THURSDAY, JUNE 20, 1974
LEASE FOR H.K.'S FIRST PLASTICS PLANT SIGNED
******
REPRESENTATIVES OF THE GOVERNMENT AND THE AMERICAN FIRM OF DOW CHEMICAL CHONG KONG) LIMITED TODAY SIGNED A LEASE AGREEMENT PAVING THE WAY FOR THE ESTABLISHMENT OF HONG KONG'S FIRST PLASTICS MANUFACTURING PLANT.
THE LEASE AGREEMENT, SIGNED ON BEHALF OF THE GOVERNMENT BY THE ACTING SECRETARY FOR THE NEW TERRITORIES, MR. IAN MACPHERSON, AND FOR THE COMPANY BY MR. R.W. LUNDEEN, CHAIRMAN OF DOW
CHEMICAL CHONG KONG) LTD. THE COMPANY CAN SET UP AND ON TSING YI ISLAND.
SET OUT THE CONDITIONS UNDER WHICH OPERATE ITS PLANT ON A 10-ACRE SITE
THE PLANT WILL REQUIRE AN INVESTMENT APPROACHING $100 MILLION AND WILL BE CAPABLE OF PRODUCING 150 MILLION POUNDS -OF POLYSTYRENE ANNUALLY. IT IS EXPECTED TO BE IN OPERATION BY JANUARY 1976.
THE SIGNING CEREMONY MARKS A MAJOR STEP FORWARD IN EFFORTS TO ATTRACT TECHNOLOGICALLY ADVANCED INDUSTRIES TO HONG KONG.
THE GOVERNMENT HAS BEEN 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 HONG KONG'S FUTURE INDUSTRIAL DEVELOPMENT.
POLYSTYRENE, WHICH WILL BE MANUFACTURED BY THE DOW PLANT, IS THE BASIC RAW MATERIAL FOR A LARGE SECTION OF HONG KONG'S TOY INDUSTRY AND SUPPORTS OTHER MAIN INDUSTRIES SUCH AS ELECTRONICS.
WHEN THE PLANT IS IN OPERATION IT WILL PROVIDE DIRECT EMPLOYMENT FOR ALMOST 100 PEOPLE - MORE THAN HALF OF THESE WITH POST GRADUATE, GRADUATE OR TECHNICAL QUALIFICATIONS.
HOWEVER, IT WILL PROVIDE INDIRECT EMPLOYMENT FOR SOME 20,000 PEOPLE WHO ARE DEPENDENT ON THE MANUFACTURE OF POLY- STYRENE.
THE COMPANY SAYS THE DESIGN OF THE PLANT AND THE ENVIRONMENTAL PRECAUTIONS TO BE TAKEN ARE SO ADVANCED THAT THE PLANT WILL MEET THE STRICTEST POSSIBLE ENVIRONMENTAL LEGISLATION OF THE NEXT 10 YEARS.
1
/UNDER THE