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The Director of the Hong Kong Economic and Trade Office of the Hong Kong Special Administrative Region (SAR) Government in Canada, Mr Donald Tong, today (Thursday, Canada time) urged Canadians to help transform the territory into a world class city.
Speaking at a luncheon, organised by the Calgary South Rotary Club, Mr Tong said the business potential for Canadians was enormous in a number of areas such as Information Technology, infrastructure development and environment technology.
He pointed out that Hong Kong would be spending about C$100 billion dollars over the next five years on massive infrastructure projects and education, as part of the blueprint to stimulate economic growth and to reinvent itself. In addition, another C$6 billion would be invested in improving Hong Kong's environment within the next ten years.
"The dark clouds of the economic downturn is beginning to clear as we push into the next millennium," Mr Tong told the gathering which included bankers, businessmen and government officials.
"I am glad to say that our economic growth in the second half of this year recorded an increase of 0.7 per cent, and according to IMF, the increase for this year would be 1.2 per cent.
"And our Chief Executive, Mr Tung Chee Hwa, has forecast a growth rate of more than 2 per cent in the second half of 1999, and 0.5 per cent for the year as a whole."
Combined with the improving economic climate and the groundwork being prepared to meet the challenges of the new millennium, the path towards achieving its stated goals is very robust, Mr Tong said.
"Hong Kong has the added advantage of being at the doorstep of a vast market in China whose economic growth this year is expected to be 7 per cent. All these factors certainly put us in a very enviable position."
Mr Tong told the gathering that the SAR had introduced various new initiatives to stimulate growth and these included providing greater support to small and medium sized enterprises, pushing ahead with measures to develop innovation and technology, the development of a Cyberport and promoting tourism with proposals to build a Disney theme park, a terminal for luxury cruise ships and a fisherman's wharf.
"Apart from the stated growth, liquidity in banks has improved, interest rates have come down, the property market has stabilized and the stock market has recovered substantially," Mr Tong said.
"As we enter into the 21st Century, we will be facing much fiercer competition from cities in the mainland of China and other countries. We have no alternative but to keep on improving and reinventing our success story.
"The Chief Executive in his policy address on October 6 announced his long term strategies to turn Hong Kong into a world-class city and to achieve this we must strive to attain greater economic growth and provide better lives for the hard working people of Hong Kong.
"Our government is committed to providing the best education system possible, and we are now undertaking a thorough review and would put forward specific proposals for reform. We have also agreed with the Chinese Government detailed plans to admit talents and expertise from the mainland to meet the needs of our economy, in particular innovation and technology.
"The quality of our environment is another subject of concern. And to address this, we have announced a package of measures to tackle air pollution, sewage disposal, waste reduction and recycling," he said.
Mr Tong also pointed out that urban renewal would be speeded up with the formation of a new authority. The Government would also build alongside the renowned Hong Kong harbour front attractive leisure walkways and promenade.
In conclusion, Mr Tong said: "Canadians should not be discouraged by the temporary contraction because Hong Kong has all the necessary components and pro-business environment to cater for the needs of investors.
"And remember China remains a huge market and no one is better placed than Hong Kong to hookup Canadian companies with China."
End/Friday, October 15, 1999
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