XN000022-1991-10-28 — Page 11

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MONDAY, OCTOBER 28, 1991

COURSE,

"THE FUTURE OF THE HONG KONG INSURANCE MARKET, MUST OF BE LOOKING AT NOT JUST FROM THE VIEWPOINT OF IMMEDIATE PROFITABILITY, BUT ALSO FROM THAT TO LONG TERM PROFITABILITY.

"OVER THE NEXT 12 MONTHS, IT IS LIKELY THAT THERE WILL LEAST THREE MAJOR INTERNATIONAL INSURERS JOINING THE MARKET.

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BE AT

OBTAIN AUTHORISATION IN HONG KONG TODAY, IT IS NECESSARY FOR THE APPLICANT INSURERS TO DEMONSTRATE, AMONGST OTHER THINGS, IT WILL DEVELOP, AND MAINTAIN, A SUBSTANTIAL APPROPRIATE

OPERATIONAL ESTABLISHMENT.

THAT LOCAL

ONGOING

"THIS ESTABLISHMENT WILL INVOLVE INITIAL SETUP AND OPERATIONAL COST, THAT IS AN INITIAL INVESTMENT WHICH IN TURN REQUIRES THE POTENTIAL APPLICANTS TO TAKE A LONG TERM VIEW OF ITS POSITION THE MARKET," HE SAID.

IN

MR SULLIVAN SAID THOSE THREE MAJOR INSURERS HAD TAKEN A LONG TERM VIEW OF HONG KONG AND SAW IT AS A GOOD AND PROFITABLE PLACE TO DO BUSINESS IN FUTURE YEARS.

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"I AM IN FULL AGREEMENT WITH THEIR JUDGEMENT, HE ADDED.

0

CIVIL SERVANTS EXCHANGE PROGRAMME WITH CANADA

CIVIL SERVANTS IN HONG KONG WILL SOON HAVE A CHANCE TO BROADEN THEIR MANAGEMENT EXPERIENCE AND TO SHARE EXPERTISE WITH THEIR CANADIAN COUNTERPARTS UNDER A STAFF EXCHANGE PROGRAMME HONG KONG AND THE CANADIAN GOVERNMENTS.

BETWEEN THE

ANNOUNCING THIS TODAY (MONDAY), THE SECRETARY FOR THE CIVIL SERVICE, MR BARRIE WIGGHAM, SAID THE AIM OF THE EXCHANGE PROGRAMME WAS TO ENRICH AND BROADEN THE EXPOSURE OF PERSONNEL EMPLOYED IN THE HONG KONG AND THE CANADIAN CIVIL SERVICES.

"THE PROGRAMME WILL BRING A NEW DIMENSION то THE EXISTING RANGE OF ON-THE-JOB TRAINING FOR CIVIL SERVANTS IN HONG KONG," MR WIGGHAM SAID.

IN ADDITION TO THE EXCHANGE PROGRAMME, THE TWO SIDES WILL ALSO UNDERTAKE AND ENCOURAGE CO-OPERATION IN OTHER AREAS OF CIVIL SERVICE PERSONNEL MANAGEMENT, WITH SPECIAL ATTENTION то DEVELOPMENT AND TRAINING.

UNDER THE EXCHANGE PROGRAMME, RACH SIDE WILL PROVIDE A LIST PRIORITY AREAS FOR INCOMING AND 'OUTGOING ASSIGNMENTS.

OF

THE DURATION OF EACH ASSIGNMENT WILL NORMALLY BE BETWEEN SIX MONTHS TO ONE YEAR, BUT THE ARRANGEMENTS WILL BE FLEXIBLE ΤΟ ALLOW FOR EXTENSION OR ABBREVIATION BY MUTUAL CONSENT.

/HE SAID

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