2
SUNDAY, MARCH 27, 1983
+AS HONG KONG'S EXPORT GROWTH HAS BEEN SEVERAL PERCENTAGE POINTS ABOVE THE GROWTH RATE OF WORLD MERCHANDISE TRADE IN THE PAST. A MILD RECOVERY IN OUR MAJOR MARKETS COULD LEAD TO A CONSIDERABLE REBOUND FOR OUR EXPORT-LED ECONOMY,+ MR BERNARD SAID.
DESPITE THE RECESSION, EAST ASIA IS NOW THE FASTEST GROWING REGION IN THE WORLD: ITS AVERAGE ANNUAL GNP GROWTH RATE OF ABOUT EIGHT PER CENT IN THE LAST DECADE WAS TWICE THAT OF THE INDUSTRIALISED WEST. SOME ECONOMISTS FORECAST THAT THE COMBINED GNP OF EAST ASIA, EXCLUDING COMMUNIST COUNTRIES, WILL OUTSTRIP THAT OF EUROPE BEFORE THE END OF THE CENTURY.
THIS LONG-TERM POTENTIAL IS A STRONG DRAWING CARD, AND MORE INDUSTRIALISTS IN THE WEST, PARTICULARLY FROM THE UNITED STATES, HAVE IN RECENT YEARS SET UP OPERATIONS IN THE FAR EAST TO SERVICE THE REGION ITSELF, IN ADDITION TO THEIR HOME MARKETS. BECAUSE OF ITS CENTRAL GEOGRAPHIC POSITION AND OTHER ADVANTAGES, HONG KONG HAS ATTRACTED MANY OF THESE OPERATIONS.
LAST YEAR AT LEAST 22 WHOLLY-OWNED FOREIGN OR JOINT-VENTURE MANUFACTURING ESTABLISHMENTS INCLUDING US, JAPANESE, BRITISH AND OTHER EUROPEAN INTERESTS STARTED OPERATION IN HONG KONG, ACCORDING TO INFORMATION AVAILABLE TO THE INDUSTRY DEPARTMENT. IN ADDITION, A NUMBER OF EXISTING ESTABLISHMENTS HAVE EITHER EXPANDED THEIR OPERATIONS OR ARE INVESTING FURTHER THIS YEAR. THE DEPARTMENT HAS ABOUT 800 +ACTIVE ENQUIRIES+ ON ITS BOOKS, ABOUT 42 OF WHICH ARE REGARDED AS PROJECTS LIKELY TO BE IMPLEMENTED WITHIN THE NEAR FUTURE.
IT IS NOTICEABLE ALSO THAT DURING RECENT YEARS BOTH FOREIGN AND LOCAL INVESTORS HAVE MOVED INTO HIGHER TECHNOLOGY INDUSTRIES. THIS DEVELOPMENT IS ACTIVELY ENCOURAGED AND FACILITATED BY THE HONG KONG GOVERNMENT. FOR EXAMPLE, THE HONG KONG INDUSTRIAL ESTATES CORPORATION WAS ESTABLISHED IN 1977 TO ENCOURAGE INDUSTRIAL DIVERSIFICATION AND THE USE OF NEW TECHNOLOGIES. ITS BASIC AIM IS TO PROVIDE AND MANAGE SITES AT COST TO INDUSTRIES WITH A RELATIVELY HIGH LEVEL OF TECHNOLOGY WHICH CANNOT OPERATE IN ORDINARY MULTI-STOREY FACTORY BUILDINGS.
TO DATE, 37 COMPANIES HAVE TAKEN UP SITES IN THE TAI PO AND YUEN LONG INDUSTRIAL ESTATES, WITH COMMITTED INVESTMENTS SO FAR OF MORE THAN $1.3 BILLION, 30 PER CENT OF IT BY OVERSEAS INTERESTS.
FURTHER STEPS TAKEN RECENTLY TO BACK UP HONG KONG'S INDUSTRIAL DEVELOPMENT INCLUDE THE ESTABLISHMENT OF LOCAL REFERENCE STANDARDS FOR INDUSTRY AND A STANDARD CALIBRATION LABORATORY, THE FACILITATION OF TECHNOLOGY TRANSFER AND THE DISSEMINATION OF TECHNICAL INFORMATION, QUALITY CERTIFICATION SERVICES AND TECHNICAL RESEARCH AND DEVELOPMENT WORK.
TECHNO-ECONOMIC STUDIES ON SOPHISTICATED INDUSTRIES ARE BEING CONDUCTED TO PROVIDE GUIDANCE ON FUTURE DEVELOPMENT NEEDS AND RESOURCES.
“THERE HAS ............