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Wednesday, November 15, 1972
OPTIMISTIC OUTLOOK FOR HONG KONG TRADE
The Director of Commerce and Industry, the Hon David Jordan, is
optimistic about Hong Kong's trading prospects for 1973 and said there
are already signs that "demand is picking up again".
Speaking in the Legislative Council, he said Hong Kong should
expect to achieve an average annual growth in exports of 12 to 15 per cent
over the year.
"We may not reach this rate in 1972, but I think that if this
happens, it will be due as much to unfavourable general conditions in some
of our main markets as it will be to increased competition from other
suppliers," Mr. Jordan said.
He agreed that industry must seek every way open to it to increase
its productivity and to expand and improve its range of products.
"I also accept that the Government must do all it can to persuade
other countries not to apply discriminatory restrictions against Hong Kong
products and to have these removed where they exist."
He described French restrictions on many Hong Kong products as
"certainly discriminatory and unjustifiable and we will continue to press
for their removal".
Mr. Jordan admitted that Hong Kong still had a relatively narrow
industrial base, with over 50 per cent of export earnings coming from
textiles and garments.
"It seems
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