XN000022-1989-11-08 — Page 82

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WEDNESDAY, NOVEMBER 8, 1989

MR CHAN SAID THE NEWLY FORMED

PARTNERSHIP BETWEEN SEIYU AND WING ON WAS A VERY IMPORTANT ONE BECAUSE IT WAS THE FIRST TEAM-UF OF JAPANESE AND HONG KONG DEPARTMENT STORES.

"BUT MORE IMPORTANTLY. THE ENTRY OF THE SAISON GROUP INTO HONG KONG IS YET ANOTHER PIECE OF CONCRETE EVIDENCE OF JAPAN'S STRONG CONFIDENCE IN THE FUTURE OF HONG KONG. HE SAID.

**

MR CHAN POINTED OUT THAT HONG KONG AND JAPAN HAD BEEN HAVING A CLOSE TRADING RELATIONSHIP FOR A LONG TIME AND JAPAN WAS NOW HONG KONG'S THIRD TRADING PARTNERS AFTER CHINA AND THE USA.

IN

"OUR TRADING RELATIONSHIP HAS KEPT ON GROWING: IMPORTS FROM AND EXPORTS TO JAPAN ROSE BY 29.3 PER CENT AND CENT RESPECTIVELY. HE SAID.

ᅡ

1988.

OUR 20.5 PER

MR CHAN NOTED THAT JAPANESE INVESTMENTS IN HONG KONG HAD ALSO INCREASED SIGNIFICANTLY. NOT ONLY IN TERMS OF THEIR SHARE IN TOTAL FOREIGN INVESTMENT IN HONG KONG BUT ALSO IN TERMS OF THEIR DIVERSITY.

"IN 1988. 27 PER CENT OF TOTAL FOREIGN INVESTMENT IN OUR MANUFACTURING SECTOR WAS FROM JAPAN, MAKING IT SECOND ONLY TO THE U.S. WHOSE SHARE WAS 34 PER CENT.

SOME

OF

THE

"IN THE CONSTRUCTION SECTOR.

MAJOR INFRASTRUCTURAL PROJECTS. SUCH AS THE EASTERN HARBOUR CROSSING AND TATE'S CAIRN TUNNEL. HAVE BEEN UNDERTAKEN BY CONSORTIA WITH JAPANESE INTERESTS," HE SAID.

MR CHAN ALSO STRESSED THAT HONG KONG WAS A STAUNCH AND PRACTITIONER OF FREE TRADE AND FREE ENTERPRISE.

SUPPORTER

IN THE

INDUSTRIAL.

"WE WELCOME FOREIGN INVESTMENTS, BE THEY FINANCIAL OR OTHER SECTORS OF THE ECONOMY. HE ADDED.

H

GOOD PROSPECTS FOR PARTNERSHIP OF JAPANESE INVESTMENT AND HK INDUSTRIES

THE DEPUTY DIRECTOR OF INDUSTRY, MR ANDREW LEUNG KIN-PONG, IS CONFIDENT THAT THE PARTNERSHIP OF JAPANESE INVESTMENT AND HONG KONG INDUSTRIES WILL WORK EVEN BETTER AS HONG KONG MARCHES ON.

ACCORDING TO MR LEUNG, IN THE FISCAL YEAR 1988 ALONE. HONG KONG GAINED THE LARGEST SHARE OF JAPANESE INVESTMENT IN ASIA, ALMOST DOUBLE THAT FOR THE COUNTRY IN THE SECOND POSITION.

SPEAKING AT AN INTERNATIONAL SYMPOSIUM IN HUA HIN, THAILAND, MR LEUNG SAID PROXIMITY AND OTHER TRADITIONAL LINKS WERE SOME OF THE MORE OBVIOUS REASONS FOR JAPAN'S SIGNIFICANT INVESTMENT IN HONG KONG.

/"HOWEVER, DESPITE