Techno touch: Chief Executive Tung Chee Hwa (centre) officates at the opening of the HK Science Park Innovation & Photonics Centres. Joining him are the Parks chairman Victor Lo and Chief Executive Officer CD Tam.

The recent positive developments in our economy show that there is now light at the end of the tunnel, and we are laying the foundation for our future.

This was the message from Chief Executive Tung Chee Hwa officiating at the opening ceremony of the HK Science Park Innovation & Photonics Centres in Sha Tin today.

Mr Tung said with the strong support of the Central Government and our determination, we are seeing positive signs of recovery.

"Our exports are recording double-digit growth. There has been a noticeable upturn in the services sector. Unemployment is edging downwards. The stock market is buoyant.  Property prices are edging up. GDP growth rose robustly by 4% in real terms in the third quarter of 2003, reversing the 0.5% decline in the second quarter," he said.

"These are all very positive developments. Indeed, I believe there is now light at the end of the tunnel. Although the process of economic restructuring in our transition towards a knowledge-based economy that can compete effectively in an increasingly global environment will continue for some time, I believe we are laying the foundation for our future."

Mr Tung said innovation and technology, complementing our other competitive advantages, hold the key to our successful restructuring.

"Our vision remains that technology will expand our innovative capability, increase productivity and enhance our competitiveness. We, therefore, are determined to continue to invest in education. We have also been investing significant resources to promote innovation and technology," he said.

"These are very major policy and financial commitments from the Government. Each and every one of these efforts are making essential contributions to our move towards a knowledge-based economy."