XN000022-1989-09-13 — Page 6

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WEDNESDAY, SEPTEMBER 13, 1989

MR MCGLYNN SAID THE

AMERICAN APPETITE FOR OPPORTUNITIES IN HONG KONG HAD HARDLY DIMINISHED SINCE THE JUNE 4 EVENTS IN CHINA.

HE NOTED THAT SINCE THAT DATE V.S. WEST HAD BECOME A MAJOR SHAREHOLDER WITH A 25 PER CENT EQUITY IN AN INTERNATIONAL CONSORTIUM THAT WAS INVESTING AN ESTIMATED $ 1 BILLION IN A CABLE TELEVISION NETWORK IN HONG KONG.

FURTHERMORE, WALT DISNEY HAD SET UP ITS ASIAN HEADQUARTERS IN HONG KONG, MCDONNELL DOUGLAS HAD MOVED ITS REGIONAL HEADQUARTERS DOWN TO HONG KONG FROM SHANGHAI AND HAYES MICROCOMPUTER PRODUCTS HAD MOVED IT'S HEADQUARTERS UP TO HONG KONG FROM SINGAPORE.

IN ADDITION, THE GIANT U.S. CORPORATION 3M HAD DECIDED TO INVEST OVER $4 MILLION IN A NEW MANUFACTURING SITE IN HONG KONG AND NEXT MONTIL SLADDEN ARPS, THE BIGGEST LAW FIRM IN THE U.S.. WOULD OPEN AN OFFICE IN HONG KONG.

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MR MCGLYNN NOTED THAT THE EXPLOSION OF TRADE INVESTMENT BETWEEN CHINA AND HONG KONG OVER THE LAST DECADE HAD TENDED TO OBSCURE THE FACT THAT HONG KONG'S ECONOMIC AND TRADING RELATIONSHIPS HAD BEEN DIVERSIFYING IN MANY DIFFERENT WAYS.

"TEN YEARS AGO, ASIA ACCOUNTED FOR ONLY 15 PER CENT OF HONG KONG'S TOTAL TRADE. IT NOW ACCOUNTS FOR 58 PER CENT. HE POINTED OUT.

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HE NOTED IN PARTICULAR A MASSIVE TRADE INCREASE WITH THE ASEAN NATIONS AS WELL AS WITH JAPAN AND KOREA.

MR MCGYLNN SAID DESPITE THE RECENT EVENTS IN CHINA, HONG KONG CONTINUED TO THRIVE AND PROSPER.

"IT ALSO HAS VERY NATURAL WORRIES AND CONCERNS ABOUT ITS

ADDRESSED FUTURE. WORRIES AND CONCERNS THAT NEED TO BE

NOT JUST BY THE PEOPLE OF HONG KONG. BUT DY BRITAIN AND

AS CHINA

THE

CO-SIGNATORIES OF THE JOINT DECLARATION.

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-

THE

AND

AND "THE REST OF THE INTERNATIONAL COMMUNITY

ESPECIALLY

ROLE UNITED STATES ALSO HAS A VITAL

TO PLAY IN RECOGNISING SUPPORTING HONG KONG AS A LEADING MEMBER OF THE GLOBAL ECONOMIC CLUB WHICH SERVES THE REST OF THE WORLD NOT ONLY AS A GATEWAY TO CRINA. BUT AS ITS LINK TO THE WHOLE OF THE ASIA PACIFIC REGION," HE ADDED.

MR MCGLYNN IS IN PORTLAND AS PART OF A SPEAKING TOUR OF NORTHEASTERN STATES OF MAINE, NEW HAVEN AND MASSACHUSETTS.

THE

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