TUESDAY, MAY 28, 1991
ON MANUFACTURING INVESTMENT, MR BARMA SAID VALUE OF JAPANESE INDUSTRIAL INVESTMENT AT THE END OF
US$1, 108 MILLION, REPRESENTING 29.1 PER CENT OF INDUSTRIAL INVESTMENT IN HONG KONG, A CLOSE SECOND TO ACCOUNTED FOR 31 PER CENT.
THE
CUMULATIVE
1989
STOOD AT
WHICH
TOTAL OVERSEAS
THE USA
"JAPAN'S CUMULATIVE INVESTMENT IN 1989 WAS MORE THAN TWO TIMES THE AMOUNT RECORDED IN 1986 (US$513 MILLION).
"THE GROSS ADDITION то FIXED ASSETS MADE BY JAPANESE YEAR MANUFACTURERS IN 1989 WAS US$80 MILLION, THE SECOND LARGEST IN A AFTER THE RECORD HIGH OF US$132 MILLION IN 1988.
"AT THIS CURRENT RATE OF INVESTMENT, THERE HAVE BEEN LARGEST SUGGESTIONS THAT JAPAN MIGHT REPLACE THE UNITED STATES AS THE OVERSEAS INVESTOR IN HONG KONG'S MANUFACTURING INDUSTRIES LONG," HE SAID.
BEFORE TOO
OF THE MR BARMA SAID IN 1990, DESPITE THE SLOWING DOWN
WORLD PROMOTION ECONOMY AND THE GULF WAR, HONG KONG'S INDUSTRIAL INVESTMENT OFFICERS FOR JAPAN ASSISTED IN FOUR SUCCESSFUL NEW PROJECTS, AS WELL AS IN THE EXPANSION OF FIVE JAPANESE FACTORIES ALREADY IN HONG KONG.
FOR
"IN ADDITION, OVER THE LAST 24 MONTHS, THE INDUSTRY DEPARTMENT ASSISTED SOME 20 MANUFACTURERS IN SETTING UP OFFICES IN HONG KONG SALES OR PROCUREMENT ACTIVITIES, HE SAID.
14
:
OF
ITS
AND
ON THE HONG KONG-CHINA RELATIONSHIP, MR BARMA SAID WHEN CHINA OPENED UP
INVESTMENT TO FOREIGN
IN 1978 IN SUPPORT MODERNISATION PROGRAMME THE RELATIONSHIP BETWEEN HONG KONG, ESPECIALLY THE SOUTHERN REGION OF CHINA, BECAME SYMBIOTIC.
HE SAID HONG KONG AND CHINA TRADING PARTNERS.
WERE EACH OTHER'S
PRINCIPAL
FOR HONG KONG'S
RE-EXPORTS
CHINA WAS NOW THE LARGEST MARKET AND THE SECOND LARGEST MARKET FOR OUR DOMESTIC EXPORTS. CHINA, IN OR TURN, SENT OVER ONE-THIRD OF ITS MERCHANDISE EXPORTS TO HONG KONG, THROUGH HONG KONG, TO OTHER DESTINATIONS.
MR BARMA SAID CHINA AND HONG KONG WERE ALSO CLOSE INVESTMENT
PARTNERS.
ON THE ONE HAND, CHINA WAS THE THIRD LARGEST NON-LOCAL INVESTOR IN HONG KONG'S MANUFACTURING INDUSTRIES AFTER THE UNITED STATES AND JAPAN.
ON THE OTHER HAND, HONG KONG WAS THE SINGLE LARGEST INVESTOR
FOR IN CHINA, ACCOUNTING
ABOUT TWO-THIRDS OF ALL DIRECT FOREIGN INVESTMENT ESTIMATED AT NEARLY US$19 BILLION.
MR BARMA SAID THIS ECONOMIC INTER-DEPENDENCE HAD NOT BEEN CHANGED BY THE EVENTS WHICH TOOK PLACE IN CHINA IN JUNE, 1989.
"AS YOU ARE AWARE, CHINA HAS SINCE REPEATEDLY RE-AFFIRMED ITS 'OPEN DOOR' POLICY.
'CLEARLY, HONG KONG WILL CONTINUE ΤΟ PLAY A PIVOTAL ROLE BETWEEN CHINA AND THE WEST AFTER 1997, UNDER THE 'ONE COUNTRY, TWO SYSTEMS' CONCEPT AS ENSHRINED IN THE JOINT DECLARATION AND THE BASIC LAW,' HE SAID.
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