XN000022-1991-01-24 — Page 11

10

THURSDAY, JANUARY 24, 1991

IN AIR NOW BEING

SAID THE SAME REGIONAL BIAS WAS EVIDENT OVER 80 PER CENT OF HONG KONG'S AIR TRAFFIC

SIR DAVID TRAVEL,

WITH GENERATED FROM WITHIN THE REGION.

REGION WOULD

NOTED HE

THAT THE INTERNATIONAL CIVIL AVIATION ORGANISATION FORECAST

AIR TRAFFIC GROWTH IN THE ASIAN-PACIFIC THAT EXCEED THAT OF ALL OTHER REGIONS OVER THE NEXT DECADE.

NOT SURPRISING, HE SAID, THAT JAPAN, THAILAND, KOREA, SINGAPORE AND INDONESIA WERE ALL EITHER COMPLETING NEW FACILITIES OR PLANNING TO "THUS A NEW CONSTRUCT NEW AIRPORTS TO CAPTURE THE PREDICTED GROWTH.

A AIRPORT IS BEING BUILT AT OSAKA, WHILE SINGAPORE HAS JUST COMPLETED

IN SECOND AIR TERMINAL AND IS PLANNING TO CONSTRUCT A THIRD RUNWAY.

SECOND AIRPORT FOR AUTHORITIES ARE PLANNING TO BUILD A SEOUL, THE COMMISSIONING WITHIN THE NEXT FIVE YEARS,

++ HE SAID.

AND

"IF WE WERE TO BE COMPLACENT WITH OUR EXISTING FACILITIES IGNORE THE EVIDENCE OF INCREASING CAPACITY CONSTRAINTS, WE WOULD STAND TO LOSE SUBSTANTIAL BUSINESS OPPORTUNITIES.

BUSINESS VISITORS MAKE UP

1.4. KONG, APPROXIMATELY SHOULD WE OVERLOOK THE CENT OF HONG THE POTENTIAL

25

14

ABOUT

PER CENT OF ALL VISITORS TO HONG

LAST BUSINESS PEOPLE MILLION

YEAR. NOR IMPORTANCE OF TOURISM WHICH CONTRIBUTES OVER SEVEN PER ON BE FOOLISH TO TURN OUR BACKS KONG'S GDP. IT WOULD FOR GROWTH IN THIS AREA.

SIR DAVID SAID AN IMPORTANT ELEMENT IN HONG KONG'S TRANSFORMATION WAS ITS CHANGING ECONOMIC RELATIONSHIP WITH PARTICULAR AS A GATEWAY FOR THOSE SEEKING TO DO BUSINESS

VAST COUNTRY.

CHINA IN WITH THAT

HE

CHINA'S ADOPTION OF THE OPEN DOOR POLICY OVER 10 YEARS AGO, SAID, PROVIDED THE OPPORTUNITY FOR HONG KONG'S MANUFACTURERS TO EXPAND INTO

PRODUCTION OFF-SHORE

AND THE RESULTS

BEEN HAD

QUITE

EXTRAORDINARY.

"THEIR

ESTIMATED INVESTMENT,

что TOTAL 11.7 BILLION

EXTERNAL FOR SOME TWO-THIRDS OF DIRECT

CREATED EMPLOYMENT FOR HAVE

BETWEEN 1.5

U.S. INVESTMENT

AND

TWO

DOLLARS, ACCOUNTS IN CHINA. THEY MILLION WORKERS IN GUANGDONG PROVINCE ALONE."

THE HOWEVER,

EQUATION WAS NOT SIMPLY A CASH

HE ONE,

SAID. HONG KONG WORK ROUGHLY

TECHNICAL AND MANAGERIAL STAFF FROM 50,000 ROUTINELY IN CHINA AND THERE WAS A SPREADING OUTWARD FROM HONG kong of CAPITAL, OF TECHNICAL SKILLS, OF MANAGERIAL AND COMMERCIAL KNOW HOW.

HONG

SIR DAVID SAID HONG KONG AND CHINA HAD BECOME EACH OTHER'S OF LARGEST TRADING PARTNER, EACH ACCOUNTING FOR MORE THAN 30 PER CENT THE OTHER'S TOTAL TRADE. CHINA IS THE SECOND LARGEST MARKET FOR KONG PRODUCTS AND THE LARGEST MARKET FOR HONG KONG'S RE-EXPORTS, THAN

CENT OF THE GOODS RE-EXPORTED PER

HONG 80

THROUGH DESTINED FOR, OR ORIGINATED FROM, CHINA.

MORE

KONG ARE

SIR DAVID SAID HONG KONG WAS TO SOUTH CHINA WHAT ROTTERDAM TO CONTINENTAL EUROPE, OR NEW YORK TO THE EAST COAST OF USA.

IS

/"SINCE CHINA