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Thursday, March 15, 1973
SPECIAL COUNCIL FOR INDUSTRIAL PROMOTION URGED
Industrial Scene In 1973 Difficult
******RE
The Hon. James Wu today called on the Government to establish a
high power Industrial Development Council to co-ordinate the functions
of departments and institutions responsible for land, manpower development,
technology and applied research facilities, finance, and export promotion.
He said this Council would effectively implement the Governor's
guidance that, "in the final analysis our competitive position in export
markets, and the rate of investment in our industries must always receive
priority. It is on these that all depends."
Speaking at the resumed Budget debate, Mr. Wu said the industrial
scene in 1973 had certainly been difficult, perhaps the most in history.
The recent international monetary crisia has dealt us with double-
barral blows.
"Apart from short term exchange losses, our exports are costing
our largest customer, the U.S.A., which takes over 40 per cent of our
domestic exports, a minimum of 11 per cent more, reducing our competitive
advantage with U.S. industrialists and countries whose currencies follow
more or less with dollar devaluation."
Hong Kong's material supplies from Japan were, on the other hand,
costing more because of the yen appreciation and because of export controls
of certain items.
/Because of
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