Prominent members of the Halifax business organisations and community leaders have been invited to visit the Hong Kong Special Administrative Region (SAR) to see for themselves the vibrancy and dynamism of Hong Kong - the city that has been named the world's freest economy for the fourth consecutive year by the Heritage Foundation of the United States.

The suggestion to visit Hong Kong was made during a business seminar in the capital of Nova Scotia in eastern Canada by the Director of the Hong Kong Economic and Trade Office of the Hong Kong SAR Government, Mr. Donald Tong.

The half-day event - the first major activity to promote Hong Kong in Halifax since July 1997 - was organised by the Hong Kong-Canada Business Association, Halifax Section.

Earlier, Mr. Tong called on the Lieutenant Governor of Halifax, Mr. John James Kinney and during the meeting, Mr. Tong briefed him on the latest developments in Hong Kong since Hong Kong was returned to China in July 1997. Later he also met with the mayor of the city, Mr. Walter Fitzgerald.

In his speech entitled "New Era, New Opportunities", Mr. Tong told the gathering that Hong Kong advocates free trade and is one of the few cities in the world where no restrictions are imposed on trade and investment.

"If you have something to offer and which is competitive, consider setting up a business in Hong Kong where the red tape is non-existent," Mr. Tong said.

He pointed out that despite the recent financial turmoil which battered many southeast Asian economies, Hong Kong's position as the key international, financial, business and trading centre in the region had been relatively unaffected.

"If you look around elsewhere in the region, I think you will agree that Hong Kong is in a much better shape than most of the economies whose currency has depreciated in double digit percentage figures, while our dollar depreciated by only 0.03 per cent," Mr Tong said.

He stressed that Hong Kong's solid economic foundation, strong fiscal reserves as well as sound banking and financial practices are the principle factors that will help Hong Kong recover sooner than most of its neighbours.

"Hong Kong is also in a unique position because it is the gateway to the mainland of China - our economic hinterland - where the economy grew by around nine per cent in real terms in 1997," he said.

"And with little spillover effect from the regional financial and economic turmoil, China's economy is expected to grow by about eight per cent in 1998."

Mr. Tong emphasized that the SAR, which has been administering its own affairs since the return of Hong Kong to China last July, will continue to improve on its premier position as one of the major economic and financial centres of Asia and as the gateway to China.

During his address, Mr. Tong also gave a detailed account on Hong Kong's present and future developments, including:

the opening of world's latest state-of-the-art airport at Chek Lap Kok on July 6;

further expansion of the container port, already the world's busiest;

major expansion programmes for the highways, subway system and conventional rail system, which amounted to C$43 billion in the next 4-1/2 years;

upgrading the teaching of English in schools with plans to recruit 750 additional native-speaking English teachers from overseas, including Canada, by September 1998;

the first SAR elections to the Legislative Council will be held on May 24; and

Hong Kong remains one of the safest cities in the world with the 1997 crime figures being the lowest in 24 years.