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Following is the full text of the speech (English only) delivered by the Financial Secretary, Mr Donald Tsang, at the Ground Breaking Ceremony for Container Terminal 9 today (July 24):
David (Holmes), guests, ladies and gentlemen,
I am very honoured to be asked to speak on this very memorable occasion particularly this project demonstrates that beneath a linear of political and journalistic sensationalism, there are solid achievements being made in Hong Kong every day, every minute, every second representing the joint efforts of the Government and the private sector in projecting Hong Kong to a much higher economic plateau in terms of global competition, in terms of Hong Kong as a leading port, as a leading trading centre and a leading financial centre in the Asian time zone. This is our main mission, this is our cause. We must not be diverted by sensationalism and by what is happening in politics, knowing that there are millions of people whom we have to serve, who are working very hard to make Hong Kong an economic miracle, not only of the 20th century but of the 21st century. We must not be diverted from that.
But indeed, looking at the creation of the Terminal 9, I have to confess, there were times when I thought CT9 would never get off the ground. But years of perseverance, endless negotiations, and plain hard work by all the people on the forum here and also people working behind them, with them, to make this possible. There are probably not too many of the original players here still involved with the project today. But I am sure they will derive enormous comfort from the fact that we are now actually in the construction phase.
If I recall, the plans were to have the first berth of the new terminal operating by the mid-90s. Although that target was not achieved, competition among the container terminals and from alternative modes of container handling has driven the operators to improve efficiency and quality of service. This has enabled the port to handle the continuing growth in trade and maintain its status in the global container business.
The first berth of CT9 will now be ready in May 2002. Despite the hiatus, Hong Kong's reputation as one of the world's most efficient ports has not been affected. Indeed, we have regained our position as the world's busiest container port.
Last year the throughput was an impressive 16.2 million TEUs. It doesn't seem all that long ago when we broke the 10-million barrier. What these figures do is reinforce the fact that the port remains Hong Kong's trading lifeblood.
And this is backed up by studies which show that port-related industrial and commercial enterprises contribute some 20 per cent towards Hong Kong's Gross Domestic Product and account for one fifth of the workforce. In other words, matching the supply of port facilities with demand will ensure economic growth and provide job opportunities well into the future.
We talk about traffic jams on our congested roads; but when you realise that on average a vessel is either leaving Hong Kong, or arriving, just about every minute, our port operators do a tremendous job indeed. And these vessels, of every shape and size, last year carried more than 169 million tonnes of cargo and 17 million passengers.
So, the start of work on CT9 is an important milestone in the overall development of the port. With its completion in 2004, container throughput is expected to exceed the 20 million TEU mark - that's the equivalent of handling one 'box' every one-and-a-half seconds, 24 hours a day, seven days a week. It will also bring to saturation point container development in the Kwai Chung basin.
In the coming years we will closely monitor the actual growth in the throughput before we make a final decision on the site and timing for the construction of new facilities.
As well, the government in conjunction with the Port and Maritime Board and the Airport Authority, will be undertaking several important strategic development studies over the next 12 months to update our sea and air cargo forecasts. These will help in formulating development plans to sustain our position as a top class international transportation and logistics hub.
Enhancing our competitiveness in this field is in keeping with the findings of the Chief Executive's Commission on Strategic Development which identified the trade, transport and logistics sector as one of the seven key areas to support our long term growth.
In this context, the Airport Authority is inviting investors to develop two logistics centres and a marine cargo terminal at the airport. And we have established a Committee on Logistics Service Development under the Port and Maritime Board to look at how we can work together to facilitate the flow of cargoes through our port and airport.
CT9 will certainly play a significant part in our overall development. So, without further ado, and ever mindful that I'm at the mercy of technology today which - as everyone knows - can be temperamental at the best of times, I have great pleasure in starting the construction work. And all this without getting my feet wet.
Ladies and gentlemen, we are seeing in Hong Kong now a full recovery of economy as symbolised by the start of this important project. I forecast earlier this year that Hong Kong will grow at a rate of 5 per cent which I revised again to 6 per cent. From the things that are going, including the undertaking of this port and all the other related economic activities, it looks as if I might have to revise my annual economic forecast again in August. I cannot forecast at this stage and foretell you exactly what it would be. But it would be quite interesting figure, having regard to what we are going to turn out in the second quarter. But this is a matter for us, for joy, for all concern. And let's not lose confidence at the fundamental strength of Hong Kong which is economics. Let's make sure while we are going through a political process, the fundamental strength and the wishes of Hong Kong is that we must continue to grow, must continue to work hard, and work hard together as a community. Thank you very much.
End/Monday, July 24, 2000
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