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Following is the full text of the speech (English only) by the Financial Secretary, Mr Donald Tsang, at the Inauguration of the PolyU's Institute for Enterprise (IfE) today (April 10):

Ladies and gentlemen,

Thank you for those kinds words and the background to the establishment of this trailblazing institute.

I was glancing through the newspapers last week and noticed, yet again, the suggestion that Hong Kong should 'reinvent' itself to meet the new challenges facing us. On this occasion, I think it was in relation to China's accession to the World Trade Organisation. And I started thinking, if I were to get a million dollars every time someone called for us to reinvent ourselves, I would probably have enough to balance the books for this financial year. I would also have to 'cough up' a million from my own pocket as I count myself amongst the many who have used the same word during the past 18 months.

However, when I see initiatives such as the one that has brought us all here today, I know we don't need to keep reminding ourselves about how we should be handling change - Hong Kong's institutions and entrepreneurs are already one step ahead of the game. And the Institute for Enterprise is a case in point.

It is a unique combination of the talents and expertise of The Hong Kong Polytechnic University, universities in the Mainland, and the private sector. Through the key units of the Institute, you are helping to provide advanced solutions in a variety of fields from executive training programmes, and research and development of innovative technology to consultancy services and rapid product development, particularly in the high-tech field. These are the areas in which our economy is now developing and for which you are training a new breed of Hong Kong entrepreneur.

You are helping to ensure that our young business executives have the skills necessary to fulfil their ambitions both in Hong Kong and in some cases in the Mainland; and that Hong Kong can capitalise on innovative ideas by turning them into commercial products. In many ways it reminds me of the words of the former American President, Dwight Eisenhower, in a 1952 campaign speech when he said : "Neither a wise man nor a brave man lies down on the tracks of history to wait for the train of the future to run over him".

The far-sighted attitude of the PolyU has seen to it that the Institute for Enterprise, the first of its kind in Hong Kong, is firmly plugged into the future. You showed foresight in establishing several of the key units, such as the China Business Centre and the PolyU Technology and Consultancy Company, some years ago. Now you have shown foresight in successfully bringing the management and technology units together under the one roof providing an integrated team of specialists to support business and industry.

The fact that you are achieving this mostly through your own financial resources - surplus funds generated by PolyU's self-financed activities and private sector donations, makes it even more creditable. As you know, each year education is the biggest single expenditure item in my budget, and while it would be nice to be able to accommodate all the requests we receive, there is a limit to what we can do. That's why you deserve special commendation for finding the necessary funds from your own resources to meet the Institute's operating costs.

Your collaboration with the private sector is also leading to the development of some exciting projects that will involve tens of millions of dollars in the start-up phase. Projects such as a web-based business application for fashion design, manufacturing and sales; the creation of a new generation of interactive smart toys; further applied research, training and incubation programmes to develop IT applications; and continuing professional development courses for specialists, will help keep Hong Kong at the forefront of innovation and technology.

I also couldn't help notice that the PolyU, in conjunction with several universities on the Mainland, has developed a low cost device that will help reduce particulate emission levels from diesel motor vehicles. With Hong Kong's air pollution, in particular, a top priority of the government, any innovative products developed locally that will help alleviate the problem are most welcome.

To you all, my heartiest congratulations on the official inauguration of the Institute for Enterprise. I know Hong Kong's future is secure with the innovation, energy, commitment and determination of the people behind the Institute for Enterprise.

11.

Thank you.

End/Monday, April 10, 2000

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