XN000022-1975-10-08 — Page 18

WEDNESDAY, OCTOBER 8, 1975

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A.K. IN GOOD POSITION TO TAKE ADVANTAGE OF ECONOMIC RECOVERY

X X X X X X X

HONG KONG IS AT THE CENTRE OF THAT PART OF THE WORLD IN WHICH PROBABLY THE MOST RAPID ECONOMIC GROWTH IS TO BE EXPECTED OVER THE NEXT DECADE OR SO AND IN WHICH CONSIDERABLE NEW INVESTMENT IS LIKELY, THE GOVERNOR SAID THIS AFTERNOON.

SIR MURRAY SAID THIS IS NOT A SITUATION IN WHICH WE SHOULD SIT BACK AND HOPE THAT BENEFITS WOULD FALL INTO HONG KONG'S LAPS RATHER THAN THE LAPS OF OUR COMPETITORS.

HE SAID WE MUST ACTIVELY ENCOURAGE NEW TECHNOLOGY AND INVESTMENT FROM OVERSEAS, AND PROVIDE MORE REASONABLY PRICED INDUSTRIAL LAND TO ACCOMMODATE NEW STYLE INDUSTRIES WHICH ARE PARTICULARLY BENEFICIAL ECONOMICALLY TO HONG KONG AND TO GIVE MORE ELBOW-ROOM FOR CONVENTIONAL INDUSTRY.

FOR THE FIRST OBJECTIVE, SIR MURRAY SAID HE HAD RECENTLY SET UP AN INDUSTRIAL INVESTMENT PROMOTION COMMITTEE TO CO-ORDINATE THE EFFORTS OF THE COMMERCE AND INDUSTRY DEPARTMENT, THE TRADE DEVELOPMENT COUNCIL AND THE HONG KONG GENERAL CHAMBER OF COMMERCE, WHICH HAS RECENTLY SET UP A NEW INDUSTRIAL DEVELOPMENT FUND TO FINANCE EFFORTS TO BRING MORE NEW INDUSTRIES TO HONG KONG,

AS FOR PROVIDING MORE INDUSTRIAL LAND, SIR MURRAY RECALLED THAT IT WAS A PRUDENT ACT OF CONFIDENCE TO HAVE PRESSED ON WITH BUILDING THE NEW TUEN MUN HIGHWAY DURING THE DARK UNCERTAIN PERIOD LAST YEAR. HE HOPED THAT IT WOULD BE POSSIBLE TO ANNOUNCE SOMETHING DEFINITE AFTER NEXT MONTH'S MEETING OF THE PUBLIC WORKS SUD-COMMITTEE ON IMPROVEMENT OF ROAD COMMUNICATIONS WITH TAIPO,

HE DISCLOSED THAT THE GOVERNMENT IS ALSO PRESSING ON WITH THE EXPERIMENT OF INDUSTRIAL ESTATES AND THE FIRST PART OF THE FIRST OF THE ESTATES SHOULD BE COMPLETED IN TAIPO BY THE END OF 1977. THE POSSIBILITY OF SIMILAR ESTATES NEAR YUEN LONG AND ELSEWHERE IN THE NEW TERRITORIES ARE ALSO BEING INVESTIGATED.

SIR MURRAY EMPHASISED THAT THIS IS AN AREA IN WHICH WE MUST PREPARE TO MOVE FAST IF AND WHEN THE DEMAND IS PROVED, OTHERWISE, WE MAY LOSE NEW INDUSTRIES AND TECHNOLOGY TO OUR COMPETITORS.

HE THOUGHT THAT THE GOVERNMENT AND BUSINESS CIRCLES ARE MOST LIKELY TO MAKE THE RAPID PROGRESS BY ACTING IN CONCERT AND THE GOVERNMENT WILL SHORTLY BE PUTTING PROPOSALS TO THE EXECUTIVE COUNCIL AS TO HOW A START MIGHT BE MADE IN THIS DIRECTION.

/ON HONG KONG'S