Press Release

 

 

FS' remarks

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Following is the opening remarks (English only) made by the Financial Secretary, Mr Donald Tsang, at the ceremony of Hong Kong Gifts & Houseware Fair '99 and Hong Kong Premium Show '99 today (Monday):

Mr Lam, Mr Young, Mr Sze, Ladies and Gentlemen,

I am delighted to be here this morning to open the largest ever Hong Kong Gifts & Houseware Fair and Hong Kong Premium Show. But your invitation has also raised a problem for me. When I see so many wonderful things on display, I want to indulge in some impulse buying, which might get me into trouble with my wife!

Shows like this bring out the best in Hong Kong. They highlight our dominant role as a 'trader' in high quality goods. And a top supplier of a whole range of manufactured items.

Each year, the trade fair attracts overwhelming support from manufacturers, traders and buyers. But today is a milestone. It is the first of its kind to take up all the usable space in this magnificent Hong Kong Convention and Exhibition Centre. More than 3,000 exhibitors from 38 countries have made the achievement possible.

It is a clear demonstration that Hong Kong continues to be THE sourcing centre in Asia-Pacific. It also underlines the growing market for giftware, houseware and premium products. Indeed, total exports of gifts and houseware products managed to hold up reasonably well last year. In spite of the economic downturn, and its impact on our overall trade performance, they registered only a small decline in value terms.

As we can all see today, the trade of gifts and houseware covers an enormous variety of products. They range from stationery and printed matter to silverware, consumer electronics, works of art, handicraft, household goods to cosmetics, handbags and travel goods. For all consumer goods, the catch cry now is for higher quality products. Consumers are increasingly demanding sharp image, creative style and, above all, they must be functional. In such a competitive market, the winners are those who anticipate trends and consumer tastes, and who strive for innovation and technology.

Innovation and Technology, I and T, as I like to call it, is an integral part of our continued growth. Manufacturers and companies embracing these elements in their economic activities are enhancing their productivity and competitiveness in this fast moving and dynamic trading environment. And, I am pleased to say there are plenty of such winners in Hong Kong, particularly in the small and medium enterprise category. It is the SMEs who form the backbone of this industry. So the success of the trade is also a reflection of the success of the SMEs.

With the new millennium fast approaching, global economic competition is predominantly based on know-how and innovation. It comes as no surprise that we in Hong Kong need to broaden and upgrade our economic base, to create new and more effective niches. There is no time for complacency and we are responding to these challenges by continuing to build on our strengths. We are fully committed to providing our industries with the best environment to foster innovation and technology. In this way, we are helping them to add the highest value to their economic activities.

As I mentioned earlier, Hong Kong has not been spared the pain of restructuring as a result of the Asian economic crisis. But there are indications we are bottoming out. Through all this, our manufacturing and trading sectors have persevered. The fine products exhibited at the fair reflect their strenuous efforts to enhance design and improve quality. This desire for quality of excellence will enable Hong Kong to maintain and sharpen its competitive edge in this highly and increasingly competitive global business environment.

Ladies and gentlemen, on behalf of Hong Kong and the fair, I welcome you all to THE global centre of giftware, houseware and premium products, and wish you all good business.

Thank you.

End/Monday, April 12, 1999

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