XN000022-1977-03-04 — Page 7

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FRIDAY, MARCH 4, 1977.

U.S. FIRMS TO DISCUSS SETTING UP FACTORIES IN H.K.

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THE DEPUTY DIRECTOR OF COMMERCE AND INDUSTRY, MR. ROY PORTER, LEAVES FOR THE UNITED STATES THIS WEEKEND FOR TALKS WITH THE CHIEF EXECUTIVES OF SOME THIRTY AMERICAN FIRMS ABOUT THE ADVANTAGES OF SETTING UP FACTORIES IN HONG KONG.

THE DISCUSSIONS WILL TAKE PLACE MAINLY IN LOS ANGELES, SAN FRANCISCO AND DALLAS OVER A PERIOD OF THREE WEEKS.

THE APPOINTMENTS WITH THESE FIRMS WERE FINALISED BY AN ADVANCE PARTY OF COMMERCE AND INDUSTRY OFFICIALS WHICH LEFT FOR THE UNITED STATES LAST MONTH, PAVING THE WAY FOR THE DEPARTMENT'S FIRST OVERSEAS INDUSTRIAL INVESTMENT PROMOTION MISSION THIS YEAR.

MR. PORTER, WHO WILL LEAD THE MISSION, MEETS THE ADVANCE PARTY IN LOS ANGELES ON MONDAY.

THE PROJECT HAS BEEN ORGANISED WITH THE ASSISTANCE OF THE US CONSULATE-GENERAL, THE TRADE DEVELOPMENT COUNCIL, THE AMERICAN CHAMBER OF COMMERCE, LEADING BANKS AND OTHER ORGANISATIONS.

AS IN PREVIOUS VENTURES THE AIM OF THE MISSION IS

TO VISIT SELECTED FIRMS TO DISCUSS WITH TOP EXECUTIVES THE SPECIFIC ADVANTAGES WHICH WOULD ACCRUE TO THEIR COMPANIES FROM MANUFACTURING IN HONG KONG. THE MISSION WILL ALSO TAKE THE OPPORTUNITY OF PROMOTING THE TAI PO INDUSTRIAL ESTATE.

AMERICAN INTERESTS AT PRESENT ACCOUNT FOR MORE THAN

50 PER CENT OF ALL DIRECT OVERSEAS INVESTMENT IN HONG KONG'S INDUSTRY. THERE ARE VERY GOOD OPPORTUNITIES FOR FURTHER AMERICAN INDUSTRIAL INVESTMENT,+ SAYS MR. PORTER, WHO POINTS OUT THAT MANY AMERICAN INDUSTRIES HAVE PARTICULAR

RELEVANCE TO HONG KONG'S PRESENT STATE OF INDUSTRIAL DEVELOPMENT.

HE SAYS THAT IN ELECTRONICS AND ENGINEERING PARTICULARLY, AMERICAN INDUSTRIAL KNOWLEDGE COULD BE MOST VALUABLE TO HONG KONG'S FUTURE DEVELOPMENT.

HE FURTHER POINTS OUT THAT THE BENEFITS OF THIS TYPE OF INVESTMENT ARE TWO-WAY. BY COMPLEMENTING THEIR HOME PRODUCTION WITH A PLANT IN HONG KONG, U.S. COMPANIES WILL BE ABLE TO INCREASE THE IR SALES AND THE IR PROFITS.

TWO OTHER MISSIONS ARE PLANNED BY THE COMMERCE AND INDUSTRY DEPARTMENT FOR LATER THIS YEAR, ONE TO SWITZERLAND AND THE FEDERAL REPUBLIC OF GERMANY IN JUNE AND THE OTHER TO CHICAGO, MILWAUKEE AND TORONTO IN OCTOBER.

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