WEDNESDAY, OCTOBER 7, 1987
INVESTORS' RIGHTS ASSURED
FOR LOCAL AND OVERSEAS INVESTORS, THE SINO-BRITISH JOINT DECLARATION GIVES REASSURANCE THAT THEIR RICHTS WILL BE PROTECTED, AND THAT THEIR PROFITS CAN BE FREELY CONVERTED INTO OTHER CURRENCIES, THE DEPUTY DIRECTOR OF INDUSTRY, MR TONY EASON, SAID TODAY (WEDNESDAY).
SPEAKING AT A SEMINAR IN ADELAIDE AS PART OF HIS INDUSTRIAL PROMOTION VISIT TO AUSTRALIA, MR EASON TOLD HIS AUDIENCE THE FUTURE HONG KONG SPECIAL ADMINISTRATIVE REGION WILL KEEP ITS OWN FINANCIAL AND FISCAL SYSTEM, ITS FREE PORT AND BE A SEPARATE CUSTOMS TERRITORY.
HE ALSO POINTED OUT THAT THE JOINT LIAISON GROUP HAD ACHIEVED A GREAT DEAL IN AREAS OF VITAL CONCERN TO HONG KONG SINCE IT STARTED ITS WORK TWO YEARS AGO TO IMPLEMENT THE JOINT DECLARATION.
"IT HAS AGREED, FOR INSTANCE, THAT HONG KONG SHOULD BECOME A SEPARATE CONTRACTING PARTY TO THE GENERAL AGREEMENT ON TARIFFS AND TRADE AND THAT IT SHOULD REMAIN SO AFTER 1997.
"HONG KONG DULY BECAME A CONTRACTING PARTY IN ITS OWN RIGHT IN APRIL 1986, THEREBY ENDING UNCERTAINTY OVER HONG KONG'S FUTURE TRADING POSITION.
LOOKING TO THE FUTURE, MR EASON SAID MANUFACTURING WILL CLEARLY REMAIN ONE OF THE PRINCIPAL CONTRIBUTORS TO HONG KONG'S CONTINURD PROSPERITY FOR MANY YEARS TO COME.
НЕ STRESSED THAT MANUFACTURERS NEED TO CONTINUE ΤΟ MOVE UPMARKET AND INTO MORE SOPHISTICATED AND TECHNOLOGICALLY ADVANCED OPERATIONS IN ORDER TO MEET THE PRESSURES OF INCREASING COMPETITION FROM NEIGHBOURING COUNTRIES, RISES IN PRODUCTION AND LABOUR COSTS IN HONG KONG AND PROTECTIONISM IN OVERSEAS MARKETS.
"IT IS REASONABLE TO PREDICT THAT TEXTILES AND GARMENTS WILL REMAIN AN IMPORTANT INDUSTRY FOR US FOR THE FORESEEABLE FUTURE," HE SAID.
"AMONG OTHER INDUSTRIES, DESPITE SOME CURRENT PROBLEMS, ELECTRONICS WILL CONTINUE TO BE AMONG THE FASTER GROWING. THERE WILL BE CONTINUING DIVERSIFICATION AND UPGRADING OF PRODUCT RANGE AND INCREASING USE OF AUTOMATIC AND OTHER ADVANCED EQUIPMENT.
"
AUSTRALIA RANKS 10TH IN THE LEAGUE OF OVERSEAS INVESTMENT IN MANUFACTURING IN HONG KONG. THERE ARE 23
INDUSTRIAL ESTABLISHMENTS INVOLVING AUSTRALIAN INTEREST WITH A TOTAL INVESTMENT OF U.S. $24 MILLION.
1
14