Mr. Sharp, Your Excellency, distinguished visitors from China, ladies and gentlemen.
I am absolutely delighted to be present for the second time at a signing ceremony between Cable and Wireless and your two Chinese partners —the China Nanhai Oil Joint Services Corporation —and the Guangdong Provincial Posts and Telecommunications Bureau.
I recall with great pleasure my visit to Guangzhou in September last year when the Letter of Intent for this exciting venture was signed. Today the efforts of all those concerned happily have come to fruition. [end p1]
Telecommunications are vital for economic development. Here we are introducing fundamental changes so that we can take advantage of the latest developments in technology. The very latest inventions must be used to benefit our people and to increase efficiency and prosperity. Cable and Wireless are in partnership with British Petroleum here to launch the latest communications network called Mercury.
I am glad to see that in Guangdong the first user of your exciting new telecommunication venture will be a consortium led by British Petroleum.
I believe that this joint venture will be a great success and that it will be the first of many more. Then together we shall be able to bring the benefits of modern telecommunications to other parts of China. [end p2]
The close links which our two countries are now establishing in these fields of human endeavour can become a model for cooperation in other industries. The United Kingdom—its Government and its companies—are deeply interested in establishing and developing such cooperation. And I regard it as a practical example of the desire to further the friendship between our two countries.
To all those involved in this signing ceremony today, warm congratulations and may success attend your efforts in the future.