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Roundup: HK Timepiece Industry Plays Leading Role in World
The timepiece industry of Hong Kong is playing a leading role in the world, and China's accession to the World Trade Organization (WTO) will further open up opportunities for Hong Kong's timepiece manufacturers, a Hong Kong official said Wednesday.
In recent years, the timepiece industry of Hong Kong has maintained the record as the world's largest exporter of watches in terms of both value and quantity; and the largest exporter of clocks by value and the second largest by quantity, said Administrative Secretary Anson Chan at the opening ceremony of the 19th Hong Kong Watch and Clock Fair.
Though Hong Kong's timepiece industry has gone through two difficult years in the way of the Asian financial turmoil, Chan said, Hong Kong's total exports of watches and clocks picked up in the first four months of this year, recording an increase of 11 percent.
Chan praised Hong Kong's timepiece manufacturers for their contribution to Hong Kong's manufacturing industries. The timepiece manufacturers "have also earned for themselves the reputation of being flexible, diversified, timely and reliable in delivery, and responsive to market needs and design trends," she said.
Chan also warned that there is no room for complacency because there are challenges from everywhere. "To hold our stake firmly in the increasing globalized world economy, we have to stay forever vigilant, " she said.
While manufacturers are working hard on improving product design and upgrading quality, the government is fully committed to supporting the timepiece industry, Chan said.
Over 30 million U.S. dollars has been granted under the government's Innovation and Technology Fund to finance various infrastructural and technological projects to facilitate the development of the industry.
The establishment of the Watch and Clock Technology Center, for example, provides an environment for promoting the development, the application and dissemination of technologies useful to the industry, Chan said.
Looking ahead, Chan said, the opening up of the Chinese mainland market and the likely reduction of import tariff for timepiece items after China's accession to the WTO would offer tremendous market opportunities.
"Doomsayers may worry that Hong Kong's role as the middleman will diminish once China joins the World Trade Organization. But we see it quite differently," Chan said.
Taking watch and clock industry as an example, Chan said: "Given Hong Kong's strategic geographical location and our position as a world renowned watch and clock production center, I am confident that our manufacturers will be well poised for strategic partnership with international companies to tap into the vast markets in the Chinese mainland and in the Asia Pacific region."
The 19th Hong Kong Watch and Clock Fair, one of the world's largest events of its kind, was opened here Wednesday to offer a platform for timepiece manufacturers worldwide to showcase their latest products and designs.
More than 770 timepiece manufacturers from countries and regions, including the Chinese mainland, France, South Korea, India and Taiwan attended the five-day annual event.
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