XN000022-1973-01-19 — Page 9

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Friday, January 19, 1973

GOVERNMENT TO WOO HIGH-TECHNOLOGY INDUSTRY

Land On Tsing Yi Offered For Automotive Industry

The Government this weekend will launch an international

advertising campaign aimed at wooing high-technology industry to Hong

Kong.

The campaign will invite tenders to buy about five acres of land

set aside for the establishment of a factory to produce automotive components

and assemblies, including internal combustion engines.

The five-acre site, located in the south-eastern corner of Taing

Yi Island in the New Territories, is the first made available by the

Government specifically for the automotive industry.

More land is expected to be sold on a restricted use basis for

other high-technology industries later.

The restricted use land scheme serves four aime. It:

Creates interest among firms that cannot utilise high- rise buildings to establish themselves in Hong Kong;

Diversifies a consumer products-dominated economy by

attracting more sophisticated and more productive

industry;

Brings higher technology and, with it, spin-offs in terms

of new skills and new job opportunities for the work-force;

and

Puts Hong Kong's meagre land resources to the most

productive use.

About two acres of the Tsing Yi Island site being put up for

sale already have been reclaimed from the sea.

/Reclamation