XN000022-1991-10-15 — Page 2

TUESDAY, OCTOBER 15, 1991

THE

HK A PLACE OF OPPORTUNITY: GOVERNOR

GOVERNOR, SIR DAVID WILSON, CALLED ON BRITISH BUSINESS COME, TAKE PART AND BENEFIT FROM HONG KONG, WHICH IS A PLACE OF EXCITING AND RAPIDLY OPPORTUNITY, AT THE HEART OF ONE OF THE MOST GROWING AREAS OF THE WORLD.

ADDRESSING THE TRADE DEVELOPMENT COUNCIL'S ANNUAL DINNER LONDON ON TUESDAY (OCTOBER 15), SIR DAVID STRESSED THAT HONG KONG PLANNING AND WORKING FOR THE LONG-TERM FUTURE, AND THAT DESPITE THE TERRITORY OWN DIFFICULTIES -- ITS OWN UNIQUE UNCERTAINTIES NOT DOWNHEARTED IN FACING THEM.

IN

WAS

ITS

WAS

AND

HONG

ECONOMIC PROSPECTS THE GOVERNOR ANALYSED HONG KONG *9 EXPLAINED TO THE BRITISH AUDIENCE THE POLITICAL DEVELOPMENTS IN KONG AS WELL AS THE TERRITORY'S EFFORTS IN BUILDING FOR ITS LONG-TERM FUTURE.

ON THE ECONOMY, SIR DAVID SAID THE NORTH AMERICAN AND EUROPEAN MARKETS, WHICH TOGETHER ACCOUNTED FOR ABOUT 46 PER CENT OF HONG KONG'S EXPORTS, REMAINED IMPORTANT.

HE SAID THE RECENT ANNOUNCEMENT BY THE U.S. OF ITS DECISION UPGRADE HONG KONG'S COCOM STATUS WAS GOING TO IMPROVE THE ACCESS TO HIGH TECHNOLOGY AND WOULD TRADING TIES.

STRENGTHEN

TO

TERRITORY'S THESE TRADITIONAL

HOWEVER, IT WAS TRADE WITH HONG KONG'S NEIGHBOURS IN ASIA WHICH DYNAMISM, THE GOVERNOR WAS NOW GIVING THE TERRITORY'S ECONOMY ITS SAID.

HE SAID HONG KONG WAS IN A UNIQUE POSITION TO BENEFIT FROM THE OF ASIA, WHICH CONTINUED FAST GROWTH OF THE DEVELOPING ECONOMIES

DOUBLE THOSE OF DURING THE 1990'S, HAD AVERAGE GROWTH RATES ABOUT NORTH AMERICA, EUROPE AND EVEN JAPAN.

HE NOTED THAT AS ONE AFTER ANOTHER OF THE COUNTRIES OF THE ASIA HONG KONG'S PACIFIC REGION REACHED THE POINT OF ECONOMIC TAKE-OFF, REGIONAL TRADE HAD GROWN, SO FAR THIS YEAR, BY MORE THAN 25 PER CENT.

PER NOTING THAT HONG KONG'S TRADE WITH CHINA HAD GROWN BY 37 CENT IN THE PAST TWO YEARS, SIR DAVID CITED THE GREAT SIGNIFICANCE OF THE RAPID EXPANSION OF THE TERRITORY'S ECONOMIC HINTERLAND IN SOUTHERN CHINA, IN PARTICULAR THE DEVELOPING ECONOMY OF GUANGDONG PROVINCE.

QUITE

SIR DAVID SAID IN 10 YEARS, THE PEARL RIVER DELTA WOULD POSSIBLY HAVE BECOME ONE OF THE WORLD'S LARGEST MANUFACTURING CENTRES. EMERGING ECONOMIC WITH MOST OF THE EXTERNAL TRADE FROM THIS

VOLUME THROUGH THE TRAFFIC POWERHOUSE PASSING THROUGH HONG KONG, TERRITORY'S PORT WAS EXPECTED TO GROW AT AN ANNUAL RATE OF SEVEN CENT OVER THE NEXT DECADE, AND CARGO VOLUME THROUGH THE GROW AT SIX PER CENT PER YEAR.

PER

AIRPORT ΤΟ

/SIR DAVID