TNAG-2625-FCO40-3816-Visit-by-Douglas-Hurd--Secretary-of-State-for-Foreign-and-Co-1992 — Page 83

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Overseas Trade Services

UK commitment to Hong Kong reflected in the many major UK retailers who have opened stores in Hong Kong in the last few years.

(Marks and Spencer for example are to open a fifth store in the territory in October).

UK still the leading European exporter (6.5% of OECD exports to Hong Kong for 1991) ahead of Germany (5.6%), Italy (4.3%), France (3.3%). UK share of total imports has however fallen to 2.1% (compared with 3.7% in 1985). This is in large part due to the growth of trade with, and outward processing operations in, China and the growing importance of intra-regional trade.

BOTB Forward Plan

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Asia Pacific Rim is a priority market for BOTB Work; second only to US and Western Europe. (New Asia Pacific Advisory Group launched on 30 June 1992). The Forward Plan attaches importance to promoting a better awareness in the UK of opportunities in Hong Kong and of its pivotal role in the Asia Pacific Rim.

Recent UK Successes

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A £550M contract for the Lantau Fixed Crossing suspension bridge has been awarded to the Anglo-Japanese Consortium of Trafalgar House, Costain and Mitsui. UK content is £250M.

An international consortium including AMEC have recently been awarded a £260M contract for the 6.5 Km Tai Ho section of the North Lantau Expressway.

A consortium comprised of Mott Connell, Norman Foster and BAA have been awarded a £40M contract to design the airport passenger terminal at Chek Lap Kok.

Cathay Pacific have placed a £300M order for Rolls Royce engines for their new fleet of Boeing 777s.

GEC Alsthom have signed a letter of agreement for the Shajaio C £550M, 2 x 265 MW power station in China with a joint venture company formed in Hong Kong by Hopewell Holdings of Hong Kong, and the Guangdong Power Company.

Major Orders in Prospect

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UK companies have a continuing strong interest in major project business in Hong Kong (especially the £10 bln Port and Airport Development project and power stations).

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