The Financial Secretary of the Hong Kong Special Administrative Region (HKSAR), Sir Donald Tsang Yam Kuen, KBE, JP, will undertake an official visit to the Republic of South Africa from 24 July to 5 August 1999 at the invitation of the South African Minister of Trade and Industry, Mr Alec Erwin.
Sir Donald Tsang became Financial Secretary of Hong Kong in September 1995. This position is the third-most-senior in the Hong Kong Government. His portfolio includes Economic Services, Trade and Industry, Monetary Affairs, Finance and Public Works. He is also chairman of a number of high-powered committees and organisations including the Economic Advisory Committee, the Exchange Fund Advisory Committee and the Banking Advisory Committee. This visit constitutes the HKSAR's highest-level visit yet to South Africa and will focus on strengthening business ties while exploring new trade and investment opportunities. During the past 15 months, there have been similar high-level missions led by the Financial Secretary to the Middle East and South America, in conjunction with the Hong Kong Trade Development Council (HKTDC).
The Financial Secretary will be accompanied by his wife, twelve high-level business persons representing a wide range of industries, as well as eight senior members of the HKTDC including the Deputy Executive Director, Ms Anna Lai.
The delegation's programme will include stopovers in Johannesburg, Pretoria, Durban and Cape Town during which meetings are scheduled with Trade and Industry Minister Alec Erwin and several other high level dignitaries. There will also be a series of meetings with various business leaders, bankers and financiers and round-table discussions.
According to the Financial Secretary, the HKSAR is "always seeking to widen its horizons, to diversify its trade in goods and services, and to develop partnerships in regions where it sees potential for significant growth". He added that "the HKSAR regards South Africa, in its own right, and as the gateway to the much larger southern sub-Saharan region, as an attractive proposition for Hong Kong entrepreneurs".
Trade between South Africa and the HKSAR currently stands at more than USD one billion, while Hong Kong recorded a 1998 Gross Domestic Product of USD 165,3 billion in 1998 and is the 9th largest trading economy in the world, despite a relatively small population of 6.7 million.
These statistics, alongside the fact that South Africa established diplomatic relations with the People's Republic of China in 1998 would, according to the Financial Secretary, enhance the HKSAR's role as a "bridge through which increased trade and investment would flow between the two countries".
In addition to the substantial trade relationship between South Africa and the HKSAR, is the potential for multilateral cooperation. The HKSAR proved to be an influential player during the Uruguay round of the WTO, expressing a number of similar standpoints to that of South Africa. As a result, both entities have expressed interest in various forms of cooperation in this forum. Discussions will be held to further investigate these synergies including the possibility of joint training in WTO issues and WTO dispute resolution.
ISSUED BY THE DEPARTMENT OF FOREIGN AFFAIRS
ON BEHALF OF THE SOUTH AFRICAN CONSULATE-GENERAL
IN HONG KONG
PRETORIA
21 JULY 1999