TNAG-2356-FCO40-3427-Ministerial-visits-from-the-UK-to-Hong-Kong-1991 — Page 77

TRADE OPPORTUNITIES IN HONG KONG

1.

Current agricultural exports from

the UK to Hong Kong

are as follows (1990 figures):

Tobacco and tobacco products

Beverages

£ m

103.5

18.3

Cereals and cereal preparations

4.4

Meat and meat preparations

4.0

Dairy products

3.5

Sugar, sugar preparations

and honey

Agricultural chemicals

Fruit and vegetables

Hides and skins

Fish and fish preparations

Others

2.9

2.9

2.2

2.1

1.9

16.4

£162.1 m

2. Hong Kong's economy is based on a commitment to market mechanisms and free enterprise. Its principal natural asset

is its sheltered deep water harbour. It has a substantial

and progressive manufacturing industry, relying almost

entirely on imported raw materials, and has resumed its

traditional role as the commercial centre for exports and imports to and from China. Hong Kong must, of course,

revert to China when the lease expires in 1997, but the Joint Declaration provides for Hong Kong's capitalist system and way of life to continue for at least 50 years.

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3. Hong Kong's agricultural sector is small, and getting smaller as land is taken for development (and because it is

easier and cheaper to buy-in agricultural produce,

ERTP271.Oct

1