WEDNESDAY, MARCH 30, 1977
ESTABLISHMENT OF AN INDUSTRIAL DEVELOPMENT COUNCIL ADVOCATED
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THE HON. JAMES WU TODAY AGAIN CALLED ON THE GOVERNMENT TO SET UP AN INDUSTRIAL DEVELOPMENT COUNCIL TO PROMOTE HONG KONG'S INDUSTRIAL DEVELOPMENT TO ENSURE OUR CONTINUED PROSPERITY AND STABILITY+.
SPEAKING IN THE RESUMED BUDGET DEBATE IN LEGISLATIVE COUNCIL, MR. WU SAID THE COUNCIL SHOULD BE IN THE FORM OF A HIGH-POWERED CO-ORDINATING, PLANNING AND PERHAPS ESSENTIALLY AN ADVISORY BODY.
THE COUNCIL, HE CONTINUED, SHOULD BE RESPONSIBLE FOR RESEARCH INTO AND MONITORING OF ECONOMIC TRENDS, MARKET CONDITIONS, INDUSTRIAL DEVELOPMENT, PROVISION OF LAND AND INFRASTRUCTURE, MANPOWER NEEDS AND TRAINING, TECHNOLOGICAL INNOVATIONS AND PRODUCTIVITY IMPROVEMENT, EXPORT PROMOTION AND CREDIT FINANCE, AMONG OTHERS.
MR. WU INDICATED THAT PROGRAMMES OF STUDY AND PLANNING PROPOSALS ON ALL ASPECTS OF INDUSTRIAL DEVELOPMENT SHOULD BE PURSUED FOR THE INFORMATION AND ADVICE OF THE GOVERNMENT AND EXECUTIVE AND LEGISLATIVE COUNCIL MEMBERS WHO WOULD STILL HAVE THE EXECUTIVE, LEGISLATIVE AND FINANCIAL CONTROL DECISIONS TO MAKE AS TO HOW BEST HONG KONG COULD BENEFIT FROM SUCH PROPOSALS.
HE WENT ON: +SUCH INFORMATION AND ADVICE, WHEN MADE AVAILABLE TO THE PUBLIC EVENTUALLY, MIGHT ALSO HELP TO CHANNEL THE LARGE AMOUNT OF SPECULATIVE MONEY NORMALLY PRESENT IN HONG KONG INTO MORE PRODUCTIVE USE AND INVESTMENT, INSTEAD OF ALLOWING IT TO PLAY HAVOC IN OUR LAND, STOCK AND FOREIGN EXCHANGE MARKETS.
+NEEDLESS TO SAY, SUCH A STEP COULD ONLY BE OF HELP IN OUR CONTINUING EFFORTS TO WOO FOREIGN INVESTMENTS INTO INDUSTRIES OF GREATER SOPHISTICATION AND HIGH TECHNOLOGICAL CONTENT.+
THE UNOFFICIAL MEMBER NOTED THAT THE GOVERNMENT IN THE LAST FEW YEARS HAD BEGUN TO DENY THAT IT WAS PURSUING A COURSE OF LAISSEZ FAIRE IN ITS ATTITUDE TOWARDS HONG KONG'S ECONOMIC DEVELOPMENT.
+ INDEED, HE ADDED, IT APPEARS TO BE PARTICIPATING DIRECTLY IN THIS ASPECT, INSTEAD OF JUST PLAYING A SUPPORTING ROLE IN THE PAST.+
WHILE ON THIS THEME OF GOVERNMENT INVOLVEMENT IN INDUSTRIAL DEVELOPMENT, MR. WU POINTED OUT THAT THE PHENOMENAL GROWTH OF SOUTH KOREAN EXPORTS IN THE LAST FEW YEARS HAD BEEN ACHIEVED ONLY WITH +GREAT PUSH AND ENCOURAGEMENT BY ITS GOVERNMENT+.
REFERRING TO HONG KONG'S ECONOMIC OUTLOOK, HE CAUTIONED THAT THERE WAS LITTLE TO BE COMPLACENT ABOUT.
/+THER R