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INDUSTRY AND TRADE
status as a contracting party, can be regarded as the corner-stone of Hong Kong's commercial policy. Developments in international commercial policy in and through the GATT are therefore of great importance to Hong Kong because of their possible impact on its external trading environment, which in turn has a direct effect on the shape and magnitude of domestic industry and on employment. The aspirations and activities of the United Nations Conference on Trade and Development (UNCTAD), the United Nations Economic Commission for Asia and the Far East (ECAFE) (of which Hong Kong is an associate member), the Organisation for Economic Co- operation and Development (OECD), the United Nations Develop- ment Programme (UNDP), the Asian Productivity Organisation (APO) and the Asian Development Bank (ADB) (the last two of which Hong Kong is a member in its own right) are also of interest to Hong Kong in varying degrees.
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 Depart- ment at the advisory and executive levels. The traditional assistance given by trade and industrial associations has in recent years been augmented by specialised sections of the department or by auton- omous agencies, legislatively sanctioned, with defined objectives.
On matters of policy affecting trade and industry other than textiles, the Director of Commerce and Industry takes advice from the Trade and Industry Advisory Board of which he is chairman. This is a body of senior unofficial representatives of commerce, industry, banking etc, nominated by the Governor, which meets once a month. The Textiles Advisory Board, a more specialised board also chaired by the Director, is consulted on matters affecting the textile industry. It met on 39 occasions during 1971.
INDUSTRY
Hong Kong is well known for the competitive price and range of its light industrial products, now universally recognised to be of high quality. Most of the industrialists are Hong Kong residents, with a large share of their capital resources self-generated. With encouragement and assistance from the Commerce and Industry Department, overseas interests have, however, increasingly entered into various forms of industrial activity in Hong Kong in recent years. American and Japanese interests have been the most signifi- cant, followed by British, Australian and Swiss.
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