THURSDAY, NOVEMBER 1, 1979
13
HE POINTED OUT THAT THE EXCESSIVE PRICE WE ARE PAYING COULD IN THE LONG RUN TURN OUT TO BE MANY TIMES THE COST OF CONSTRUCTING A REFINERY, WITHOUT MENTIONING THE BENEFITS OF DEVELOPING OUR OWN DOWN-STREAM PETROCHEMICAL INDUSTRIES WHICH ARE SO VITAL TO OUR CLOTHING, TEXTILE AND PLASTIC INDUSTRIES.
AS TO THE DIFFICULTIES THAT CAN BE EXPECTED TO ARISE, MR. WONG SAID OUR FINANCIAL AND ADMINISTRATIVE ABILITY TO HANDLE SUCH A PROJECT HAS ALREADY BEEN DEMONSTRATED IN THE MTR.
POLLUTION IS NOT AN INSURMOUNTABLE PROBLEM UNDER PRESENT TECHNOLOGY AND AS REGARDS A SUITABLE SITE, HE REPORTED THAT AN EXPERT FROM A JAPANESE CONSULTING FIRM HAD INITIALLY FOUND THE AREA AROUND TAP SHEK KOK SUITABLE.
*THE RECENT OIL FIND IN FRONT OF OUR DOOR STEP CAN BE A CONSIDERABLE, AND INDEED DECISIVE, INFLUENCE IN THE CONSIDERATION OF SUCH AN IDEA. THE MODERNISATION PLANS OF CHINA MAY ALSO CREATE POSSIBILITIES FOR THE JOINT DEVELOPMENT OF RELATED PETROCHEMICAL INDUSTRIES. UNDER THESE CIRCUMSTANCES, I SUGGEST WE CAN HARDLY IGNORE SUCH A GREAT OPPORTUNITY,+ HE SAID.
TURNING TO THE SUBJECT OF HONG KONG'S EXPORT PROMOTION, MR. WONG SAID THAT THE OVERALL APPROACH ADOPTED BY THE GOVERNMENT WAS TOO PASSIVE, AND HE HOPED TO SEE MORE DIRECT AND EFFECTIVE GOVERNMENT MEASURES.
HE THOUGHT WE SHOULD NOT BE DETERRED BY THE GENERAL STAGNANCY IN THE WORLD MARKET BUT INSTEAD SHOULD AIM TO IMPROVE OUR PERFORMANCE SO AS TO OUTPERFORM THE GENERAL TREND.
IN PURSUING THIS, MR. WONG POINTED OUT THAT SOME NEIGHBOUR ING COMPETITORS HAVE ADOPTED AGGRESSIVE AND HIGHLY SUCCESSFUL MEASURES TO INCREASE THE IR EXPORTS, OFTEN AT HONG KONG'S EXPENSE.
HE ASKED THEREFORE THAT WHEN TAKING MEASURES TO COOL DOWN THE ECONOMY WE SHOULD ALWAYS BE CAREFUL TO AVOID DAMAGING THE MANUFACTURING SECTOR. HE APPRECIATED THE MOVE BY SOME BANKS IN OFFERING CONCESSIONARY INTEREST RATES FOR THE IMPORT OF MACHINERY AND RAW MATERIALS.
HE ALSO ASKED FOR INJECTION OF ADDITIONAL RESOURCES INTO TRADE PROMOTION AGENCIES SUCH AS THE TRADE DEVELOPMENT COUNCIL AND MORE EFFECTIVE DEPLOYMENT OF THE EFFORTS BY THE HONG KONG GENERAL CHAMBER OF COMMERCE AND THE CHINESE MANUFACTURERS' ASSOCIATION.
HE POINTED OUT THAT WHILE THE TDC WILL OPEN ITS 18TH OVERSEAS OFFICE IN PANAMA SOON, SOUTH KOREA'S TRADE PROMOTION ORGANISATION 'KOTRA' ALREADY HAS MORE THAN 70 OVERSEAS OFFICES.
MR. WONG ALSO SUPPORTED THE PROPOSAL FOR A FACTORY OWNERSHIP SCHEME. +WHILST WE NEED A REINFORCED AND MORE CONCERTED EFFORT. IN PROMOTING OUR EXPORTS, WE MUST AT THE SAME TIME MAKE MORE RATIONAL USE OF OUR LOCAL RESOURCES TO HELP THE MANUFACTURING SECTOR, HE SAID.
HE SAID SMALL MANUFACTURERS WERE HAVING DIFFICULTY IN FINDING SMALL SIZE FACTORY UNITS AND WERE INEVITABLY SHOULDERED OUT OF THE MARKET BY LAND SPECULATORS.
+