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WEDNESDAY, OCTOBER 15, 1975
HONG KONG TO WOO U.S. INDUSTRIAL INVESTMENTS
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THE JOINT-MISSION TO THE UNITED STATES, BY THE COMMERCE AND INDUSTRY DEPARTMENT AND THE HONG KONG GENERAL CHAMBER OF COMMERCE TO ATTRACT INDUSTRIAL INVESTMENT TO HONG KONG, WILL MEET THE HEADS OF ALCUT 50 AMERICAN FIRMS IN NEW YORK, CHICAGO, LOS ANGELES AND SAN FRANCISCO.
THE LEADER OF THE COMMERCE AND INDUSTRY DEPARTMENT MISSION, R. ROY PORTER, DEPUTY DIRECTOR OF THE DEPARTMENT, SAID TODAY THESE FIRMS WERE CONCERNED WITH THE PRODUCTION OF ELECTRONIC, HIGH-PRECISION, AND METAL PRODUCTS -- THE KIND OF HIGHER TECHNOLOGY INDUSTRIES HONG KONG WAS AT PRESENT ANXIOUS TO ATTRACT.
MR. PORTER NOTED THAT THE UNITED STATES WAS STILL EXPERIENCING A DIFFICULT TIME, ECONOMICALLY, AND THAT THE MAJORITY OF COMPANIES WERE NOT WILLING TO TAKE IMMEDIATE DECISION TO INVEST. BUT HE WAS HOPEFUL OF GOOD RESULTS OVER THE NEXT 12 MONTHS OR SO.
THE LEADER OF THE OTHER MISSION IS MR. PETER FOXON, CHAIRMAN OF THE HONG KONG CHAMBER OF COMMERCE, WHO WILL BE ACCOMPANIED BY DR. JIMMY MCGREGOR, DIRECTOR OF THE CHAMBER, AND MR. HERBERT HINICH, EXECUTIVE DIRECTOR OF THE AMERICAN CHAMBER OF COMMERCE WHO HAS DONE MUCH LIAISING BETWEEN HONG KONG AND AMERICAN FIRMS FOR THIS MISSION.
AMERICAN BANKS HERE WITH HEADQUARTERS OR BRANCH OFFICES IN THE UNITED STATES HAVE ALSO HELPED GREATLY IN THE ORGANISATION OF THE MISSIONS.,
THE TWO DELEGATIONS WILL INITIALLY TRAVEL IN DIFFERENT DIRECTIONS: MR. FOXON, HR. MCGREGOR AND MR. MINICH FOR NEW YORK; FR. ROY PORTER AND MR. PETER LO, OF THE COMMERCE AND INDUSTRY DEPARTMENT, TO CHICAGO AND LOS ANGELES.
THE TWO TEAMS WILL JOIN UP IN SAN FRANCISCO.
MR. PORTER SAID THE PROPOSITION TO SET UP SHOP' IN HONG KONG WAS VERY ATTRACTIVE FOR A VARIETY OF REASONS, NOT LEAST OF WHICH WAS THAT IT CREATES JOBS IN AMERICA BY PROVIDING AN OPPORTUNITY FOR CERTAIN INDUSTRIES THERE TO INCREASE THEIR PRODUCTION OF LOW-COST COMPONENTS AND END-PRODUCTS, BOOSTING ..N EXPORT RANGE.
MACHINE PARTS, ACCESSORIES AND OTHER SUCH PRODUCTS WERE ALGO AMONG SOME OF THE COMPLEMENTARY ITEMS AMERICAN FACTORIES COULD PRODUCE PROFITABLY IN HONG KONG RATHER THAN BUY FROM OTHER COUNTRIES OR TO PRODUCE THEM AT HIGH COST AT HOME.
/MR. PORTER