TNAG-2749-FCO40-3964-Economic-situation-in-Hong-Kong-1993 — Page 48

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fact is,

the cumulative amount of Japan's direct investment in

Hong Kong continues to grow.

(3)

There are also a number of other indicators which illustrate

the importance of Hong Kong to Japan and vice versa. For example,

Japanese financial institutions now hold 55% of the total finan-

cial assets in Hong Kong, where they operate like they do in New

York and London. Also, at present there are over 1,500 Japanese

companies in Hong Kong, and that number continues to increase.

Many of these companies have made substantial contributions to

the development of major infrastructure projects in Hong Kong,

such as the construction of the Mass Transit Railway, the Cross-

Harbour Tunnel, and currently,

and currently, the new airport project at Chek

Lap Kok.

(4) Hong Kong's increased importance to Japan is based on a

number of attractions. Hong Kong is attractive to Japanese people

and companies not only as a gateway to China, but also as a base

for various economic activities in Hong Kong and in the Asia-

Pacific region as a whole. Attractions are numerous, and I will

cite the important ones:

Firstly, Hong Kong is a major centre for air and sea trans-

portation, and is thus suitably equipped with modern and effi-