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Following is the speech of the Secretary for Economic Development and Labour, Mr Stephen Ip, at the opening ceremony of the Hong Kong Watch & Clock Fair today (September 10) (English only):

Mr Yip, Mr Sze, Mr Chau, distinguished guests, ladies and gentlemen,

It is my great pleasure to attend the opening ceremony of the Hong Kong Watch & Clock Fair 2002. The watch and clock industry is well established in Hong Kong. Last year, Hong Kong exported about US$5.2 billion worth of watches and clocks. The industry's contribution to our economy is not restricted to its export value. It also helps promote Hong Kong's image as watches and clocks are products that are easily identified with Hong Kong.

The watch and clock industry is a very competitive industry, as shown by the great variety of products on display today. I would like to thank the organizers for giving me this opportunity to get a glimpse of the latest developments of the industry and to see the fabulous new product designs.

Watches and clocks are no longer just time pieces; they have become an important fashion and home decoration component, customized to personal taste. Nowadays, it is common for people to have several watches and still purchase new ones from time to time. These new trends in consumer taste have created new growth opportunities for the industry. I am confident that by embracing Hong Kong's outstanding tradition of creativity, innovation and entrepreneurship, our watch and clock industry will continue to scale new heights.

Exploration of new markets and injection of new blood are important for the trade's development. The Trade Development Council, the Hong Kong Watch Manufacturers Association, and the Federation of Hong Kong Watch Trades and Industries have made invaluable contributions in these areas. Besides the Fair which opens today, I understand that a study mission to Moscow and Warsaw, and another exhibition in Dubai are being organized later this month and in January 2003 respectively to promote our watches and clocks in new markets.

The annual Hong Kong Watch & Clock Design Competition also provides an opportunity for the trade to discover new talents and attract new designers. I congratulate the winners of this year's competition and hope that the development of our watch and clock industry will benefit from your design talents.

Distinguished guests, as the policy secretary responsible also for tourism, I urge those of you from overseas to take time to do a bit of shopping and sightseeing. I wish the Fair every success and all of you from overseas an enjoyable stay in Hong Kong.

Thank you.

End/Tuesday, September 10, 2002

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