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Following is the full text of the speech (English only) by the Financial Secretary, Mr Antony Leung, at the Opening Ceremony of Hong Kong Fashion Week (Fall/Winter 2002) today (January 15):

Christopher (Cheng), Michael (Sze), distinguished guests, ladies and gentlemen,

I am delighted to be here this morning to help launch Hong Kong Fashion Week for the coming Fall/Winter season - an event that has an important bearing on Hong Kong's economy and contributes to our international standing in the world's fashion stakes.

Ever since Paul Poiret, one of the top couturiers of the 20th Century, staged the first fashion show in Paris in the early 1900s, fashion shows have become a magnet for designers and buyers to get together for business, market intelligence, and inspiration. Indeed, the shows are now synonymous with international fashion centres. And Hong Kong is no exception.

Our first fashion show dates back to the early 1970s, and has grown in stature as Hong Kong has developed into a regional textiles and garment centre.

As Financial Secretary, I am keenly interested in the development of the textiles and garment industry - first because it makes a significant contribution to our economy; and second, for a more personal reason, I happen to admire fine textiles and clothing.

In 2000, the industry employed some 66,000 people - that's about 29% of total employment in the manufacturing sector; and the value of exports totalled $87 billion, or 48% of our total domestic exports. The figures speak for themselves.

Over the years, Hong Kong has evolved from a low-cost apparel supplier into a renowned production, sourcing and servicing centre of quality garments and fashion that have a high global reputation. Our industrialists have done a remarkable job in raising Hong Kong's competitive advantage by taking some bold and necessary steps. They have controlled costs through globalised production, enhanced productivity and quality through intelligent use of technology and original designs. And, they have devoted important marketing efforts to building up brand names.

An enormous amount of credit must also go to our designers. Today, more and more young and talented local designers are emerging, bringing with them new and exciting concepts into the fashion market. Not only are they becoming important players in the local fashion scene, they are making their mark internationally. And I am pleased that during Fashion Week you will have the opportunity to see some of their latest creations.

The fashion industry is a typical example of how industries and services have to constantly innovate and apply technology in order to rise to constantly changing consumer demands. In fact, probably no other sector thrives on change as much as the fashion industry. In our drive to position Hong Kong as a world-class design and fashion centre, we have made available more than $140 million from the Innovation and Technology Fund to finance some 60 projects aimed at facilitating the development of the industry.

In addition, the Hong Kong Design Centre, jointly funded by the Government and the Hong Kong Jockey Club, will begin operating shortly. This centre has been established to help promote many forms of design as a value-added activity, strengthen human resource development, and boost Hong Kong's profile as an innovative and creative hub. And, I understand industry leaders are actively identifying further measures to help Hong Kong consolidate its status as an international fashion and design centre.

The opening up of the mainland market as a result of China's accession to the World Trade Organisation should also open up opportunities for our skilled designers. So, all in all, despite the current global downturn, the longer term future is looking bright. I am confident that our garment and fashion industries will be able to make the best of these opportunities.

Finally, I offer my warmest congratulations to the Hong Kong Trade Development Council and all the local and overseas exhibitors for their efforts in putting together this very important event. Clearly, as can be seen from today's turnout, it is shaping up to be a success.

I wish you all a very fruitful week. Thank you.

End/Tuesday, January 15, 2002

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