Competitiveness eyed as key to surviving slump

PUBLISHED : Thursday, 05 March, 1998, 12:00am
UPDATED : Thursday, 05 March, 1998, 12:00am

Trade and Industry Secretary Denise Yue Chung-yee says the retail sector will have to find ways to increase its competitiveness during the economic downturn.

'Businesses will always open and close in a free market,' she said. 'As the economy adjusts after the Asian financial turmoil, retailers and other business need to seek ways to boost competitiveness.' Ms Yue said the property market correction should help to lower the rent burden for shops and offices and this would help retailers get through the present economic difficulties.

Ms Yue was attending a ceremony marking the opening of an electronic commerce centre by Andersen Consulting.

She said: 'The development of electronic commerce is a good opportunity for companies to seek ways to improve their competitive power.'