XN000022-1994-10-07 — Page 4

HONG KONG

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GATEWAY TO ASIA

FRIDAY, OCTOBER 7, 1994

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THE FINANCIAL SECRETARY, SIR HAMISH MACLEOD, SAID THERE WAS A GROWING AWARENESS OF OPPORTUNITIES IN ASIA, HONG KONG AND CHINA IN PARTICULAR, FOR EUROPEAN BUSINESSMEN .

SPEAKING ON "HONG KONG: THE GATEWAY TO ASIA" TO THE MADRID CHAMBER OF COMMERCE ON THURSDAY (OCTOBER 6, MADRID TIME), SIR HAMISH SAID EXPORTS FROM THE EUROPEAN UNION

UNION (EU) ΤΟ DEVELOPING ASIAN COUNTRIES NOW ACCOUNTED FOR 20 PER CENT OF

OF THE TOTAL EU EXPORTS, EXCEEDING THE 18 PER CENT TO THE UNITED STATES.

SAID,

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"AND THE TRADE BALANCE WITH HONG KONG IS IN EU'S FAVOUR, HE

SIR HAMISH SAID THE TRADE BETWEEN HONG KONG AND SPAIN WAS GROWING RAPIDLY AND HAD INCREASED BY TWO-AND-A-HALF TIMES BETWEEN 1988 AND 1993.

HE ALSO OUTLINED HONG KONG'S ECONOMY SUCCESS TO THE 150 PROMINENT BUSINESS PERSONALITIES OF THE MADRID CHAMBER OF COMMERCE.

HE SAID HONG KONG WAS THE EIGHTH LARGEST TRADER AND ITS CONTAINER PORT WAS THE LARGEST IN THE WORLD.

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"HONG KONG IS ALSO THE WORLD'S MAJOR FINANCIAL CENTRE IT IS THE WORLD'S FOURTH LARGEST BANKING CENTRE AND THE SEVENTH LARGEST STOCK EXCHANGE AND HAS THE SIXTH LARGEST FOREIGN CURRENCY HOLDINGS, HE SAID.

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"THOSE OF YOU WHO HAVE NOT BEEN TO HONG KONG RECENTLY WOULD BE SURPRISED · OR EVEN SHOCKED AT HOW FAR IT HAS ADVANCED," HE ADDED.

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SIR HAMISH SAID HONG KONG'S CONTINUING STATUS AS AN INTERNATIONAL FINANCIAL CENTRE AFTER 1997 HAD BEEN FURTHER AFFIRMED BY THE DECISION TO HOLD THE WORLD BANK/INTERNATIONAL MONETARY FUND (IMF) ANNUAL MEETINGS IN HONG KONG SOON AFTER THE TRANSFER OF SOVEREIGNTY IN 1997.

"IT IS AN HONOUR FOR HONG KONG TO HOST THIS IMPORTANT EVENT AND WE ARE COMMITTED TO SUCCESSFULLY ORGANISING IT, HE SAID.

SIR HAMISH, WHO IS IN MADRID ATTENDING THE 1994 ANNUAL MEETINGS OF THE WORLD BANK/IMF, EARLIER CALLED ON THE SPANISH MINISTER OF COMMERCE AND TOURISM, MR JOVIER GOMEZ NAVARRO, AND MET MEMBERS OF THE SPANISH PARLIAMENT AS WELL AS BANKERS AND INDUSTRIALISTS.

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