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Following is a speech by the Secretary for Financial Services and the Treasury, Mr Frederick Ma, at the 25th Anniversary Dinner of the Hong Kong Electronic Industries Association today (November 11):
Dr Chan, distinguished guests, ladies and gentlemen,
It's my great pleasure to be with you tonight to celebrate the 25th anniversary of the Hong Kong Electronic Industries Association. First of all, I would like to extend my warmest congratulations to the association on this joyful occasion.
Over the years, the electronics industry has been playing an important part in the economic development of Hong Kong and providing thousands of employment opportunities for the local job market. The memories of working besides conveyor belts are no stranger to many Hong Kong people. Many of us still remember that working in an electronics factory was once a popular summer job for some students during the vacation.
Nowadays, although many electronics manufacturers have relocated their labour-intensive production processes across the border, they are still contributing in no small part to the growth of our local economy. Leveraging on the use of information technologies and new production methodologies, they have successfully re-adjusted their business focus in Hong Kong to more value-added services. In 2004, the export of electronic products reached some $900 billion, representing a considerable growth of about 24% over 2003 and accounting up to 45% of Hong Kong's total exports.
Last month, I attended the joint opening of the Electronics Fair and ElectronicAsia 2005, a renowned event of its kind organised in Hong Kong. I was greatly impressed with the outstanding achievements of the local electronics manufacturers. I firmly believe that our electronics industry will continue to bloom as our success comes not from mere luck, but from the commendable efforts of our industry practitioners throughout the years. The founding of the Hong Kong Electronic Industries Association 25 years ago was a significant milestone showcasing their determination to prosper through collaborative efforts, which also underpins their excellent accomplishment today.
Born and brought up locally, I am very proud of Hong Kong's development in the past decades. It was no simple task for Hong Kong, a tiny place with no natural resources, to develop into an international financial centre and Asia 's world city. Hong Kong's success owes much to the "can-do" spirit of Hong Kong people just like our electronics industry practitioners, who display diligence, resilience and resolution.
Looking ahead, it is incumbent upon us to face up the challenges from the increasing competition worldwide. I look to you and other Hong Kong people joining hands in upholding Hong Kong's prosperity and creating a better future for this world city.
In closing, I wish the Hong Kong Electronic Industries Association and all of you another prosperous and rewarding year. Thank you.
Ends/Friday, November 11, 2005
Issued at HKT 19:40
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