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Following is the full text of a speech by the acting Chief Executive, Mr Donald Tsang, at the opening ceremony for the First Wine and Spirits Exhibition for Asia-Pacific today (Tuesday):

Distinguished guests, ladies and gentlemen,

Thank you for inviting me to open this exhibition. I am very pleased to feel the spirit of enterprise flowing through these halls and delighted to welcome so many exhibitors from around the world.

The essence of a gathering such as this is, of course, to concentrate on promoting and marketing your products - and recent events in this region might well have driven anyone to drink.

In some ways, a Financial Secretary's role is analogous to that of a wine-maker. We irrigate here and fertilise there. We may prune judiciously and lay all the elements for a vintage year - but many key factors still remain out obstinately of our control.

And, of course, while a Hong Kong Budget may prove its worth over time, it is produced for immediate consumption.

In these days when it seems we are constantly being told to forgo so many of life's little pleasures, it is reassuring - quite inspirational - to recall some pertinent remarks of great authority.

In Ecclesiaticus 31:27, for example we find: "Wine is as good as life to a man, if it be drunk moderately", or St Paul's famous advice in 1 Timothy 5:23: "Drink no longer water, but use a little wine for thy stomach's sake, and thine often infirmities."

With luck, and God willing, we may be able to avoid most infirmities but I understand that current science backs up the theory that there is a positive boon in a little wine or spirits.

Wine and spirits, of course, are the subjects we have come to examine at this exhibition, and there are few other commodities that can be so aptly labelled "consumer products".

Consumption of spirits and wine has grown steadily in the Asia-Pacific region over the past decade. The Asian spirits market grew about 44 per cent by value while the wine market increased by about 14 per cent from 1992 to 1996.

In Hong Kong we have no doubt helped that trend along by reducing duties on alcoholic beverages. In last year's Budget we put in place a one-third reduction in wine duty in a move forecast to cost $490 million in the four years up to 2000-01.

I am afraid I cannot promise to repeat that sort of exercise very often. However, I am certain that Hong Kong consumers delighted all wine and spirits purveyors over the period June - July last year as they celebrated the Handover.

As we are all aware, the region's economic climate has changed considerably since then. In the short term, it must inevitably have an effect on the market. However, the fact that more than 600 exhibitors and 6,000 visitors are here from 29 countries is proof that optimism is the prevailing characteristic.

In opening this exhibition of wines and spirits I welcome you all very warmly. I wish you all success in your enterprises here and across the region.

Thank you.

End/Tuesday, June 16, 1998

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