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FS' speech at Watch and Clock Fair (English only)(with photos/video)
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    Following is the speech by the Financial Secretary, Mr John C Tsang, at the Opening Ceremony of the Hong Kong Watch and Clock Fair 2007 at the Hong Kong Convention and Exhibition Centre this morning (September 5):

Mr Jerry Tsang, Mr Bob Wai, Mr Fred Lam, Distinguished Guests, Ladies and Gentlemen,

     Good morning.  

     It is a great pleasure for me to officiate at the Opening Ceremony of the Hong Kong Watch and Clock Fair 2007.  Since its inception in 1982, the fair has firmly established itself as the largest of its kind in the world.  It has also become a not-to-be-missed opportunity that provides industry players with an ideal business platform to network and exchange market intelligence.  This year, more than 800 exhibitors from 18 countries and regions have packed the exhibition halls, and they will treat buyers to an exciting show of their best branded collections and innovative designs.

     The vibrancy of the fair is testimony to the robust performance of our watch and clock industry which has been a significant contributor to our economy.  Hong Kong is now the second largest watch and clock exporter in the world, with exports to the tune of HK$22 billion in the first six months of 2007.

     However, in this increasingly competitive global market, Hong Kong companies must differentiate their products from competitors in terms of quality and design in order to stay ahead. They need to enhance their competitiveness continually by embracing original design manufacturing (ODM) and original brand manufacturing (OBM) in the development of high value and fashionable timepieces.

     I am glad to note that one of the major aims of the fair is to recognise and encourage innovative designs.  The prestigious Brand Name Gallery is once again a focal point of the fair, showcasing the fine-fashion labels. Introduced in 2000, it has grown in leaps and bounds, and this year features 110 outstanding brand names.

     I would like to congratulate the Hong Kong Watch Manufacturers Association, the Federation of Hong Kong Watch Trades and Industries and TDC for your splendid contributions to the upgrading of our watch and clock industry, and making this exhibition the worldwide marketplace for the industry.  

     Our exhibition industry was not built in one day.  It is through the concerted efforts of many sectors that Hong Kong had made its way into the world market and established itself as the region's premier exhibition centre.  Recently, competition from around the region has attracted a great deal of attention, and people are concerned that we might lose out.  Hong Kong has never been afraid of competition, and we should not be afraid of competition now.  I believe that the talent, the expertise and the networks that we have gathered over the years will prove a unique asset in besting our rivals.  

     But while we should remain confident and upbeat about what we are capable of doing, we cannot afford to be complacent.  We should critically examine our strengths and weaknesses and take swift action.  I expect more competition to come.  The Government will work closely with the trade and associated sectors to ensure that we will continue to maintain our advantage.

     Ladies and Gentlemen, in closing, I wish you all a successful and rewarding show, and I fully expect exhibitors to leave the event with bulging order books.

     Thank you.

Ends/Wednesday, September 5, 2007
Issued at HKT 11:35

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