XN000022-1991-04-24 — Page 33

WEDNESDAY, APRIL 24, 1991

I

32

"COMPARED WITH THE FIRST HALF OF FISCAL YEAR 1989, JAPANESE INVESTMENT IN HONG KONG GREW BY 28.7 PER ('ENT, WHILE THAT FOR THE WHOLE OF ASIA WAS 21.8 PER CENT," HE SAID.

AS REGARDS MANUFACTURING INVESTMENT, MR WONG SAID THE LATEST SURVEY SHOWED THAT THE CUMULATIVE VALUE OF JAPANESE INDUSTRIAL INVESTMENT AT THE END OF 1989 STOOD AT US$1,108 MILLION, REPRESENTING 29.1 PER CENT OF TOTAL OVERSEAS INDUSTRIAL INVESTMENT IN HONG KONG, A CLOSE SECOND TO THE USA WHICH ACCOUNTED FOR 31 PER CENT.

"JAPAN'S CUMULATIVE INVESTMENT IN 1989 WAS MORE THAN TWO THE AMOUNT RECORDED IN 1986 (US$513 MILLION).

TIMES

**THE GROSS ADDITION ΤΟ FIXED ASSETS MADE BY JAPANESE MANUFACTURERS IN 1989 WAS US$80 MILLION, THE SECOND LARGEST ADDITION IN A YEAR AFTER THE RECORD HIGH OF US$132 MILLION IN 1988, HE SAID.

MR WONG SAID THERE WERE 180 MANUFACTURING ESTABLISHMENTS IN HONG KONG WITH JAPANESE INVESTMENT, EMPLOYING MORE THAN 26,000 STAFF, OR SOME 3.6 PER CENT OF HONG KONG'S TOTAL MANUFACTURING WORKFORCE.

IN THE FINANCIAL SECTOR, MA-JOR JAPANESE BANKS HAD ALL ESTABLISHED BRANCHES OR REPRESENTATIVE OFFICES IN HONG KONG.

"CURRENTLY, 30 LICENSED BANKS, 11 RESTRICTED LICENSED BANKS, AND 37 DEPOSIT TAKING COMPANIES HAVE BEEN SET UP BY THE JAPANESE IN HONG KONG.

"IN ADDITION, THE NUMBER OF FINANCIAL INSTITUTIONS SUCH AS SECURITY HOUSES AND INSURANCE COMPANIES HAS ALSO INCREASED RAPIDLY IN THE 1980'S.

"ALL THESE UNDERLINE THE ATTRACTIVENESS OF HONG KONG AS A REGIONAL FINANCIAL CENTRE. LOCATED AT THE HUB OF THE RAPIDLY GROWING ASIA REGION, HONG KONG IS THE MOST EFFICIENT FINANCIAL CENTRE FOR SOPHISTICATED JAPANESE INVESTORS," HE SAID.

MR WONG SAID THE RAPID EXPANSION OF JAPANESE BUSINESSES IN HONG KONG HAD TAKEN THEIR ACTIVITIES FROM THE STAGE OF INDIVIDUAL TRADING TO THAT OF MULTI-NATIONAL BEHAVIOUR.

"HONG KONG, AS A NATURAL GATEWAY TO CHINA,

IS BEING INCREASINGLY RELIED UPON FOR PROVIDING DESIGN AND MANAGEMENT SUPPORT TO MANUFACTURING INDUSTRIES IN CHINA, FINANCING REGIONAL TRADING AND AS A CENTRE FOR PROVIDING ALL KINDS OF FINANCIAL SERVICES, HE SAID.

IN THE INDUSTRIAL SECTOR, MR WONG SAID, JAPANESE MANUFACTURERS HAD BROUGHT NEW DIMENSIONS TO THE LOCAL MANUFACTURING COMMUNITY.

LE

'AMONGST OTHER THINGS, THFY HELP BROADEN AND UPGRADE THE PRODUCT RANGE OF LOCAL INDUSTRIES THROUGH SUB-CONTRACTING WHICH ALSO OFFERS OPPORTUNITIES FOR TRANSFER OF ADVANCED PRODUCTION AND QUALITY CONTROL PROCESSES AND TECHNOLOGIES, AND NEW MANAGEMENT TECHNIQUES INTO HONG KONG, HE SAID.

T7

MR WONG IS IN NEW YORK AS PART OF A TWO-WEEK VISIT TO THE MEETING BUSINESSMEN AS WELL AS VISITING COMPANIES AND THE HONG GOVERNMENT ECONOMIC AND TRADE OFFICES.

U.S.

KONG

0

-

/33