XN000022-1989-11-27 — Page 2

MONDAY, NOVEMBER 27. 1989

VITAL FOR HK TO MAINTAIN ECONOMIC POSITION: GOVERNOR

IT IS VITAL FOR HONG KONG'S FUTURE PROSPERITY THAT IT SHOULD BE ABLE TO MAINTAIN ITS POSITION AS ONE OF THE GREAT INTERNATIONAL TRADE AND FINANCE CENTRES. THE GOVERNOR, SIR DAVID WILSON, SAID TODAY (MONDAY),

SPEAKING AT THE OPENING OF THE 10TH INTERNATIONAL MANAGEMENT CONFERENCE OF THE ASIAN ASSOCIATION OF MANAGEMENT ORGANISATIONS, SIR DAVID SPOKE OF THREE PARTNERS IN HONG KONG'S GROWTH AS A WORLD CENTRE FOR VIGOROUS ENTERPRISE BUSINESSMEN, WORKERS AND GOVERNMENT.

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HE SAID ALL THREE PARTNERS HAD COMBINED ΤΟ FOSTER A STRONG TRADITION OF FREE ENTERPRISE AND SUCCESSFUL ENTREPRENEURSHIP, AND IT WAS THIS PARTNERSHIP BETWEEN BUSINESSMEN, GOVERNMENT AND THE COMMUNITY WHICH MUST WORK TO GUARANTEE HONG KONG'S FUTURE AS A MAJOR ECONOMIC POWER, THE WORLD'S 11TH LARGEST ECONOMIC ENTITY.

NOTING THAT THE CONFERENCE HAD "ENTREPRENEURSHIP AND MANAGEMENT" AS ITS THEME, THE GOVERNOR COMMENTED: "IN HONG KONG YOU WILL FIND PLENTY OF BOTH IN ACTION".

STR DAVID SAID THAT HONG KONG, AS A SMALL CITY-ECONOMY WITH VERY LIMITED NATURAL RESOURCES. HAD TO IMPORT PRACTICALLY EVERYTHING IT CONSUMED, AND IT HAD TO EXPORT TO PAY FOR THESE IMPORTS.

"THAT MEANS COMPETITION WITH EVERYONE ELSE IN THE WORLD.

"THUS OUR VERY SURVIVAL. DEPENDS ON THE INGENUITY OF OUR PEOPLE; THEIR ABILITY TO SEIZE OPPORTUNITIES AND THEIR WILLINGNESS TO ADJUST RAPIDLY TO CHANGING DEMANDS.

"AND IT IS THIS VERY QUALITY, WHAT ONE MIGHT CALL INGRAINED PRAGMATISM, THAT ACCOUNTS POR HONG KONG'S REPUTATION AS A WORLD CENTRE FOR VIGOROUS ENTERPRISE," HE SAID.

THE GOVERNOR SAID ONE MEANS OF POSITION LAY IN CONTINUING TO PROVIDE AN THE EFFICIENT CONDUCT OF BUSINESS.

MAINTAINING HONG KONG'S INFRASTRUCTURE ΤΟ SUPPORT

ANOTHER PART OF THE ANSWER LAY IN THE VIGOROUS DEFENCE OF HONG KONG'S RIGHT TO TRADE OPENLY IN WORLD MARKETS.

BUT IN THE FINAL ANALYSIS MOST DEPENDED ON THE INGENUITY AND SKILL OF THE PEOPLE.

"

'HENCE OUR DETERMINATION TO CONTINUE TO INVEST IN EDUCATION AND VOCATIONAL TRAINING. THIS IS OF PARTICULAR IMPORTANCE AS OUR ECONOMY SHIFTS TOWARDS TECHNOLOGY INTENSIVE EMPLOYMENT, TN BOTH MANUCTURING AND THE SERVICE INDUSTRIES, HE SAID.

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/SIR DAVID