XN000022-1974-10-22 — Page 3

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TUESDAY, OCTOBER 22, 1974.

NEW INVESTMENT WILL SPUR HONG KONG'S ECONOMIC GROWTH

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THERE IS NO DOUBT THAT HONG KONG'S RAPID ECONOMIC DEVELOPMENT WILL CONTINUE, DELEGATES ATTENDING AN INTERNATIONAL MANAGEMENT CONFERENCE IN NEW ZEALAND WERE TOLD TODAY.

MR. ROY PORTER, HEAD OF THE INDUSTRY DIVISION OF THE COMMERCE AND INDUSTRY. DEPARTMENT, PREDICTED THAT THERE WILL BE MUCH NEW INVESTMENT IN INDUSTRY FROM BOTH LOCAL AND FOREIGN SOURCES AND THIS WOULD BENEFIT OUR EXPORTS.

ACCOMPANY ING THIS WE WOULD SEE A CONTINUED REAL GROWTH IN THE STANDARD OF LIVING OF OUR PEOPLE WHICH, HE POINTED OUT, WAS THE ULTIMATE AIM OF ALL INDUSTRIAL AND ECONOMIC POLICIES.

THERE WAS A NEED, MR. PORTER. SAID, FOR CONTINUED STRONG EXPORT-ORIENTED INDUSTRIAL GROWTH IF THE ECONOMY WAS TO CONTINUE TO PROSPER AND THE GOVERNMENT WAS TO CONTINUE TO FINANCE ITS AMBITIOUS PUBLIC HOUSING AND OTHER PUBLIC WORKS PROJECTS.

MR. PORTER WAS ADDRESSING THE AAMO-5 INTERNATIONAL MANAGEMENT CONFERENCE IN AUCKLAND, ORGANISED BY THE ASIAN ASSOCIATION OF MANAGEMENT ASSOCIATIONS. THE THEME OF THE FIVE-DAY CONFERENCE, WHICH ENDS ON OCTOBER 24, 1S +PRODUCTIVITY AND THE WAY WE LIVE.+

REVIEWING HONG KONG'S INDUSTRIAL EVOLUTION, MR. PORTER SAID THAT, AS IN MANY OTHER COUNTRIES, IT WAS SPEARHEADED BY THE TEXTILES INDUSTRY WHICH ESTABLISHED ITSELF RAPIDLY IN LARGE SCALE AND EFFICIENT MILLS.

AT THE OTHER END OF THE SCALE, SMALL GARMENT AND PLASTICS FACTORIES, AND WORKSHOPS PRODUCING SIMPLE METAL PRODUCTS, MUSHROOMED.

FOR THE PAST 10 YEARS, MR. PORTER SAID, HONG KONG HAD EXPERIENCED TREMENDOUS GROWTH, AVERAGING IN VALUE TERMS 17.7 PER CENT COMPOUND. THIS WAS NOT ONLY QUANTITATIVE GROWTH, BUT ALSO REAL GROWTH IN THE QUALITY AND TECHNOLOGICAL LEVELS OF OUR PRODUCTS.

MODERN PRODUCTION METHODS, PRODUCTIVITY TECHNIQUES AND MODERN MANAGEMENT SYSTEMS WERE NOW WELL UNDERSTOOD AND WIDELY USED, NOT UNCRITICALLY BUT WITH INTELLIGENT ADAPTATION TO INDIVIDUAL CIRCUMSTANCES.

+THE RELATIVELY LARGE SCALE FACTORIES HAVE MULTIPLIED AND THEIR RANGE HAS EXPANDED FAR BEYOND TEXTILES, WITH LIGHT ENGINEERING AND ELECTRONICS BEING OF PARTICULAR SIGNIFICANCE++' SAID MR. PORTER.

+MANY OF THE SMALL FAMILY CONCERNS HAVE ACHIEVED AMAZING GROWTH TO JOIN THE RANKS OF OUR LARGE, MOST EFFICIENT PLANTS. SOME, INDEED, ARE NOW WORLD LEADERS IN THEIR FIELDS.+

THERE WERE

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