WEDNESDAY, OCTOBER 7, 1981
PROSPECTS FOR 1982
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THE GOVERNOR, SIR MURRAY MACLEHOSE SAID AT THE OPENING SESSION OF THE LEGISLATIVÉ COUNCIL TODAY (WEDNESDAY) THAT SOME RECOVERY IN THE WORLD'S ECONOMIES COULD BE EXPECTED IN 1982, WITH SOME BENEFICIAL EFFECT ON WORLD TRADE.
SIR MURRAY SAID ALTHOUGH MUCH DEPENDED ON THE LEVEL OF INTEREST RATES, PARTICULARLY IN THE UNITED STATES, THE CONCENSUS IS THAT THINGS ARE LIKELY TO BE BETTER NOT WORSE THE RECESSION IS BOTTOMING OUT+.
+AND WHERE THERE IS SOME REVIVAL IN DEMAND WE ARE WELL PLACED TO TAKE ADVANTAGE OF IT. OUR ABILITY TO REACT QUICKLY TO MEET AN INCREASE IN EXPORT ORDERS HAS BEEN WELL DEMONSTRATED IN THE PAST, AND WITH THE RECENT DEPRECIATION IN THE EXCHANGE OF VALUE OF THE HONG KONG DOLLAR, OUR PRICES ARE NOW VERY COMPETITIVE.
+SO WHILE AWAITING THE ECONOMIC TIDE IN THE WORLD TO TURN AROUND, I HAVE CONFIDENCE THAT WHEN IT DOES, HONG KONG WILL EXPERIENCE YET ANOTHER YEAR OF PROSPERITY, + HE SAID.
SIR MURRAY SAID THE MANY WORRIES OF OUR BUSINESSMEN IN SPITE OF COMPARATIVE BUOYANCY OF OUR ECONOMY RESULTED FROM MEASURES OF VARIOUS SORTS IN OUR LEADING MARKETS AIMED AT CONTAINING INFLATION. +NEVERTHELESS IN SPITE OF IT ALL WE HAVE NOT DONE TOO BADLY,+ HE SAID.
BUT THERE IS ONE PARTICULAR POINT OF CONCERN THE EXPIRY OF THE MULTI-FIBRE ARRANGEMENT AT THE END OF THIS YEAR, AND THE REQUIREMENT FOR ITS RENEGOTIATION CAST A BIG SHADOW
ON THE FUTURE OF OUR TEXTILE AND APPAREL EXPORTS WHICH PROVIDE JOBS FOR NEARLY HALF OUR INDUSTRIAL WORKFORCE.+
+ITS RENEGOTIATION ON SATISFACTORY TERMS IS A MAJOR OBJECTIVE
OF YOUR GOVERNMENT, SIR MURRAY SAID.
+THE DEVELOPING COUNTRIES HAVE NEVER BEEN SO UNITED IN THEIR DETERMINATION TO SECURE A FAIRER BETTER-DEFINED MFA UNDER WHOSE PROVISIONS THEIR BILATERAL TRADE WITH DEVELOPING COUNTRIES CAN BE CONDUCTED.+
SIR MURRAY SAID HONG KONG'S NEGOTIATORS WOULD SHORTLY BE MEETING AGAIN WITH THOSE FROM OTHER DEVELOPING COUNTRIES TO SEEK OUT A COMMON POSITION FOR THE NEXT ROUND OF NEGOTIATIONS IN GENEVA IN NOVEMBER.
+BUT WE HAVE NO LUSIONS ABOUT OUR SITUATION. WITH RECESSION AND HIGH UNEMPLOYMENT THE GOVERNMENTS OF DEVELOPED COUNTRIES ARE UNDER IMMENSE POLITICAL PRESSURE TO TAKE A HARD LINE - HOWEVER IRRELEVANT STATISTICS RAY PROVE OUR EXPORTS HAVE BEEN TO THAT RECESSION AND UNEMPLOYMENT.+
FORTUNATELY, THE GOVERNOR ADDED, WE HAVE SOME OF THE BEST NEGOTIATORS IN THE TEXTILE WORLD AND THEY ARE ABLY ADVISED BY THE TEXTILE ADVISORY BOARD.
+WE WILL PLAY A FULL PART IN OUR OWN RIGHT IN THE NEGOTIATIONS AND VIGOROUSLY DEFEND THE INTERESTS OF OUR INDUSTRY, HE SAID. +WE ALSO LOOK TO THE UK TO SEE THAT THE SPECIAL CIRCUMSTANCES OF HONG KONG ARE RECOGNISED AND THAT WE GET FAIR TREATMENT.+
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