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THURSDAY, NOVEMBER 2, 1978
IMPORTANCE OF TOURISM INDUSTRY EMPHASISED
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THE NEEDS AND POTENTIAL OF THE TOURIST INDUSTRY MUST BE TAKEN INTO ACCOUNT IN PLANNING THE DEVELOPMENT OF HONG KONG. NOT ONLY IS IT IMPORTANT IN ABSOLUTE TERMS, IT IS ALSO A GROWTH INDUSTRY AND A NEW DIMENSION IS BEING ADDED WITH THE HIGH PRIORITY NOW ATTACHED TO TOURISM IN CHINA, THE HON, DAVID NEWBIGGING SAID IN THE LEGISLATIVE COUNCIL TODAY,
HE SAID DURING THE LAST DECADE, OUR EARNINGS FROM TOURISM HAVE AVERAGED OVER 90 PER CENT OF THE VISIBLE TRADE GAP THIS YEAR. DESPITE THE SUBSTANTIAL INCREASE IN THE VISIBLE DEFICIT, IT IS STILL EXPECTED TO MAKE A CONTRIBUTION OF OVER 60 PER CENT TOWARDS IT.
IN THE LAST DECADE, OUR EARNINGS GREW AT AN AVERAGE OF SOME 12 PER CENT PER ANNUM. IT GREW BY AS MUCH AS 20 PER CENT IN THE FIRST SIX MONTHS OF THE CURRENT YEAR AND THIS GROWTH IS EXPECTED TO CONTINUE.
FURTHERMORE, THE SCALE OF THE INDUSTRY, WHICH CONTRIBUTES 7.5 PER CENT OF OUR GDP. CAN BE APTLY ILLUSTRATED BY A COMPARISON BETWEEN THE ESTIMATED COST OF THIS YEAR'S PUBLIC WORKS PROGRAMME OF OVER $3 BILLION, AND THE ACTUAL 1977 EXPENDITURE BY TOURISTS OF $3.8 BILLION.
HE FELT THAT OUR OTHER SOURCES OF INVISIBLE EARNINGS, SUCH AS BANKING AND INSURANCE, SHOULD ALSO BE QUANTIFIED AND THE ROLE OF THE IMPORTANT SERVICE INDÚSTRIES IN OUR ECONOMY UNDERSTOOD, PARTICULARLY AS WE ARE CURRENTLY EXPERIENCING A RAPID INCREASE IN THE VISIBLE TRADE DEFICIT.
IN OUR VISIBLE ECONOMY, MR. NEWBIGGING CAUTIONED THAT WE WOULD HAVE TO BE CONSTANTLY ALIVE TO TWO AREAS IF WE ARE NOT TO BE IMPEDED IN OUR PLANS TO PROVIDE MORE SOCIAL BENEFITS INDUSTRIAL RELATIONS, WHICH NEED TO BE HANDLED WITH SENSITIVITY AND UNDERSTANDING, AND INFLATION, WHICH MUST BE DEALT WITH FIRMLY,
IN OUR INDUSTRIAL RELATIONS, WE CANNOT RISK A SITUATION WHERE LABOUR BECOMES ALIENATED FROM THE INDUSTRY WHICH DEPENDS ON IT. *WE MUST ENSURE THAT MANAGEMENT" AND LABOUR' -- REMEMBERING THAT SUCCESSFUL INDUSTRIAL RELATIONS IS A TWO WAY STREET -IN BOTH THE PRIVATE AND PUBLIC SECTORS, CONCENTRATE ON PROVIDING THE INCENTIVES AND MOTIVATION WHEREBY PEOPLE WANT TO WORK RATHER THAN FEELING THEY HAVE TO WORK. +
+THIS IS PARTICULARLY IMPORTANT FOR THE YOUNGER GENERATION, + HE SAID, WHICH IS GROWING UP IN A VERY DIFFERENT ENVIRONMENT AND FOR WHOM MUCH WIDER HORIZONS ARE OPENING UP,+
HE SENSED A FEW WARNING SIGNS OF OUR INFLATION RISING AT A RATE WHICH WOULD MAKE US FEEL UNCOMFORTABLE.
/IF IT.....