TNAG-0281-FCO40-317-Visit-of-the-Chancellor-of-the-Duchy-of-Lancaster-to-Hong-Ko-1970 — Page 158

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415.

SPEAKING NOTES in case the Chancellor of the

Duchy of Lancaster has to make a speech during

his visit to Hong Kong.

I am impressed, as any visitor must be,

by the phenomenal success story of the Hong

Kong economy. No need for me to tell you

about your own success. But it is difficult

not to express excitement and admiration about

such facts as the following. Last year your

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exports increased by 25% on the previous year.

You now export between 85% and 90% of your

total production. You are now, despite the

very modest size of your population, the world's

23rd biggest exporter.

2. I am not here to negotiate but to educate

myself about those problems which might affect

some sectors of your economy and also to discuss

with you the real opportunities which might be

afforded by a European Community which has been

enlarged to include Britain and the other

applicants.

Our share of Hong Kong exports

has been falling and now stands at about 11.6%.

On the other hand your exports to the Communities

have risen rapidly and are now almost as great

9.4%. A more dynamic Britain in the European

Communities might, in the long run, be a

better trading partner for you than she is now.

3. In any case Hong Kong's development has

always been characterised by realistic and

clear-sighted appraisal of prospects.

ifierente) fact that

I am

impressed by the extent of which, although

textiles are still your most important industry,

your plastic and electronic industries are

becoming increasingly important.

I am

confident that you will exploit to the full the