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Following is the speech by the Chief Executive, Mr Tung Chee Hwa, at the luncheon hosted for the President of Israel, Mr Moshe Katsav, at Government House today (December 15):
Mr President and Mrs Katsav, friends, ladies and gentlemen,
It is a great honour for us to welcome you here, Mr President. I am pleased that you are able to spend two or three days in our wonderful city before you embark on the official visit to our nation's capital.
Five years ago, I visited Israel for the first time when I was able to witness first hand, Mr President, the pain and the sacrifice, the joy and the pride of your nation building. I came away awed and deeply impressed by the many achievements you have made since the establishment of the State of Israel in 1948.
Indeed there is a great deal for all of us to learn from your experience. Mr President, we too in Hong Kong are proud of the achievement of our own country. Since the founding of the Republic in 1949, the achievement of the People's Republic of China is enormous. It is also for everybody to see. I also want to tell you that on July 1, 1997, China resumed sovereignty over Hong Kong. We were and we still are proud that at last we are part of China once again.
Mr President, in Hong Kong we have been going through some difficult times as a result of the Asian financial turmoil; the bursting of the asset bubble here in Hong Kong; the globalisation, the net result of which is migration of jobs from a high-cost base like Hong Kong to lower-cost base across the border; and also the fact that Hong Kong is no longer the only bridge that links Mainland China with the rest of the world. Many other cities on the Mainland, very successful on their own, now are also performing these roles. Hong Kong's economy has to go through a very painful and difficult restructuring. The process is still a continuing one.
But thanks to the support of the Central Government and also the determination of our people here in Hong Kong, there are signs of improvement in our economy at last. The economy is going to grow by 3% this year. Property prices are edging upward. The stock market has reached a two-year high. Unemployment is trending downward. We are now at last moving. Much of this was due to the support of the Central Government in that we have now an agreement which is equivalent to a free-trade agreement which allows Hong Kong businesses to participate in the huge and growing Mainland market. And I think many companies from Israel in Hong Kong in the long run can also enjoy this particular benefit.
What we are determined to do, Mr President, is to make Hong Kong the premier business platform for businesses from anywhere in the world to use Hong Kong to enter the Mainland market, or for Mainland companies to use Hong Kong to reach out to the rest of the world. From that point of view, the signing of the new agreement with China has given us this tremendous impetus to move forward. Mr President, I am delighted that some 60 odd companies from Israel are already using Hong Kong for that sort of purpose. And I know more are coming. And I was particularly delighted to hear that some Israeli companies may even use the financial market here to go public, etc. And we would certainly welcome all these activities.
I want you to take back to Israel some fond memories. Hong Kong is moving forward. It is energetic. It is lively. It is vigorous. And that "One Country, Two Systems", which on July 1, 1997 was but a concept, today is an everyday reality. I hope that Israeli businesses can come and see for themselves that the opportunities are there. These opportunities I think will be beneficial to all of us. Lastly, may I also tell you that we have a very important and active Jewish community here in Hong Kong. I understand that it's one of the largest anywhere in Asia. They are very important to us. They have been making wonderful contributions to our economy about which we are obviously very happy.
Ladies and gentlemen, we are delighted that the President and Mrs Katsav should choose to visit Hong Kong at this time. You do us a great honour and I'd like you to stand up and raise your glass with me in a toast:
"To you, Mr President, and to the ongoing friendship between the State of Israel and the Hong Kong Special Administrative Region of China."
Ends/Monday, December 15, 2003
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