XN000022-1975-09-11 — Page 3

THURSDAY, SEPTEMBER 11, 1975.

INDUSTRIAL DEVELOPMENT FUND SCHEME WELCOMED

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THE COMMERCE AND INDUSTRY DEPARTMENT TODAY WELCOMED THE INDUSTRIAL DEVELOPMENT FUND BEING LAUNCHED BY THE HONG KONG GENERAL CHAMBER OF COMMERCE TO ATTRACT MORE NEW INDUSTRIES AND JOINT-VENTURES TO HONG KONG.

+WE NEED ALL THE HELP WE CAN GET IN THIS FIELD, A SPOKESMAN FOR THE D C AND I SAID. +ONE OF THE MOST EFFECTIVE WAYS OF DEVELOPING INDUSTRY IN HONG KONG AT PRESENT IS TO BRING IN OVERSEAS

INVESTMENT AND KNOW-HOW,+

THE SPOKESMAN ALSO PRAISED THE BANKS FOR THEIR FAR-SIGHTEDNESS IN APPRECIATING THE ADVANTAGES OF SUCH A FUND BY CONTRIBUTING TO IT.

HE ADDED: +WE ARE VERY HAPPY TO CO-OPERATE WITH THE CHAMBER THIS MATTER AND TO GIVE THEM ANY ASSISTANCE THEY MIGHT REQUIRE. THIS APPLIES EQUALLY TO ANY OTHER ORGANISATION WHICH WISHES TO CONTRIBUTE TO HONG KONG'S INDUSTRIAL DEVELOPMENT.+

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THE SPOKESMAN CONFIRMED THAT THE D C AND I IS ORGANISING AND CO-ORDINATING TWO INDUSTRIAL INVESTMENT PROMOTION MISSIONS TO THE UNITED STATES NEXT MONTH, ONE CONSISTING OF DC AND OFF ICERS AND THE OTHER GOING UNDER THE BANNER OF THE HONG KONG GENERAL CHAMBER OF COMMERCE. THE D C AND I TEAM WILL BE LED BY THE DEPARTMENT'S DEPUTY DIRECTOR, MR. ROY PORTER, WHO WILL BE VISITING CHICAGO AND LOS ANGELES WHERE IT WILL JOIN UP WITH THE CHAMBER'S DELEGATION.

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THE TWO MISSIONS WILL CONCENTRATE ON ATTRACTING LIGHT AND MEDIUM-HEAVY ENGINEERING INDUSTRIES AN AREA WITH THE GREATEST GROWTH POTENTIAL AT PRESENT. THIS MEANS SEEING AND TALKING TO COMPANIES MAKING PRECISION INSTRUMENTS, DOMESTIC APPLIANCES, LIGHT MACHINE TOOLS, INDUSTRIAL ENGINES AND THE LIKE.

MR. PORTER SAID TODAY THAT HE HAD PERSONALLY WRITTEN TO THE PRESIDENTS AND VICE-PRESIDENTS OF MORE THAN 500 AMERICAN COMPANIES INFORMING THEM ABOUT THE FORTHCOMING MISSIONS AND ABOUT THE ADVANTAGES OF USING HONG KONG AS A MANUFACTURING BASE.

MR. PORTER SAID HE HAD RECEIVED A LOT OF HELP IN THE PREPARAT- ION OF THE MISSIONS FROM LOCAL AND U.S. BANKS, MANY OF WHICH HAVE PROVIDED ADVICE AND CONTACTS. +THE FIRST NATIONAL CITY BANK, THE FIRST NATIONAL BANK OF CHICAGO AND THE BANK OF AMERICA ARE CONTACTING THOSE COMPANIES IN THEIR HOME CITIES WHICH ARE WILLING TO MEET THE MISSIONS AND ARE ORGANISING PROGRAMMES OF APPOINTMENTS FOR US.+

HE SAID THAT HE HAD ALSO RECEIVED VALUABLE ASSISTANCE FROM A NUMBER OF US GOVERNMENT AND STATE ORGANISATIONS, AS WELL AS FROM THE AMERICAN CHAMBER OF COMMERCE. THE EXECUTIVE DIRECTOR OF THE AMERICAN CHAMBER, MR. HERBERT MINICH, HE ADDED, WILL BE ACCOMPANYING THE HONG KONG CHAMBER'S DELEGATION.

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