44.
We need also to ensure that our external transport links by land, sea, and air - remain adequate for our economic needs. We are continuing to improve our cross border road links; we are expanding the existing container port, and we are developing better facilities at Kai Tak. But there is a need to
look beyond the short and medium term, towards the possible relocation of the airport and new port facilities. These long term developments and their implications are receiving close Government scrutiny.
45.
Thus, it follows that beyond the present forecast
/ period
a higher proportion of the Government's total spending
may have to be devoted to transport and infrastructural development even though we may look to the private sector to
assume some of the financial burden. Bearing in mind our increasing commitments to
the social services any additional public sector investment on
transport infrastructure will need to be carefully coordinated in order to ensure that our overall expenditure guidelines are not breached.
46.
G
i
In the context of infrastructural development, I would like to say a few words about the Government's support for the manufacturing industry. The well-publicised rapid growth in importance of Our financial and other services sectors has
sometimes overshadowed the vital contribution that our
manufacturing industry has made to our economic success. Industry, remains a mainstay of our economy accounting for some
per cent
per cent 22% of our gross domestic product and 348 of total employment. Our time honoured philosophy is that market forces should be allowed to determine the direction of our industry. Business decisions should be made by businessmen. Nevertheless, the Government accepts a responsibility to ensure a favourable
23
/environment