWHELMING SHARE IN HONG KONG'S DEPARTMENT STORES AND THE CONSTRUCTION SECTOR.

"IN TERM OF TRADE, JAPAN IS HONG KONG'S THIRD LARGEST TRADING PARTNER, ITS SECOND LARGEST SUPPLIER AND THIRD LARGEST RE-EXPORT MARKET.

MR LIAO SAID THAT BOTH JAPAN AND HONG KONG HAD BENEFITTED THESE CLOSE LINKS AND HOPED THAT SUCH LINKS WOULD CONTINUE.

FROM

"WE WELCOME FURTHER JAPANESE INVESTMENT AND THOSE OF OTHER COUNTRIES IN HONG KONG. WE ARE CONFIDENT THAT HONG KONG WILL BE, A3 IT HAS ALWAYS BEEN, CAPABLE OF LIVING UP TO THEIR EXPECTATIONS, HE ADDED.

"

THE HONG KONG GOVERNMENT REMAINS COMMITTED TO THE LONG-TERM DEVELOPMENT OF THE TERRITORY.

AN UNPRECEDENTED NUMBER OF MAJOR NEW PUBLIC AND PRIVATE PROJECTS WERE NOW GOING AHEAD IN HONG KONG, MR LIAO NOTED.

"THESE PROJECTS, WHICH INCLUDE FOR EXAMPLE A NEW SEVERAL MAJOR ROAD TUNNELS, TWO NEW CONTAINER TERMINALS, OVER HK$100 BILLION AND MANY OF THEM HAVE A PAY-BACK DATE WELL INTO THE NEXT CENTURY, HE SAID.

+

UNIVERSITY,

COST WELL EXTENDING

/"IN ADDITION,