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Following is the full text of the speech by the Chief Executive, Mr Tung Chee Hwa, at a dinner in honour of the President of Republic of Ecuador, Dr Jamil Mahuad Witt, at Government House this (Friday) evening:

Mr President , honourable members of the delegation, guests, ladies and gentlemen,

It is a great pleasure and an honour to welcome you, Mr President to Hong Kong. This is the first time we have hosted a Presidential visit from Ecuador or indeed from anywhere in Latin America since the return of Hong Kong to China. This is also the first time we are receiving such a large business delegation from Ecuador. I think this bodes well for the future special trans-Pacific relationships. I am sure that your visit to Hong Kong will open the door to new trade, economic and cultural links. I am very delighted to learn of your very successful state visit to China and the relationship between the two countries is also moving forward from strength to strength.

At this moment, Mr President, the links across the Pacific are still developing and evolving. And that is why your visit, Mr President, and that of the business delegation, is so important. There is nothing like the personal contact and personal touch to enhance mutual understanding and co-operation.

Ecuador and Hong Kong are separated by a vast ocean. Our cultures, our traditions, our way of life and our economies are as different as the ocean is wide. And yet, it is these very differences which bring us together and on which we can build upon.

Ecuador has an abundance of natural resources that are exported around the world either as raw materials or as processed goods or as fruit or food. I believe just over 10 per cent of your exports actually come to Asia.

Here in Hong Kong we have no natural resources except the finest deep-water port in Asia and our location as the pre-eminent gateway to trade and investment with the Mainland of China and greater East Asia. Ecuadorian enterprises looking for new markets in China and Asia will certainly find all that they need in Hong Kong to facilitate their undertakings. On the other side of the coin there is undoubtedly opportunity to explore new markets for our goods and services in Ecuador. Joint ventures - either in Hong Kong or Ecuador - is another area which could bring mutual benefits.

Mr President, visits such as yours also help take forward a process that we in Hong Kong embrace very much, and that is the continued globalisation of trade and investment. As the world's most open and externally oriented economy, Hong Kong has benefited greatly from this process. And we strongly believe that the further opening up of markets and trimming of tariffs benefits everyone in the global trading village.

Mr President, your busy schedule allows only a short stay in Hong Kong. However, I hope that during your visit you can sense some of the dynamic energy and determination of our community to remain at the forefront of international cities. Hong Kong has thrived on interaction with the rest of the world. That interaction has not only nurtured good fortune but also forged great friendships.

Mr President, on behalf of all Hong Kong people I would like to personally extend the hand of friendship to you and your delegation. And I hope that the bonds of friendship - and of course business - become even stronger and more prosperous in the years ahead.

Thank you very much.

Photo: The President of the Republic of Ecuador, Dr Jamil Mahuad Witt, arrived in Hong Kong for a two-day visit as the final lap of his official visit to China. The Chief Executive, Mr Tung Chee Hwa, hosted a banquet for the President and his party at Government House this evening. Picture shows Mr Tung greeting Dr Jamil Mahuad Witt on his arrival at the entrance.

End/Friday, September 3, 1999

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