XN000022-1990-02-08 — Page 9

THURSDAY, FEBRUARY 8, 1990

HK HAS IMPORTANT ROLE IN WORLD ECONOMY

HONG KONG IS A MAJOR PLAYER IN THE GLOBAL ECONOMY, WITH A SIGNIFICANT ROLE IN THE ECONOMIC LIFE OF OUR BUSINESS AND TRADING PARTNERS AROUND THE WORLD, THE DIRECTOR OF HONG KONG ECONOMIC AND TRADE OFFICE IN SAN FRANCISCO, MR PETER JOHNSON, SAID IN TEXAS ON WEDNESDAY (U.S. TIME).

ADDRESSING A MEETING OF THE AUSTIN METROPOLITAN BREAKFAST CLUB DURING A FOUR-DAY VISIT TO TEXAS, MR JOHNSON SAID HONG KONG WAS A RELATIVELY WEALTHY MARKET, WITH SUBSTANTIAL PURCHASING POWER, AND INCREASINGLY SOPHISTICATED TASTES.

INDUSTRIAL KINDS FOR

SUPPLIES,

HE POINTED OUT THAT SINCE IIONG KONO HAD ALMOST NO NATURAL RESOURCES, IT HAD TO IMPORT VIRTUALLY ALL ITS NEEDS, FROM MACHINERY AND TRANSPORT EQUIPMENT, THROUGH SUPPLIES OF ALL AN EVER ACTIVE CONSTRUCTION INDUSTRY, OFFICE EQUIPMENT AND HOUSEHOLD GOODS AND FOOD.

"HONG KONG IS A MARKET WHICH IS OPEN AND ACCESSIBLE ON EQUAL TERMS TO SUPPLIERS FROM ALL OVER THE WORLD.

"THERE IS THE MINIMUM OF GOVERNMENT INTERFERENCE, TAX RATES ARE LOW, THERE ARE NO FOREIGN EXCHANGE CONTROLS AND NO BARRIERS TO TRADE,

MARKET, TAKING US$8.6 BILLION U.S. WAR THE OF GOODS

"IN OVERALL TERMS THE U.S. REMAINS OUR LARGEST OVER 30 PER CENT OF OUR DOMESTIC EXPORTS, WORTH ABOUT IN THE FIRST 11 MONTHS OF 1989. IN THE SAME PERIOD THE SECOND LARGEST MARKET FOR RE-EXPORTS FROM HONG KONG, MOSTLY PRODUCED IN CHINA," HE SAID.

MR JOHNSON NOTED THAT ON A PER CAPITA BASIS, HONG KONG WAS BY FAR THE BEST MARKET IN THE WORLD FOR U.S. EXPORTS. U.S. EXPORTS ΤΟ HONG KONG IN THE FIRST 11 MONTHS OF LAST YEAR WERE US$5.5 BILLION, PUTTING IT IN FOURTH PLACE AS A SUPPLIER, BEHIND CHINA, JAPAN AND TAIWAN,

"IN 1988 TRADE BETWEEN HONG KONG AND THE FIVE TEXAS CUSTOMS DISTRICTS TOTALLED US$432 MILLION, $166 MILLION IN EXPORTS FROM TEXAS TO HONG KONG AND $266 MILLION IN THE OPPOSITE DIRECTION,

*+ MR JOHNSON SAID.

HE TOLD HIS AUDIENCE THERE WERE SUBSTANTIAL OPPORTUNITIES FOR ITEMS SUCH AS TEXAS BEEF AND OTHER MEAT PRODUCTS, NOTING 'THAT EVERY MAN, WOMAN AND CHILD IN HONG KONG SPENT OVER US$100 ON U.S. AGRICULTURAL IMPORTS.

MR JOHNSON ALSO STRESSED THAT THE SIZE OF THE U.S. PRESENCE UNDERLINED THE IMPORTANCE OF THE U.S.-HK RELATIONSHIP.

"THERE ARE