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Tuesday, December 11, 1973
HAJOR ADVANCE IN ATTRACTING NEW INDUSTRIES TO HONG KONG
The Acting Director of Commerce and Industry, Mr. Jimmy McGregor, today welcomed the decision by Dow Chemical Pacific Ltd. to construct the world's biggest polystyrene manufacturing plant
in Hong Kong.
"It marks a major leap forward in the efforts we have
been waiting to attract technologically advanced industries to
Hong Kong, "he said.
Approval in principle has been given by the Executive
Council for direct sale to the company of a 10-acre site on Tsing
Yi Island.
Details of the project were given at a Press Conference
following today's official opening of the C.M.A. Exhibition by
the Governor, Sir Murray MacLehose.
Mr. McGregor revealed that several applications for
land for special industrial projecte unsuitable for high-rise
buildings are now being considered by the government.
Provision has been made by the Executive Council for
industrial land to be sold by private treaty or by restricted
user tender in response to specific applications which meet
fairly detailed economic criteria, he added.
"We are taking account of the need to broaden Hong Kong's
industrial base by making sites available for land-intensive
industry which has particular significance for our future industrial.
development, "Mr. McGregor said.
Outlining the background to the revised policy, he said
that for many years industrial land had generally been sold by
public auction without restriction of user to any particular
/industry