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Following is the full text of the speech by the Secretary for Commerce, Industry and Technology, Mr Henry Tang, at the opening of the Asia Business Leader Summit 2002 today (October 11): (English only)
First let me welcome all of you to this event. I would like to thank CNBC for choosing to hold the Asia Business Leaders Summit 2002 in Hong Kong. There could not be a more appropriate venue than Asia's World City.
Leadership is vital in business and government. Good leadership is particularly crucial now. At a time when the global economy faces formidable challenges and uncertainty, leadership will make the difference between success and failure.
In this still young new century, we are experiencing an economic revolution unlike any since the dawn of the industrial revolution. This revolution is being forged by several factors, including the profound and rapid globalization of markets and the staggering advances in information technology.
Hong Kong has been affected by these and other developments -- which have presented challenges for both business and Government leaders. As the Chief Executive has pointed out, we are faced with a need for a significant restructuring of our economy.
A key question has been how do we manage the restructuring. How do we manage this change? As Mr Tung has said, "What is one of the most important qualities of a true leader? I think it is the capacity and the ability to manage change, and to work with and guide others through important changes."
Managing through change is a leadership challenge that is, and will always be, part of the job -- not only for business leaders but also beyond the corporate world -- for leaders in government, academia and other sectors.
In this process of adjustment, access to information is crucial for maintaining our competitiveness.
With the most open media and multimedia market in Asia, Hong Kong is the preferred location for foreign companies looking to place their operations in the region. Over 40 of the world's largest media and multimedia companies are located here covering TV broadcasting, print media, news agencies and multimedia production.
You will be discussing many important issues during the course of this Summit. I see that among the topics will be the implications of China's entry into the WTO. Hong Kong looks forward to playing a more active role in contributing to the sustained growth of post-WTO China, as a source of investment, and as a partner for overseas firms looking to strengthen their presence in a country set to become a key engine of global economic growth. And as Mainland companies start to spread their wings, Hong Kong can serve as a springboard for them to move into the outside world.
The Asia Business Leadership Summit 2002 could not be more timely and relevant.
I wish you every success in the Summit and I look forward to learning about the discussions and insights that will no doubt emerge. They would certain help make us better leaders.
End/Friday, October 11, 2002
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