TNAG-2599-FCO40-3787-Appointment-of-Chris-Patten-as-new-Governor-of-Hong-Kong--Ap-1992 — Page 103

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Much business interest in Hong Kong has been spurred in recent months by

the Government's plan for a new international airport as well as port

facilities to take us into the next century. The overall cost of the ten

airport core projects alone is estimated at $175 billion. The first

runway of the airport will be ready by 1997. Unlike Kai Tak Airport, the

Chek Lap Kok Airport north of Lantau Island will operate around the clock.

It will be served by a railway, new highways and a third harbour tunnel,

all part of the new infrastructure needed to position Hong Kong for the

20th century and enhance its role as an entrepot.

The project was stalled for many months by a dispute with China which was

eventually resolved with the signing of the Memorandum of Understanding by

Prime Minister John Major and Premier Li Peng in Beijing last September.

Not all the problems have been ironed out, as the Chinese Government is

still not fully satisfied with the cost and financing arrangements.

The new

The new infrastructural projects offer exciting opportunities for

participation by companies in Hong Kong and around the world.

terminal will be designed by Sir Norman Foster, who also designed the

current Hongkong Bank Headquarters. Apart from opportunities for

investment, there is also tremendous scope for participation in the

various projects as well as enormous opportunities in relation to the

supply of services, materials and equipment.

Hong Kong is both a participant in the Chinese economy and a beneficiary

of its growth. The economies of Hong Kong and its neighbour are

complementary, and have grown increasingly interdependent. Hong Kong has

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