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Following is the speech delivered by the Chief Executive, Mr Tung Chee Hwa, at the opening of ITU Telecom Asia 2002 today (December 1):
Secretary-General Utsumi, Minister Wu, Ministers, Your Excellencies, ladies and gentlemen,
It gives me great pleasure to welcome so many leaders from the telecommunications sector to Hong Kong for this prestigious international event. Indeed, we are honoured that the Hong Kong Special Administrative Region and the People's Republic of China have been chosen to host ITU TELECOM ASIA for a second time following the tremendous success of the event two years ago. I would like to extend the warmest welcomes to our friends from Asia and around the world. I hope you will have time in your very busy schedule over the next week to enjoy some of the attractions we have to offer as Asia's world city. Not only will you find a dynamic and lively city, but a city which is proud to be once again part of China with the successful implementation of our unique 'One Country, Two Systems' concept.
In the past two years, we have seen a dramatic change in the global climate for the IT and telecommunications technology industry. When we last met here, telecoms carriers, backed by the financial markets, were racing to lay submarine cables and build up their global networks. Today, market sentiment is subdued. Investor confidence has been blunted by bankruptcies and corporate governance issues. The industry also has to contend with limited access to capital, excessive capacity, and market consolidation. This is a difficult time and there appears to be no easy solution. It is a situation that requires leadership, vision and determination from industry leaders. This is precisely why I am optimistic about the future of your industry. Let me say this, over the last decade, you, as ministers, as regulators, as manufacturers of products, as service providers, what you have done is to have helped the growth of the world economy, to have helped the quality of life of all of us who live on this globe, and indeed to have made this a better world for everyone of us. Yes, you are facing difficulties, you are facing new challenges, but as I said, that you have leadership, vision, and this is why I am optimistic about your industries' future. This year's theme is about 'From recovery to prosperity: Building on change'. Indeed in the early part of the 21st century, managing change will be the key to success of everything. I am sure you will be able to turn the tide and come out as winners.
ITU TELECOM ASIA 2002 provides an excellent chance for all of us to learn from each other, share our thoughts and map out our plans to overcome the challenges and exploit the opportunities that will come. In doing this, we can create a better world for everyone. The challenge we in Hong Kong face at this moment is a different one. It is how to successfully restructure our economy - a restructuring made necessary by globalisation and the advent of the knowledge economy. The rapid and successful development in China has provided us with both opportunities and challenges. I am confident that we will succeed in managing this economic restructuring. This is not blind confidence, but confidence based on solid competitive advantages that we possess. One of these competitive advantages is of course our geographical location. We are right at the doorstep of Mainland China, the fastest growing economy in the world. We have excellent infrastructure - airport, roads, railways, ports and telecommunications. We also have institutional competitive advantages. Rule of law is strong in Hong Kong. Our government is small and efficient and free from corruption. We have large fiscal reserves and the Government has no debt. Our free market economy provides a level playing field for everyone from different parts of the world. In the process of restructuring our economy, we will strengthen our competitive advantages as an international financial centre, a key transport, logistics and communications hub and a vibrant centre of commerce, trade and tourism. We will preserve our institutional strengths, which are essential in maintaining our way of life in Hong Kong and ensuring our business-friendly environment continues. An environment that is continually being enhanced with our emphasis on information and telecommunications technology to boost efficiency and productivity. In its September 2002 report, the ITU ranks Hong Kong as number one in the world on its mobile and internet index, recognising our competitiveness in infrastructure, usage as well as open and free market.
Indeed, our competitive edge goes well beyond the local market. Our strategic location, open and competitive economy, and strength in finance and services make us an ideal springboard to China, the fastest growing market in the world and also to other countries in Asia. We are economically integrated more and more closely with the Pearl River Delta to become a most vibrant city-region. The region has close to 40 million people, and it has the fastest rising GDP and GDP per capita as a region in China. I have no doubt we will be an invaluable strategic partner for multinational businesses wanting to explore opportunities ahead.
Ladies and gentlemen, while the present global economic situation may not be conducive to large-scale investment in the information and telecommunications technologies industry, it is clear there will be significant opportunities opening up in the future. The IT revolution may be in a slow motion at the moment, but it still has the capacity to improve the quality of life for people around the globe. ITU TELECOM Asia 2002 could just provide the insights and the impetus to launch the industry on its next wave of prosperity. I am delighted that among the audience today are over 70 Youth Fellows. These young people are outstanding university students representing their countries at the first ITU Youth Forum in Asia. They will bring to the event their vision, aspirations and energy. I am sure these future leaders will energise us, and give us even greater confidence in the future of the information technology and telecommunications industry.
Finally, let me wish the International Telecommunication Union every success with TELECOM ASIA 2002. We are honoured to have you in our city once again. I hope you have a productive and enjoyable week here in Hong Kong.
Thank you very much.
End/Sunday, December 1, 2002
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