XN000022-1974-12-18 — Page 21

WEDNESDAY, DECEMBER 18, 1974.

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TRADE UP BY OVER 33 PER CENT IN 1973/74

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HONG KONG'S OVERALL TRADE PERFORMANCE IN 1973/74 EXCEEDED MOST EXPECTATIONS DESPITE SOME APPREHENSION AT THE BEGINNING.

THE TOTAL TRADE FIGURE AT $55,000 MILLION, THOUGH INFLATED BY PRICE INCREASES, WAS A NEW RECORD, AS WAS THE GROWTH RATE OF 33.6 PER CENT WHICH WAS UNPRECEDENTED SINCE 1950.

THIS WAS STATED TODAY BY THE HON. FRANCIS TIEN YUAN-HAO WHEN HE TABLED THE ANNUAL REPORT AND ACCOUNTS OF THE TRADE DEVELOP- MENT COUNCIL FOR THE YEAR 1973/74 AT THE LEGISLATIVE COUNCIL IN HIS CAPACITY AS VICE-CHAIRMAN OF THE TRADE DEVELOPMENT COUNCIL.

HE NOTED THAT IN THE YEAR UNDER REVIEW THE COUNCIL'S FINANCIAL AND STAFF RESOURCES WERE +DEPLOYED TO THEIR LIMIT+ IN CARRYING OUT AN EXPANDED PROGRAMME OF TRADE AND INDUSTRIAL EVENTS.

FORTY-THREE SPECIFIC PROJECTS WERE MOUNTED DURING THE YEAR SEVEN MORE THAN IN THE PREVIOUS YEAR. THE MAJOR PROMOTION, HE SAID, WAS THE READY-TO-WEAR FESTIVAL WHICH ATTRACTED 925 OVERSEAS BUYERS REPRESENTING COMPANIES FROM 30 DIFFERENT COUNTRIES.

+THE FESTIVAL HAS NOW BECOME AN IMPORTANT EVENT TO BUYERS ON THE INTERNATIONAL CIRCUIT OF LEADING APPAREL TRADE FAIRS.

IN TERMS OF PRIORITIES, MR. TIEN POINTED OUT THAT EMPHASIS CONTINUED TO BE PLACED ON MAINTAINING THE LEVEL OF HONG KONG'S PROMOTIONAL EFFORTS IN ALL THE MAJOR MARKETS. BUT +DUE CONSIDERATION WAS ALSO GIVEN TO THE EXPLORATION OF NEW MARKET OPPORTUNITIES AND THE IDENTIFICATION OF ALTERNATIVE SOURCES OF INDUSTRIAL IMPORTS.+

HE ADDED THAT ONE UNFORESEEN FEATURE OF THE COUNCIL'S ACTIVITIES THIS YEAR WAS THE CO-ORDINATING ROLE IT PLAYED IN THE WORLDWIDE SUPPLY SHORTAGE OF CERTAIN PLASTIC RAW MATERIALS,

+AT RELATIVELY SHORT NOTICE, IT WAS ABLE TO ACT QUICKLY AND EFFECTIVELY TO KEEP THE COMMERCE AND INDUSTRY DEPARTMENT AND INTERESTED ASSOCIATIONS AND BUSINESSMEN ADVISED OF THE INTER- NATIONAL SUPPLY POSITION AS IT DEVELOPED, HE SAID.

HE ADDED THAT THE COUNCIL, THROUGH ITS NETWORK OF OVERSEAS OFFICES, CONTINUED ITS ROLE OF PROMOTION OF FOREIGN PARTICIPATION IN HONG KONG INDUSTRY IN CLOSE CO-OPERATION WITH THE COMMERCE AND INDUSTRY DEPARTMENT.

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