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INDUSTRY AND TRADE
member), the Organisation for Economic Co-operation and Development (OECD), the United Nations Development Pro- gramme (UNDP), the United Nations Industrial Development Organisation (UNIDO), the Asian Productivity Organisation (APO), the Asian Development Bank (of the last two of which Hong Kong is a full member in its own right) are also of interest in varying degree to Hong Kong.
All these matters, in both their external and internal aspects, are the concern of the Economic Branch of the Colonial Secretariat in terms of higher policy and of the Commerce and Industry Department at the advisory and executive level. In recent years the traditional efforts of trade and industrial associations have been augmented by specialised sections of the department or by autonomous agencies, legislatively sanctioned, with defined objec- tives.
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The Director of Commerce and Industry receives advice on matters of policy affecting trade and industry, other than textiles, from the Trade and Industry Advisory Board which he chairs. This is a body composed mainly of senior unofficial representatives of commerce, industry, banking etc nominated by the Governor and meeting once a month. A more specialised board, the Textiles Advisory Board, also chaired by the Director, is consulted on matters affecting the textile industry. It met on 24 occasions dur- ing 1970.
INDUSTRY
Hong Kong is well-known for the competitive price and range of its light industrial products, now widely acknowledged to be of high quality. The majority of industrialists are Hong Kong residents, with most of their capital resources self-generated. In recent years, however, overseas interests have increasingly entered into various forms of industrial co-operation with Hong Kong companies. American and Japanese interests take the lead, followed by British, Australian and Swiss.
Textiles and Clothing
The textile and clothing industry still dominates the manufacturing sector, accounting for 45 per cent of domestic exports in terms of value and employing 40 per cent of the manufacturing labour force.