Wednesday, January 24, 1973
he said.
"In such circumstances discrimination could provoke resentment,'
Referring to the growing demand in Hong Kong for Japanese goods
such as refrigerators, television sets and motorcars, the Governor noted
that last year Japanese exports to Hong Kong amounted to some US $880 million,
However, he added that trade in the reverse direction had not been
so dramatic and amounted to US $84 million during the same period.
"Through our Trade Development Council office in Tokyo and the
rigour of our exporters we are trying to correct this," he said.
Sir Murray stressed that there were many Hong Kong products
which could sell well in Japan to the satisfaction of consumers and
without damage to Japanese manufacturers.
Much goodwill, he said, could be generated if Hong Kong products
were allowed to improve their performance in Japan.
The Governor also pointed out that Japanese business had been
taking an increasingly large stake in the economy of Hong Kong, and
Japan was now second only to the United States as a source of overseas
industrial investment.
In addition, Japanese firms had recently obtained several of
the major government contracts including the Kaitak airport runway
extension and the new desalting plant to increase water supplies.
These two contracts alone were worth US $78 million.
The Governor said he was also aware of considerable Japanese
interest in the possibility of constructing an underground railway the
cost of which was expected to be over US $1,000 million.
/Sir Murray