TUESDAY, MAY 7, 1974
8
MR. MCGREGOR SAID THAT THE PRODUCTION OF PETROCHEMICALS IN HONG KONG WOULD PROVIDE A SECURE SUPPLY OF ESSENTIAL NATERIALS FOR OUR MAJOR LIGHT INDUSTRIES AT PRICES WHICH ARE LIKELY TO BE STABLE OR AT LEAST FREE FROM SERIOUS SPECULATION OR PROFITEERING.
WE DEPEND TOO MUCH ON OUR FEU INDUSTRIES TO LEAVE THEM RELIANT ON UNCERTAIN SOURCES OF SUPPLY OF ESSENTIAL MATERIALS THAT CAN BE MADE HERE, + HE SAID.
+A WIDE RANGE OF PETROCHEMICALS CAN BE MADE IN HONG KONG AND, IN MY VIEW, WE MUST DO EVERYTHING POSSIBLE TO PROMOTE THIS PRODUCTION. TO DO OTHERWISE, I THINK, WOULD BE TO FAIL THE ECONOMY AT A TIME WHEN IT IS POISED FOR FURTHER DEVELOPHENT AND GROWTH. +
HAT'
IT WAS PROBABLY TRUE TO SAY THAT THE PRODUCTION OF FEEDSTOCKS AND SPECIFIC PETROCHEMICALS IN LARGE QUANTITIES IN HONG KONG WOULD CREATE AN ATTRACTION FOR NEW INDUSTRIES TO LOCATE HERE TO MAKE USE OF THEM.
LIKE THE REFINERY, A PETROCHENICAL COMPLEX WOULD PROVIDE A FURTHER RANGE OF NEW SKILLS AND JOBS. THERE WOULD BE MANY HUNDREDS OF THESE, POSSIBLY THOUSANDS, DEPENDING UPON THE DEVELOPMENT OF DOUNSTREAM INDUSTRIAL PROJECTS.
NOTE TO EDITORS: COPIES OF THE FULL TEXT OF HR..MCGREGOR'S
SPEECH ARE DISTRIBUTED IN THE G.1.S. PRESS BOXES.
LL
19 .....