Business leaders from Japan and Hong Kong have expressed optimism about the prospects for their economies, and the Asian region, in the medium-long term.
And to help kick-start economic growth they have pledged to boost bilateral co-operation, particularly in sectors that combine Japan's high technology strength with Hong Kong's entrepreneurial skills.
At their meeting today (Friday) members of the Hong Kong/Japan and the Japan/Hong Kong Business Co-operation Committees held in-depth discussions on the challenges posed by the current economic downturn, their Governments' restructuring and reform programmes, and the opportunities for their business partnership as growth in the region resumes.
In a statement issued after the meeting committee members noted that: "the fundamental strengths that had been the foundations of the region's economic development, such as hard work, self reliance, a high savings ratio, flexibility and an entrepreneurial spirit, had not been affected by the crisis."
"Nor had the underlying potential of the region's markets, in particular that of the Chinese mainland, which members agreed still offers the most exciting business opportunities of the next century."
"Taken together these factors would be highly instrumental in swiftly restoring growth to Asia's economies," they concluded.
The committees also agreed that combining Japan's expertise in technology and R&D with Hong Kong's entrepreneurial strength could produce important new opportunities. They noted that the HKSAR remained the natural gateway for Japanese firms doing business in China or the Asian region.
Members of the two committees discussed the way that the costs of doing business in Hong Kong had come down substantially, while the commitment to free trade, open markets and a level playing field had been maintained. Together, these factors increased the HKSAR's competitiveness and the value it offered its business partners, they found.
Hong Kong members expressed support for and confidence in the measures being taken to stimulate the Japanese economy, and create sustainable economic growth.
On the Hong Kong side the talks were led by Dr Raymond Ch'ien, Chairman of the Hong Kong/Japan Business Co-operation Committee. The Japanese delegation was led by Mr Sadao Umeda, Chairman of the Japan/Hong Kong Business Co-operation Committee.
During their meeting, the committees received messages of support for their work from the Chief Executive of the HKSAR, Mr Tung Chee Hwa and Mr Masahiko Komura, Foreign Minister of Japan. Some members of the Hong Kong committee also held talks with Mr Sanzo Hosaka, State Secretary for International Trade and Industry.
The high-level committees were established in 1979 to foster understanding between the Hong Kong and Japanese business communities, and to promote trade, investment, and other forms of economic co-operation. The two committees will hold their next plenary session in Hong Kong in 1999.
The secretariat for the Japan/Hong Kong Business Co-operation Committee is the Keidanren. The Hong Kong Trade Development Council serves as the secretariat for the Hong Kong/Japan Business Co-operation Committee.
For press enquiries please contact William Cheung of the TDC's Media and Corporate Communications Dept. Tel: (852) 2584 4333