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The following is the transcript of the Chief Executive, Mr Tung Chee Hwa, at the media session this (Wednesday) afternoon (Part I):

Chief Executive: I will leave Hong Kong for Davos, Switzerland, tonight to attend the World Economic Forum's Annual Meeting. World leaders from business, from academic, from culture and media, as well as from government will be attending this Annual Meeting. This year's theme is "Responsible Globality, Managing the Impact of Globalisation".

I will brief the world leaders on the latest development in Hong Kong. I will particularly explain to them how Hong Kong has been able to tackle the financial crisis and also the measures we have taken to sharpen our competitive edge. I will also stress to them the need for further co-operation to strengthen the international financial architecture.

I will depart Switzerland on 31st to go to Israel to gain first-hand knowledge of technological development in the country. Israel's high-tech export represented two-thirds of the country's total exports and it was worth 70 billion dollars in the year.

In Israel I will have the opportunity to meet government, academic and business leaders, and be briefed on their experience in enhancing the capability of commercial firms to innovate, to stimulate technological development and encouraging its commercialisation and application. I will be gone for seven-and-a half days and will return to Hong Kong on Thursday afternoon.

(More)

End/Wednesday, January 27, 1999

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