XN000022-1990-02-16 — Page 3

FRIDAY, FEBRUARY 16, 1990

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MORE OPPORTUNITIES FOR EXPORT CREDIT INSURANCE COMPANIES

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THE SECRETARY FOR TRADE AND INDUSTRY, MR JOHN (FRIDAY) CALLED ON EXPORT CREDIT INSURANCE COMPANIES TO TERRITORY'S MASSIVE DEVELOPMENT PLANS.

CHAN, TODAY SUPPORT THE

ADDRESSING PARTICIPANTS AT THE BERNE UNION GENERAL MEETING, WHICH WAS HOSTED BY THE HONG KONG EXPORT CREDIT INSURANCE CORPORATION, MR CHAN SAID HONG KONG HAD BEEN SUPPORTED THROUGH PROVISION OF EXPORT FINANCE OR EXPORT CREDIT INSURANCE FOR SUCH MAJOR PROJECTS AS THE MASS TRANSIT RAILWAY, THE LIGHT RAIL TRANSIT SYSTEM AND THE POWER STATION ON TSING YI.

"ALL THESE VENTURES HAVE PROVED TO BE SUCCESSFUL,

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HE SAID.

"WE OBVIOUSLY LOOK FORWARD TO YOUR CONTINUAL SUPPORT IN THE FORTHCOMING YEARS, PARTICULARLY IN RELATION ΤΟ THE MANY INFRASTRUCTURAL PROJECTS WE ARE UNDERTAKING,"

HE TOLD THE AUDIENCE OF EXPORT CREDIT INSURERS FROM ALL OVER THE WORLD THAT THE HONG KONG GOVERNMENT HAD MASSIVE PLANS INVOLVING A TOTAL INVESTMENT OF OVER US$16 BILLION FOR THE DEVELOPMENT OF A NEW AIRPORT, PORT AND OTHER LARGE-SCALE INFRASTRUCTURAL FACILITIES.

MR CHAN SAID THESE PROJECTS WOULD IMPROVE HONG KONG'S TRADING AND INVESTMENT ENVIRONMENT.

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TO STRENGTHEN THE COMPETITIVE EDGE OF THE TERRITORY'S MANUFACTURED EXPORTS, PLANS WERE ALSO BEING FORMULATED TO ESTABLISH TECHNOLOGY CENTRE TO FACILITATE THE DEVELOPMENT OF NEW AND SMALL-SCALE HIGH TECHNOLOGY COMPANIES.

MR CHAN SAID THESE EFFECTIVE TOOLS, TOGETHER WITH THE USUAL DYNAMISM AND ENTERPRISING SPIRIT OF HONG KONG PEOPLE, WOULD ENABLE THE TERRITORY то FACE WITH CONFIDENCE SUCH PROBLEMS AS INCREASING COMPETITION FROM NEIGHBOURING AREAS AND RISING PROTECTIONIST FROM ITS TRADING PARTNERS.

PRESSURE

ON THE GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT) MR CHAN SAID HONG KONG ENJOYED FULL AUTONOMY IN THE CONDUCT OF ITS EXTERNAL COMMERCIAL RELATIONS AND THE GOVERNMENT TOOK A SERIOUS INTEREST IN PARTICIPATING IN MAJOR REGIONAL AND INTERNATIONAL ECONOMIC AND TRADE ORGANISATIONS.

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HONG KONG HAD BECOME A SEPARATE CONTRACTING PARTY TO THE GATT APRIL 1986 AND, ONE YEAR LATER, IT BECAME A SEPARATE CONTRACTING PARTY TO THE CUSTOMS COOPERATION COUNCIL.

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WE BELIEVE THAT, GIVEN OUR TRADING POSITION, WE HAVE A ROLE TO PLAY AND A CONTRIBUTION TO MAKE TOWARDS ECONOMIC CO-OPERATION NOT JUST IN THE REGION BUT ALSO IN THE GLOBAL CONTEXT," MR CHAN SAID.

/HE ATTACHED