XN000022-1976-06-12 — Page 8

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Saturday, June 12, 1976

"This new plant we are here to open is an outstanding and

dramatic example of this process, but it is not the only one. We

I am

have recently seen, or soon expect to see, other developments to

provide an increasingly sophisticated back-up for our industry.

thinking, for example, of the manufacture of machine tools; chemical

production in fields different from those served by this plant; and

perhaps the establishment of foundry facilities.

Some of these

And

developments will, like this one, be the result of overseas investment.

Some will be joint ventures between overseas and local companies.

perhaps the greatest part will be carried out by local industrialists.

Hong Kong industry has evolved to a point at which its character is

beginning to change, and it will change more. Industrial evolution and

the social progress that investment and growth will bring these are

the characteristics and objectives of this community which your

Company, Sir, has joined.

"From our point of view all sources of investment are welcome.

As a Government we have shown, and will continue to show, no discrimination

for or against any origin of industrial investment. Indeed, our basic

attitude is, within obvious limits, to leave business judgements to

Unlike some other governments we do not set ourselves

businessmen.

up always to know best. But in the new phase of industrial development

which Hong Kong is entering the Government accepts that it must play

a positive role. We will, for example, continue to operate the modified

industrial land policy, which was instrumental in making possible this

project and others which cannot be carried out in high rise buildings,

Its object is to widen the technological base of our industry, and a

complementary programme of overseas industrial investment promotion is

being undertaken.

"We will

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