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29.
If Hong Kong is to continue to derive maximum benefit from its textile agreements, it is
it is important that we have an efficient textile quota system. A review of the present system, guided by the able advice of the Textiles Advisory Board, has concluded that the present textile export control system has generally succeeded in ensuring that Hong Kong makes full use of its export restraint limits. Some changes have, however, been proposed to the administration of the system to achieve a fairer
fairer allocation of quota and to deter speculation. The recommendations have recently been accepted by the Executive Council, and are now being brought into effect.
30.
(ii) Industry
Manufacturing industry still employs 40% of our total labour force, and its output constitutes one quarter of our
gross domestic product. It is the foundation of our trade, and
in many respects the catalyst for the other sectors of the
economy. If our industry is to maintain these roles, it must continue to diversify and to develop the technology required to meet changing consumer demand in Our export markets, and the challenge of international competition. The Government's role is to provide a favourable environment for both our industrial
entrepreneurs and our workforce. In particular, it seeks to
provide an adequate supply of industrial land, an efficient
infrastructure, a stable low tax base, generous depreciation allowances for industry, and industrial and technical training facilities.
31.
In order to ensure that the Government has ready
access to coordinated advice on industrial matters and the
requirements of industry, it has been decided to amalgamate the Industry Advisory Board and the Industrial Development Board into a new Industry Development Board. The Government will
continue to support other statutory or independent bodies in
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