16
INDUSTRY AND TRADE
stage of industrial development, but which cannot operate in the high-rise flatted factory environment which is a feature of Hong Kong's industrial areas. Consequently, the government, after detailed study, modified its traditional industrial land policy to provide areas of land for sale on a restricted user basis. These are confined to industries of an advanced technological character whose operations are considered beneficial to the development of the economy as a whole. The first to benefit from this policy was a United States company which was granted five acres on Tsing Yi Island, for the manufacture of outboard marine engines. The company subsequently applied for a second five-acre site to double the intended production. This application was under consideration at the end of the year. The sale by private treaty of a 10-acre site, again on Tsing Yi Island, to another American company, has been approved in principle. It will be used to establish the largest single-train production plant for polystyrene in the world. A third major project for a plant to produce polyester fila- ment and fibre is under consideration. These proposed developments will help to widen Hong Kong's industrial base and provide a reliable domestic source of raw materials for Hong Kong's plastics and textiles industries.
Infrastructural facilities were strengthened by the opening of two more terminals to the Kwai Chung Container Port making three terminals in operation overall. The government is presently examining the need for further extensions. Operations of the terminals and their throughput of containers have combined to make this one of the world's most efficient container ports.
Development plans for Tsuen Wan-Kwai Chung, Tuen Mun and Shatin are well in hand, and industrialists are now moving to these new towns as there is little industrial land available in existing urban areas. With the Tsing Yi bridge (linking the island with Kwai Chung) nearing completion and ready to open for traffic in January 1974, it is expected that Tsing Yi Island will prove an increasingly attractive location for manufacturing industries. Consideration is also being given to the accelerated development of Junk Bay and to the provision of industrial estates at various places in the New Territories.
External Trade
External trade advanced to a record level in 1973. Total trade increased by 34 per cent to $55,004 million; imports increased by 33 per cent to $29,005 million; domestic exports by 28 per cent to $19,474 million; and re-exports by 57 per cent to $6,525 million. Summary trade statistics including a breakdown by countries and commodities and comparisons with the previous years, are contained in Appendices 3 and 4.
Hong Kong relies almost entirely on imports to meet the needs of its 4.2 million people and the extensive requirements of its diverse industries. Although domestic supplies of agricultural produce and fish are substantial, most of our food has to be imported. The principal items in food imports totalling $5,065 million were fruit and vegetables, live animals, rice and other cereals, fish and fish preparations, meat and meat preparations and dairy products and eggs.