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WADI...JDAY, JUNE 25, 1974
MAJOR BOOST FOR HONG KONG'S INDUSTRIAL DEVELOPMENT
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THE DIRECTOR OF COMMERCE AND INDUSTRY, MR. JIMMY MCGREGOR, TODAY VISITED TSING YI ISLAND TO SEE SITES FOR TWO MAJOR PROJECTS WHICH WILL GIVE A $200 MILLION TECHNOLOGICAL BOOST TO HONG KONG'S INDUSTRIAL DEVELOPMENT.
ONE SITE IS BEING DEVELOPED BY OUTBOARD MARINE CORPORATION FOR THE CONSTRUCTION OF A FACTORY TO BUILD OUTBOARD MARINE ENGINES. THE OTHER WILL BE DEVELOPED BY DOW CHEMICAL PACIFIC LTO WHICH WILL CONSTRUCT A PLASTICS MANUFACTURING PLANT.
THEY ARE THE FIRST COMPANIES TO OBTAIN SITES UNDER THE GOVERNMENT'S MODIFIED INDUSTRIAL LAND POLICY WHICH IS DESIGNED TO ATTRACT TECHNOLOGICALLY-ADVANCED INDUSTRIES TO HONG KONG.
THE COMMERCE AND INDUSTRY DEPARTMENT HAS PLAYED A KEY ROLE IN FURMULATING THE NEW POLICY WHICH ENABLES LAND AND CAPITAL INTENSIVE INDUSTRIES, WHICH ARE UNSUITABLE FOR HIGH-RISE BUILDINGS, TJ OBTAIN LAND BY PRIVATE TREATY OR BY TENDER PROVIDED THEY MEET DETAILED ECONOMIC CRITERIA.
THE PROJECTS CONCERNED HAVE TO BE NEW TO HONG KONG OR REPRESENT A TECHNOLOGICAL UP-GRADING TO A SIGNIFICANT DEGREE OF AN EXISTING INDUSTRIAL PROCESS. THEY MUST ALSO PROVIDE EMPLOYMENT OPPORTUNITIES AT A GENERALLY HIGHER LEVEL OF SKILL THAN PREVAILS IN EXISTING INDUSTRIES.
MR. MCGREGOR COMMENTED : +THE COMMERCE AND INDUSTRY DEPARTMENT REGARDS THE OUTJOARD MARINE CORPORATION AND DOW PROJECTS AS SIGNIFICANT STEPS TOWARDS BROADENING HONG KONG'S INDUSTRIAL BASE AND UP-GRADING THE TECHNOLOGICAL LEVEL OF OUR INDUSTRY.
+THE 0.M.C. PROJECT REPRESENTS AN IMPORTANT EXPANSION OF THE ENGINEERING INDUSTRY WHILE THE DOV PLANT WILL ENCOURAGE THE EXPANSION AND UP-CRADING OF OUR PLASTIC-USING INDUSTRIES.
+ THE ESTABLISHMENT OF THESE TWO PROJECTS ON TSING YI ISLAND MAY ALSO HAVE A FAR-REACHING AND CATALYTIC EFFECT ON THE DEVELOPMENT OF OTHER CAPITAL INTENSIVE AND TECHNOLOGICAL
USTRIES IN HONG KONG. I CERTAINLY HOPE THIS WILL PROVE THE CASE.+
RECLAMATION WORK, INVOLVING THE CONSTRUCTION OF A SEA-WALL, HAS BEEN IN PROGRESS AT THE 0.1.C. SITE SINCE MAY, 1973. FOUNDATION WORK FOR THE HANUFACTURING PLANT WILL START IN SIX WEEKS' TIME.
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THE PLANT IS SCHEDULED TO BEGIN PRODUCTION IN MARCH NEXT YEAR.
SITE FORMATION ON THE DUW SITE IS EXPECTED TO START TOWARDS THE END OF NEXT MONTH, SUBJECT TO PLANS BEING APPROVED BY THE PUBLIC WORKS DEPARTIENT. IT IS EXPECTED THAT THE PLANT WILL COME INTO OPERATION IN JANUARY, 1976. THE PLANT WILL MANUFACTURE POLYSTYRENE WHICH IS USED EXTENSIVELY IN THE LOCAL PLASTICS INDUSTRY.
/AFTER HIS