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HK BENEFITS FROM ASIA-PACIFIC GROWTH
TUESDAY, JUNE 2, 1992
HONG KONG HAS BEEN ABLE ΤΟ ACHIEVE IMPRESSIVE ECONOMIC PROGRESS BY TAKING ADVANTAGE OF THE FAST ECONOMIC GROWTH AND DEVELOPMENT IN THE ASIA-PACIFIC REGION AND ITS INTIMATE AND COMPLEMENTARY ECONOMIC RELATIONSHIP WITH CHINA.
THIS WAS STATED BY THE DIRECTOR-GENERAL OF INDUSTRY, MR T.H. BARMA, WHEN HE SPOKE ON "INVESTMENT OPPORTUNITIES FOR JAPANESE BUSINESSES" AT AN INDUSTRIAL INVESTMENT PROMOTION SEMINAR IN TOKYO TODAY (TUESDAY).
MR BARMA SAID ASIA-PACIFIC WAS RECKONED ΤΟ BE THE FASTEST GROWING AND MOST DYNAMIC REGION IN THE WORLD, ACCOUNTING FOR HALF OF THE WORLD'S GROSS NATIONAL PRODUCT AND ONE-THIRD OF WORLD TRADE.
"IN THE LAST DECADE, ASIAN-PACIFIC ECONOMIES GREW AT AN AVERAGE OF 8% A YEAR OVERALL. FOR THOSE WHICH HAVE BEEN DUBBED NEWLY INDUSTRIALISED ECONOMIES OR DYNAMIC ASIAN ECONOMIES, THE GROWTH WAS EVEN FASTER, AT 12% PER ANNUM," HE SAID.
HE SAID AN AVERAGE GROWTH RATE OF MORE THAN 6% A YEAR WAS PREDICTED FOR THE DEVELOPING ECONOMIES IN THE REGION IN THE NEXT DECADE, WHICH WAS MORE THAN DOUBLE THAT OF THE EXPECTED GROWTH FOR COUNTRIES IN TRE ORGANISATION FOR ECONOMIC COOPERATION AND DEVELOPMENT.
MR BARMA SAID HONG KONG WAS NOW THE 10TH LARGEST TRADING ENTITY IN THE WORLD.
"AMONG HONG KONG'S TOP 20 TRADING PARTNERS, 12 ARE FROM THE ASIA-PACIFIC REGION,' HE SAID.
"IN 1991, THE ASIA-PACIFIC REGION ACCOUNTED FOR 78% OF HONG KONG'S TOTAL TRADE. OUR EXPORTS TO THE REGION GREW AT AN AVERAGE ANNUAL RATE OF 14% DURING THE LAST DECADE TO REACH A TOTAL OF US$20 BILLION IN 1991," HE ADDED.
ON HONG KONG'S ECONOMIC RELATIONSHIP WITH CHINA, MR BARMA SAID THE ADVANTAGES OF HAVING SOUTHERN CHINA SUPPORTING HONG KONG WERE
SIGNIFICANT.
FIRSTLY, HE SAID, THE AVAILABILITY OF A VAST INDUSTRIAL HINTERLAND ALLEVIATED SOME OF THE CONSTRAINTS ON INDUSTRIAL GROWTH HONG KONG.
IN
"SECONDLY, THE SHIFTING OF HONG KONG'S LABOUR INTENSIVE ASSEMBLY OPERATIONS INTO SOUTHERN CHINA HAS CREATED A STRONG DEMAND FOR HONG KONG TO BECOME A SUPPORT BASE NOT ONLY IN PROVIDING A VARIETY OF SERVICES BUT ALSO IN THE SUPPLY OF MATERIALS, PARTS, COMPONENTS AND TOOLING.
"THIS REINFORCES THE DEVELOPMENT OF OUR
LINKAGE INDUSTRIES,
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HE SAID.
/THIRDLY, THE
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