XN000022-1990-08-29 — Page 4

WEDNESDAY, AUGUST 29, 1990

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VIGOROUS GROWTH IN HK-FINLAND TRADE

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TWO-WAY TRADE BETWEEN HONG KONG AND FINLAND VIGOUR OVER THE PAST FEW YEARS, HONG KONG'S DEPUTY LONDON, MR K.C. KWONG, SAID TODAY (WEDNESDAY) WHEN SEMINAR IN HELSINKI, FINLAND.

HAS GROWN WITH COMMISSIONER IN HE ADDRESSED A

IT AMOUNTED TO US$284 MILLION IN 1989, 23 PER CENT HIGHER THAN IN 1988 AND THREE AND A HALF TIMES LARGER THAN IN 1985, HE SAID, ADDING THAT THERE WERE NOW OVER 50 FINNISH COMPANIES OPERATING IN HONG KONG ENGAGED IN A WIDE RANGE OF ACTIVITIES.

IN HIS SPEECH MR KWONG ASSURED HIS AUDIENCE THAT THE SINO-BRITISH AGREEMENT ON THE FUTURE OF HONG KONG WOULD MAINTAIN THE TERRITORY'S PROSPERITY BEYOND 1997 HONG KONG WOULD REMAIN A CAPITALIST SOCIETY UNDER THE "ONE COUNTRY, TWO SYSTEMS" CONCEPT, AND THE CURRENT LEGAL, JUDICIAL, SOCIAL AND ECONOMIC SYSTEMS WOULD BE UNCHANGED.

MR KWONG NOTED THAT HONG KONG WAS DEPENDENT ON EXTERNAL TRADE, BUT PRACTISED FREE TRADE. "WE HAVE NO TRADE BARRIERS WHATSOEVER AND NO CUSTOMS TARIFFS," HE SAID.

QUOTING FROM STATISTICS COMPILED BY THE GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT), HE POINTED OUT THAT HONG KONG WAS THE 11TH LARGEST TRADING COMMUNITY IN THE WORLD.

"IN 1989, TOTAL EXTERNAL TRADE WAS WORTH US$145 BILLION, 14 PER CENT HIGHER THAN IN 1988, HE SAID.

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"THE CONTAINER PORT IS ONE OF THE BUSIEST IN THE WORLD. IT HANDLED 4.5 MILLION TEU'S LAST YEAR. IT IS STILL EXPANDING."

AND

HE ADDED THAT HONG KONG WAS ALSO A MAJOR FINANCIAL CENTRE.

"THERE IS COMPLETE FREEDOM IN THE MOVEMENT OF CAPITAL INTO OUT OF HONG KONG. WELL OVER 400 FOREIGN BANKS FROM SOME 50 COUNTRIES, INCLUDING FINLAND, ARE REPRESENTED IN THE TERRITORY.

"WE RANK THIRD IN THE WORLD IN TERMS OF OVERSEAS BANK REPRESENTATION, MR KWONG SAID.

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HE EXPLAINED THE HUGE POTENTIAL THE TERRITORY, WITH ITS SOPHISTICATED INFRASTRUCTURE, AFFORDED TO FOREIGN INVESTORS WHO WANTED TO USE IT AS A BASE NOT ONLY FOR TRADE WITH CHINA, BUT ALSO WITH COUNTRIES IN THE PACIFIC RIM.

A

OUTLINING SOME OF THE GOVERNMENT'S SUBSTANTIAL INFRASTRUCTURAL DEVELOPMENT PLANS, HE SAID: "THERE IS A COMPREHENSIVE STRATEGY FOR MASSIVE EXPANSION OF THE TERRITORY'S PORT, AIRPORT AND ASSOCIATED FACILITIES TO COPE WITH HONG KONG'S RAPIDLY GROWING ROLE AS AN ENTREPOT AND REGIONAL HUB.

/"THE PORT