TNAG-2477-FCO40-3607-The-Hong-Kong-Association-1992 — Page 18

China but financed out of Hong Kong

testimony to the

entrepreneurship and imagination of Mr Gordon Wu. It was, of

course, particularly gratifying, that this contract was secured

by GEC Alsthom.

This might then be a good point to touch on the performance of

British firms in Hong Kong. We are doing rather well. Last year

we sold over four times as much to Hong Kong as we sell direct

to China and almost half as much as we sell to Japan which has

an economy 49 times the size of Hong Kong's. This export

performance lifted Hong Kong from being our eighteenth largest

export market to our fifteenth. We sell more to Hong Kong than

we do to India or Australia or, indeed, to two of our European

Community partners. OECD statistics show us to be the leading

European exporter to Hong Kong. Yes our share of total trade has

gone down in recent years. But this does not reflect a poorer UK

performance but, instead, the rapid growth of Hong Kong's trade

with China and the growing importance of intra-regional trade.

This year we have got off to a particularly spectacular start

with increases of over 30% in exports over last year.

I was delighted by the success of those UK companies which formed

part of the Anglo-Japanese consortium that recently won the

contract for the Lantau Fixed Crossing, a major element in the

airport project. This more than anything else clearly

demonstrates the international competitiveness of UK companies

bidding for business of this kind. I must emphasise that neither

we in the British Government nor British companies look for any

favours from the

the Hong Kong Government in the award of major