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The new initiatives come as the Task Force on Services Promotion released its final report today (Wednesday) to mark the end of its work.
"Publication of the report does not mean our work is finished," said Mr Tsang.
"On the contrary it is just beginning."
The report includes full details of the Task Force's work and 'impressive achievements' as well as plans for the coming year.
Mr Tsang said the Task Force had achieved 90 per cent of its original targets covering the major service industries.
For example:
Legislation was introduced to allow development of a captive insurance industry;
Plans finalised for the Mortgage Corporation;
Negotiations completed on all major Air Services Agreements, giving Hong Kong its own separate arrangements;
Six licences issued for Personal Communications Services;
Dialogue opened with Hong Kong Telecom to develop further Hong Kong's international telecommunications market.
Mr Tsang said the Trade Development Council had also been active in promoting trade in services and had 'responded to the challenge with gusto'.
"Already it has developed a long-term strategy which emphasises both the breadth and depth of Hong Kong's quality services," Mr Tsang said.
"In 1996/97, it spent over $28 million on a promotional campaign. In the coming year, it will spend nearly $30 million.
"The Export Credit Insurance Corporation and the Hong Kong Productivity Council have also played their part."
Mr Tsang said he had been impressed by progress made by the Stock Exchange and Futures Exchange in developing and marketing new products.
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