4
THURSDAY, NOVEMBER 23, 1989
HOWEVER, SIR PIERS POINTED OUT THAT GIVEN TIME, HE REMAINED CONFIDENT THAT THE ESSENTIAL MERITS OF THE RELATIONSHIP BETWEEN HONG KONG AND THE MAINLAND, AND THE GOOD SENSE OF SO MANY PEOPLE WOULD ULTIMATELY PREVAIL.
"OVER THE LONGER TERM WE WILL SEE THE ENORMOUS TRADE AND INVESTMENT POTENTIAL IN CHINA DEVELOPING YET AGAIN.
"THIS CANNOT FAIL TO BENEFIT NOT ONLY THE PEOPLE OF HONG KONG BUT ALSO CHINA ITSELF.' HE SAID.
"
APART FROM THE REMARKABLE GROWTH IN HONG KONG'S RE-EXPORT TRADE RELATING TO CHINA AND OTHER ECONOMIES IN THE ASIA-PACIFIC REGION WHICH HAD A HIGHLY BENEFICIAL EFFECT ON ITS VISIBLE TRADE, SIR PIERS SAID HONG KONG ALSO WITNESSED RAPID GROWTH IN ITS INVISIBLE TRADE.
ARE OUR
"PART OF THE REASON FOR THIS IS THAT MANY OF OUR SERVICES RELATED TO MERCHANDISE TRADE, HE SAID, CITING AS EXAMPLES CONTAINER PORT WHICH IS NOW THE BUSIEST IN THE WORLD AND THE RAPID GROWTH IN CIVIL AVIATION IN TERMS OF PASSENGERS AND AIR CARGO,
TURNING TO THE FINANCIAL SERVICES SECTOR. THE SECURITIES INDUSTRY AND VARIOUS TYPES OF PROFESSIONAL AND SUPPORTING BUSINESS SERVICES, HE SAID THERE HAD ALSO BEEN A VAST AMOUNT OF ACTIVITY,
'A POINT I WOULD LIKE TO STRESS IS THAT IN THE SERVICES SECTOR
IN PARTICULAR THERE IS A STRONG INTERNATIONAL ELEMENT.
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ONE OF THE BEAUTIES OF HONG KONG IS THAT PEOPLE FROM MANY PLACES IN THE WORLD CAN COMP HERE AND FEEL IMMEDIATELY AT HOME, HAVING REGARD TO THE WIDE RANGE OF SERVICES THAT ARF AVAILABLE. OFTEN PROVIDED BY FIRMS WHICH EMPLOY THEIR OWN COUNTRYMEN.
·
HONG KONG IS PART OF THE WORLD, AND WE NEED TO REMEMBER THAT FACT," HI AÐDPD.
SIR PIERS ALSO DWELT ON THE CHANGES WITHIN THE MANUFACTURING SETOR WHICH AT PRESENT EMPLOYED OVER 800,000 PEOPLE.
HE SAID LABOUR PRODUCTIVITY HAD BEEN RISING RAPIDLY AND IT HAD BEEN BOOSTED BY THE HIGH RATE OF INVESTMENT IN MANUFACTURING MACHINERY AND EQUIPMENT OVER THE PAST FEW YEARS.
Wi HAVE ALSO SEEN AN UPGRADING OF TECHNOLOGY. AND THUS THE MANUFACTURING NECTOR HAS DEEN ABLE TO MAINTAIN A STABLE SHARE OF ITS VALUE ADDED IN THE GROSS DOMESTIC PRODUCT, NOTWITHSTANDING A DECLINE IN ITS WORKFORCE." HE SAID.
WHILE EXPECTING THE TRANSFORMATION
SERVICES TO
FROM MANUFACTURING ΤΟ
CONTINUE, HE SAID PAST PRESSURES ON HONG KONG HAD DONE MOCH TO INDUCE MANUFACTURERS TO LOOK TO CHINA AND. INDEED. TO OTHER PLACES. IN ORDER TO DIVERSIFY THEIR OPERATIONS.
KE NOW
AND OTHER
INVESTMENT TAKING PLACE IN MALAYSIA AND THAILAND IN THE KEGION. AND AS A RESULT OF THESE DEVELOPMENTS, HONG KONG WILL
BECOME INCREASINGLY GEARED TOWARDS THE SERVICE COMPONENTS OF THE MANUFACTURING OPERATION,' HE SAID.
/FURTHERMORE, SIR