WMNESDAY, JULY 11, 1984
3
+ I WOULD EXPECT THAT THE DIRECT AND INDIRECT CONTRIBUTIONS OF THE MANUFACTURING INDUSTRY WOULD AMOUNT TO AS HIGH AS 50 PER CENT OF GDP. THEREFORE, I NEED NOT STRESS THE IMPORTANCE OF THE CONTINUED DEVELOPMENT OF OUR INDUSTRY.+
WHEN THE GARMENT AND TEXTILE SECTOR, WHICH IS THE LARGEST SECTOR OF THE INDUSTRY, WAS RESTRICTED BY QUOTAS, HONG KONG WAS FORCED TO DIVERSIFY INTO OTHER INDUSTRIES WITH GROWTH POTENTIAL.
+JUDGING FROM THE EXPORT PERFORMANCE OF THE ELECTRONICS INDUSTRY, THERE IS NO DOUBT IN MY MIND THAT THIS INDUSTRY POSSESSES THE POTENTIAL OF BECOMING THE LARGEST INDUSTRY IN THE EARLY 1990'S, PROVIDED THAT WE MOVE UP-MARKET WITH TECHNICAL IMPROVEMENTS, FURTHER STRENGTHENING OF OUR TECHNOLOGY BASE COMPLEMENTED BY BETTER DESIGN AND QUALITY IMPROVEMENT OF CONSUMER ELECTRONIC PRODUCTS, HE SAID.
+THE ELECTRONICS INDUSTRY IS A TECHNOLOGY INTENSIVE INDUSTRY. SO FAR, THE GROWTH RATE HAS INDICATED THAT WE ARE MOVING IN THE RIGHT DIRECTION ALTHOUGH MUCH MORE SUPPORT IS NEEDED FROM OUR GOVERNMENT TO ENHANCE THE GROWTH OF THIS KEY INDUSTRY AND TO ENABLE US TO COMPETE WITH OUR COMPETITORS.+
ONE OF THE MAIN REASONS FOR HONG KONG'S TREMENDOUS ECONOMIC SUCCESS WAS ITS STATUS AS A FREE TRADING PORT IN THE INTERNATIONAL COMMUNITY.
WHEN THE QUESTION OF 1997 SURFACED, SAID MR LEE, HE FOUND HIMSELF GIVING MUCH THOUGHT TO HONG KONG'S FUTURE STÁTUS.
+WILL OUR TRADING PARTNERS GIVE HONG KONG THE SAME STATUS AS WE ENJOY TODAY? WILL HONG KONG BE ABLE TO ATTRACT FOREIGN TECHNOLOGY AND INVESTMENT? WILL HONG KONG COME UNDER THE +COCOM✦ EMBARGO, HE SAID.
HE EXPLAINED THAT COCOM WAS THE COORDINATING COMMITTEE FOR MULTILATERAL EXPORT CONTROLS, FORMED IN NOVEMBER 1949.
THE PURPOSE WAS TO CONTROL THE EXPORT OF TECHNOLOGY AND STRATEGIC COMMODITIES FROM CAPITALIST COUNTRIES TO COMMUNIST OR SOCIALIST COUNTRIES PARTICULARLY DEALING WITH THE EXPORT OF COMMODITIES THAT HAVE TO DO WITH ECONOMIC GROWTH, TECHNOLOGY
IMPROVEMENTS AND DEFENCE.
IT CONSISTS OF 15 COUNTRIES, NAMELY: USA, CANADA, UNITED KINGDOM, FRANCE, WEST GERMANY, ITALY, JAPAN, HOLLAND BELGIUM, LUXEMBOURG, NORWAY, DENMARK, PORTUGAL, TURKEY AND GREECE.
THESE ARE OUR MAJOR TRADING PARTNERS, HE SAID, AND ALTHOUGH HONG KONG DOES NOT COME UNDER THE COCOM EMBARGO, WE MUST HOWEVER, ADHERE TO THE REQUIREMENT OF NOT EXPORTING OR RE-EXPORTING COMMODITIES UNDER THE COCOM EMBARGO.
AS THE UNITED STATES WAS HONG KONG'S BIGGEST TRADING PARTNER, MR LEE USED IT AS AN EXAMPLE TO STATE CLEARLY THE COMPLICATED PROCEDURE WHICH HONG KONG MUST FOLLOW.
/A HONG