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TUESDAY, DECEMBER 3, 1991
MR BARMA SAID ACCORDING TO A RECENT SURVEY CONDUCTED BY THE INDUSTRY DEPARTMENT, JAPAN CONTINUED TO BE HONG KONG'S SIGNIFICANT SOURCE OF OVERSEAS INVESTMENT, AND HAD INDEED FOR THE FIRST TIME OVERTAKEN THE UNITED STATES TO BE THE LEADING SOURCE COUNTRY OF INDUSTRIAL INVESTMENT.
"IN 1990, THE CUMULATIVE VALUE OF JAPANESE INVESTMENT IN MANUFACTURING IN HONG KONG TOTALLED US$1.25 BILLION, REPRESENTING 31.5 PER CENT OF TOTAL OVERSEAS INDUSTRIAL INVESTMENT IN HONG KONG.
"
'JAPAN'S CUMULATIVE INVESTMENT IN 1990 WAS MORE THAN TWO TIMES
THE AMOUNT RECORDED IN 1986 (US$514 MILLION).
"THE GROSS ADDITIONS TO FIXED ASSETS BY JAPANESE MANUFACTURERS IN 1990 WAS US$131 MILLION, WHICH COMPARES FAVOURABLY WITH THE RECORD HIGH OF US$132 MILLION IN 1988," HE SAID.
MR BARMA SAID THERE WERE 173
MANUFACTURING
ESTABLISHMENTS IN
HONG KONG WITH JAPANESE INVESTMENT.
OF THESE, 99 (OR 57.2 PER CENT) ARE WHOLLY-OWNED BY JAPANESE INTERESTS, 67 (38.8 PER CENT) ARE JOINT VENTURES WITH LOCAL INTERESTS, AND SEVEN (FOUR PER CENT) ARE JOINT VENTURES WITH OTHER OVERSEAS PARTNERS.
TOGETHER THEY EMPLOY MORE THAN 25,000 STAFF, REPRESENTING SOME 3.7 PER CENT OF HONG KONG'S TOTAL MANUFACTURING WORKFORCE.
THE INDUSTRIES WHICH ATTRACT THE MOST JAPANESE INVESTMENT INCLUDE ELECTRONICS, ELECTRICAL PRODUCTS, TEXTILES AND CLOTHING, AND WATCHES AND CLOCKS.
JAPAN LEADS OTHER OVERSEAS INVESTORS IN ALL THESE FIELDS EXCEPT FOR THE ELECTRONICS INDUSTRY, IN WHICH JAPAN IS RANKED SECOND AFTER THE UNITED STATES.
MR BARMA SAID THE FIGURES RELEASED BY THE JAPANESE MINISTRY OF FINANCE ALSO BORE OUT THE GROWTH OF JAPANESE INVESTMENT IN HONG KONG.
"THEY SHOW THAT HONG KONG HAS, IN RECENT YEARS, RANKED FIRST AMONGST ASIAN COUNTRIES IN TERMS OF THE AMOUNT OF DIRECT INVESTMENT FROM JAPAN.
"SO WE HAVE SEEN THE ESTABLISHMENT OF QUITE A NUMBER OF IMPORTANT INDUSTRIAL, PROJECTS INVOLVING JAPANESE INVESTMENT.
"MORE RECENTLY, MANY OF THEM HAVE BEEN OR ARE IN THE PROCESS OF UNDERTAKING EXPANSION PROGRAMMES FOLLOWING YEARS OF PROFITABLE OPERATION, HE SAID.
++
MR BARMA TOLD THE JAPANESE BUSINESSMEN THAT HONG KONG WELCOMED THE INTEREST THEY HAD IN HONG KONG AND THE CONFIDENCE THEY HAD SHOWN BY INVESTING IN HONG KONG'S MANUFACTURING AND SERVICE SECTORS.
"IT GOES WITHOUT SAYING THAT THE OPPORTUNITIES ARE THERE FOR AN EVEN CLOSER RELATIONSHIP IN BUSINESS AND INVESTMENT, HE SAID.
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