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Following is the speech by the Permanent Secretary for Commerce and Economic Development (Commerce, Industry and Tourism), Miss Yvonne Choi, at the joint opening ceremony of the Summer Sourcing Show for Gifts, Houseware and Toys and the Hong Kong Licensing Show today (July 2):
Jeffrey (Lam), Freeman (Lau), Fred (Lam), Distinguished Guests, Ladies and Gentlemen,
I am delighted to join you for the opening of these two major events, the Summer Sourcing Show and the Hong Kong Licensing Show.
I am also pleased to welcome so many of you back to Hong Kong this year. It is often said that the best measure of success is a satisfied customer. Looking at the growing number of buyers and exhibitors this year, it is safe to say that we have plenty of satisfied customers.
Thank you for your continued support.
To the newcomers, a warm welcome to Asiaˇ¦s world city. I hope you too will discover how a unique combination of location, expertise and wide sourcing network has become part of our recipe for success.
Sourcing and licensing are two important areas for Hong Kongˇ¦s role in the global economy. A firm commitment to quality, open markets, fair play and reliability are strong attributes for our status as an international city and gateway to the Mainland market.
Last year, the gifts, houseware and toys sector generated combined export revenue of almost $275 billion, or roughly US$35 billion.
In toys alone, we are the worldˇ¦s second largest exporter, behind only the mainland of China.
Our manufacturers, many of whom are based just across the boundary in the dynamic Pearl River Delta, have a keen awareness of market trends and commitment to quality, design and innovation.
I'm confident our strengths will stand us in good stead in an increasingly demanding business environment. Challenges include stricter government regulations on environmental protection on the Mainland, as well as tougher international safety standards for products reaching the market place.
There is no room for complacency on these issues. Enhanced product safety and environmental protection require greater investment at both the corporate and government levels. But it is also an opportunity to reinforce reputations and develop brand recognition and loyalty.
Brand building has taken on added significance for us recently because next month Hong Kong will join the elite club of Olympic co-host cities.
Hosting the Olympic Equestrian Events of the Beijing Olympics represents huge marketing, branding, sourcing and advertising opportunities.
I encourage more local firms to strengthen their creative design skills and increase investment in research and development to produce internationally recognised brands.
In this connection, the Licensing Show will feature a series of valuable market intelligence forums on trends in strategic brand extension. This Show celebrates excellence and creativity in areas such as entertainment, branding, the arts, sport and lifestyle properties.
It is an excellent opportunity to seek out business partners and expand licensing networks in Asia, and in particular the Mainland.
I congratulate the Hong Kong Trade Development Council on organising these two shows and thank the sponsors for their valuable support. I wish you all an enjoyable and fruitful time in Hong Kong.
Thank you.
Ends/Wednesday, July 2, 2008
Issued at HKT 15:15
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