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FRIDAY, FEBRUARY 21, 1992
GOVERNMENT ENCOURAGES INVESTMENT IN TECHNOLOGY
A SUM OF $200 MILLION HAD BEEN APPROVED AS UP-FRONT CAPITAL FOR THE APPLIED RESEARCH AND DEVELOPMENT SCHEME TO ENCOURAGE COMPANIES TO INVEST IN INNOVATION, THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, SAID THIS (FRIDAY) EVENING.
SPEAKING ON THE
GOVERNMENT'S
THE
INDUSTRIAL POLICY AT FEDERATION OF HONG KONG INDUSTRIES .SPRING DINNER, MR MACLEOD DESCRIBED THIS AS "OUR NEWEST GROUND-BREAKING INITIATIVE".
"WE HOPE TO PROVIDE A WIDER APPLICATION OF RESEARCH AND DEVELOPMENT IN INDUSTRY AND IN THE LONGER TERM, TO INCREASE OUR TECHNOLOGICAL CAPABILITY.
"UNDER THE SCHEME, THE GOVERNMENT WILL JOINTLY INVEST WITH COMPANIES IN WORTHWHILE APPLIED RESEARCH AND DEVELOPMENT PROJECTS, PUTTING IN UP TO HALF OF THE COSTS AND SHARING IN THE BENEFITS OF SUCCESSFUL PROJECTS. THE REQUIREMENT THAT COMPANIES PUT IN AT LEAST HALF OF THE COSTS SHOULD ENSURE THAT PROJECTS ARE MARKET-DRIVEN, HE SAID.
MR MACLEOD SAID THE GOVERNMENT WAS CONCERNED THAT HONG KONG'S INDUSTRIAL SUPPORT PROGRAMME SHOULD BE AS CLEARLY FOCUSSED AND WELL CO-ORDINATED AS POSSIBLE.
"THAT IS WHY WE HAVE ESTABLISHED A NEW INDUSTRY AND DEVELOPMENT COUNCIL, TO ADVISE US ON HOW WE CAN BEST SUPPORT IN ITS DRIVE TO IMPROVE COMPETITIVENESS.
TECHNOLOGY
INDUSTRY
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"TECHNOLOGY WILL BE GIVEN PARTICULAR EMPHASIS IN THE WORK, HE STRESSED.
COUNCIL'S
OF
THE
GROSS
AFFIRMING THAT THE MANUFACTURING SECTOR IS A MAINSTAY ECONOMY, MR MACLEOD SAID IT ACCOUNTED FOR NEARLY A FIFTH OF OUR DOMESTIC PRODUCT, SUPPORTED SOME 700,000 JOBS, AND WAS AN IMPORTANT CLIENT OF HONG KONG'S RAPIDLY DEVELOPING SERVICE SECTOR.
ITS
"OBVIOUSLY, IT DESERVES CONTINUED SUPPORT FROM THE GOVERNMENT," SAID, ADDING THAT OUR POLICY WAS TO HELP INDUSTRY TO IMPROVE LONG-TERM COMPETITIVENESS.
HE
"WE BELIEVE THAT THE ROLE WE CAN MOST EFFECTIVELY PLAY IN WHAT IS ESSENTIALLY A MARKET-DRIVEN PROCESS OF ADJUSTMENT IS TO PROVIDE INFRASTRUCTURE AND SERVICES WHICH SUPPORT INDUSTRY'S EFFORTS TO UPGRADE, HE SAID.
*
OUTLINING SOME OF THE MAJOR ELEMENTS OF THE GOVERNMENT'S INDUSTRIAL PROGRAMME, MR MACLEOD SAID LAND WAS PROVIDED FOR TECHNOLOGY-INTENSIVE INDUSTRIES ON SPECIAL INDUSTRIAL ESTATES.
FIVE
"DEMAND FOR LAND IN THE ESTATES HAS BEEN HIGH IN THE PAST YEARS, AND IS LIKELY TO CONTINUE SO. WE ARE PRESSING AHEAD WITH THE DEVELOPMENT OF A THIRD INDUSTRIAL ESTATE AT TSEUNG KWAN O. THE FIRST LOT OF LAND IS EXPECTED TO BE AVAILABLE BY MID-1993," HE SAID.
/MANPOWER TRAINING