CONFIDENTIAL COMMERCIAL IN CONFIDENCE
238/4
To:
Mr Love OT2/2
From:
Anne Willcocks
CB1
Room 122/BPR
215 2911
16 March 1993
Copy:
Dr Baker CB2
Mr Thomas CB2
No Mercy
2. N
ji
почу
IMPLICATION OF HONG KONG'S ECONOMIC AND FINANCIAL POSITION
1.
We spoke about Mr Medway's minute of 4 March. As I said, without asking ICI or Glaxo, we do not have information on the extent of their exposure in Hong Kong and China. What we can glean from the Annual Report and other published information is as follows:
ICI
2.
ICI's Annual Report gives information on turnover and assets in the Asia Pacific region (which obviously includes Japan and South East Asian markets in which ICI is active as well as China and Hong Kong), but it may give you a feel for the magnitudes. ICI had 15,900 employees in the Asia Pacific region out of a total worldwide of 117,500. ICI had assets in that region in £7,098 million worldwide. Overall
1992 of £1,365 million out of 18% of its turnover is in the Asia Pacific region.
3.
ICI has a subsidiary ICI (China) Ltd which serves Hong Kong and China. ICI established a branch office in Taipei in 1948 and (prompted by the Government led partnership with industry) began investing in manufacturing facilities in early 1970s. During the past 20 years ICI has built some 8 factories in Taiwan for acrylics, polyurethanes and paint businesses. It also operates a number of research, technical service and trading facilities. In November 1992 it opened its largest investment so far in the Asia Pacific region a new £150 million plant to produce pure terephthalic acid in Taiwan. It has now established a small pharmaceuticals sales team in China as well as for agrochemicals. ICI specialities serves Asia Pacific region from Singapore.
Glaxo
3.
-
You did not ask for information on Glaxo but I understand that their main manufacturing base is in Singapore. Again, we could obtain more
information only by asking the
company.
Anne Willcocks
ANNE WILLCOCKS
detailed
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