Hong Kong Chief Executive welcomes new business council
Hong Kong, 2 December 1998 - Chief Executive Tung Chee Hwa today confirmed Hong Kong's commitment to the free market and to trade liberalization as he joined the Special Administrative Region's leading business figures for the launch of the Hong Kong, China Business Council, a new affiliate of the International Chamber of Commerce.
ICC, the world business organization with members in over 130 countries, has for many years counted companies and associations in Hong Kong as direct members. However, the formation of the new group, consistent with the "One China, two systems" concept, will give the Hong Kong business community a voice at the heart of the global trade policy debate.
Tung Chee Hwa said the establishment of the business council would promote Hong Kong's business interests overseas and foster business relations with the rest of the world. In a message distributed to council members, he said the ICC had been very active in tendering business support to the work of the World Trade Organization in promoting trade liberalization and formulating global trade rules.
"As a staunch supporter of free market and free trade, Hong Kong fully shares the Chamber's objective to promote market economy and the free flow of trade in goods and services in the world economy," said Mr Tung.
The Council's 46 members include companies, associations and chambers of commerce. Among them are the Hong Kong General Chamber of Commerce, Hong Kong Association of Banks, Hang Seng Bank, Hongkong Telecom, Orient Overseas Container Line and Shun Tak Holdings.
Chinese business leaders have already signalled their support for ICC - HKCBC, and the new business council aims to maintain close ties with ICC China, created in 1994. "The existence of a group representing Hong Kong within ICC gives our business community an active role in the only organization that speaks for business throughout the world," said J.P. Lee, Chairman of the council.
Mr Lee, Director of Lippo Ltd., said that the Asian financial crisis rendered the work of ICC more urgent than ever before. "In the financial and economic turbulence that started in Asia and has spread to other parts of the world, ICC is pressing governments not to fall into the trap of protectionism but to persist in the liberalization of markets for goods and services," he said.
ICC Secretary General Maria Livanos Cattaui said the formation of the new affiliate demonstrated the will of Hong Kong business to continue to play a full part in the world business community through ICC. "It is entirely appropriate that the great commercial and financial economy of Hong Kong should have its own representation among our national committees and groups from every part of the world," she said.