XN000022-1991-09-20 — Page 2

FRIDAY, SEPTEMBER 20, 1991

OPPORTUNITIES FOR GREATER HK/SINGAPORE ECONOMIC CO-OPERATION

THERE ARE CLEARLY OPPORTUNITIES FOR GREATER ECONOMIC CO-OPERATION BETWEEN HONG KONG AND SINGAPORE, THE SECRETARY FOR TRADE AND INDUSTRY, MR T.H. CHAU, SAID THIS (FRIDAY) MORNING.

SPEAKING AT THE OPENING OF

OF A SEMINAR ON "HONG KONG AND SINGAPORE: GLOBALISATION THROUGH TWINNING", MR CHÂU SAID SUCH LINKS WERE ALREADY WELL DEVELOPED AND GROWING FAST IN THE AREA OF TRADE.

"IN 1990, HONG KONG WAS SINGAPORE'S FIFTH LARGEST MARKET, WHILE SINGAPORE WAS HONG KONG'S SIXTH LARGEST MARKET.

HE SAID,

"TOTAL TWO WAY TRADE IN 1990 WAS ALMOST TRIPLE THE 1986 LEVEL,

AS REGARDS TWO WAY INVESTMENT, IN THE PERIOD 1987-1990, 72 HONG KONG COMPANIES REGISTERED IN SINGAPORE.

"THE PROPERTY SECTOR IS A MAJOR INVESTMENT FOCUS: PERHAPS THE BEST KNOWN HONG KONG INVESTMENT IN SINGAPORE IS THE BILLION-DOLLAR INTERNATIONAL EXHIBITION AND CONVENTION CENTRE.

"CONVERSELY, BY THE END OF 1989, SINGAPORE HAD INVESTED IN 19 PROJECTS IN HONG KONG'S MANUFACTURING INDUSTRY WORTH IN EXCESS OF US$60 MILLION, AND HAD ALSO BUILT A PRESENCE IN HONG KONG'S PROPERTY, FINANCE, HOTEL AND RETAILING SECTORS," HE SAID.

MR CHAU SAID THERE WAS ALSO TREMENDOUS INVESTMENT POTENTIAL OVER THE BORDER, IN CHINA - AND SCOPE FOR COLLABORATION BETWEEN HONG KONG AND SINGAPORE IN TAPPING THAT POTENTIAL.

THE PROSPECTS FOR THE FUTURE LOOKED PROMISING GIVEN CHINA'S CONTINUING COMMITMENT TO ECONOMIC REFORM.

IN HIS VIEW SINGAPORE AND HONG KONO COULD BECOME STRONG PARTNERS IN THIS GROWTH AREA.

HE SAW MANY POSSIBILITIES FOR FRUITFUL CO-OPERATION BETWEEN HONG KONG AND SINGAPORE AS WE MOVED TOWARDS WHAT SOME HAD DUBBED THE "ASIA PACIFIC CENTURY"

•

"I AM SURE THAT IN THE ASIA PACIFIC CENTURY THE TWIN CITIES OF

EXAMPLES HONG KONG AND SINGAPORE WILL CONTINUE TO BE SHINING

OF THE TRIUMPH OF FREE TRADE AND FREE ENTERPRISE, MR CHAU SAID.

**

EARLIER, HE SAID HONG KONG AND SINGAPORE HAD MANY SIMILARITIES,

BUT THEY ALSO HAD FUNDAMENTAL DIFFERENCES.

THESE HAD ENABLED BACH TO CARVE OUT ITS OWN RCONOMIC NICHE.

"AND, WITH THE PHENOMENAL GROWTH OF THE ASIA PACIFIC REGION, THERE IS MORE THAN ENOUGH ROOM FOR US BOTH, HE SAID.

"

PLAYED

MR CHAU SAID HONG KONG AND SINGAPORE HAD EACH PART IN A WIDER SUCCESS STORY: THAT OF THE ASIA PACIFIC REGION.

A VITAL

/THE ECONOMIES