At present, the four ANIES are promoting services as one of the twin engines of growth along side with manufacturing. It is expected that the development will be in three directions: (1) as financial and business centres, (2) as regional headquarters centres for multinational corporations (MNCs) with investment interest in Asia Pacific
and (3) as exporters of services.
A.
Financial and Business Centres
At present, Hong Kong and Singapore are major financial centres of the world. In 1990, financial services contribute 16.5% and 20.7% to Hong Kong's and Singapore's
gross domestic
product respectively. The economies' excellent infrastructure and strategic locations are two important locational advantages which attract the incoming of foreign banks. Furthermore, the internationalization of economic activities within the region has also helped to reinforce their status. Whether Taiwan's aggressive financial
liberalizations in recent years will help it to develop into an
international financial
Financial services are
centre after Hong Kong and Singapore has yet to been seen. crucial to both Hong Kong and Singapore, and specialization has occurred. While Hong Kong specializes in stock and commodity exchange and loan syndication, Singapore specializes in risk management and foreign exchange dealing. Thus, it seems that the
region can accommodate
more than one financial centre.
B. Centres for Operational_____Headquarters
(OHOs) and International
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