TUESDAY, MARCH 7, 1978
OPTIMISM ON FUTURE OF TEXTILE INDUSTRY
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THE PURSUIT OF DIVERSIFICATION DOES NOT MEAN THAT HONG KONG MUST WRITE OFF ITS TEXTILE AND CLOTHING INDUSTRIES.
THIS FACT WAS BROUGHT HOME SHARPLY BY DIRECTOR OF TRADE, INDUSTRY AND CUSTOMS, MR. DAVID JORDAN, AT THE OPENING TODAY OF THE JOINT CONFERENCE OF THE TEXTILE INSTITUTE'S HONG KONG SECTION AND THE SHIRLEY INSTITUTE OF ENGLAND.
MR. JORDAN TOLD DELEGATES THE FACT THAT SUCH A CONFERENCE WAS BEING HELD AT THIS TIME INDICATED THAT THE TEXTILE AND CLOTHING INDUSTRIES DO NOT SHARE THE GLOOMY VIEW OF THEIR FUTURE THAT SOME PEOPLE TAKE.
+THE RECENTLY CONCLUDED TEXTILE AGREEMENT WITH THE EEC AND THE UNHAPPY OUTCOME OF THE GENEVA DISCUSSIONS ON THE FUTURE OF THE MFA REVIVED THE CALL IN HONG KONG FOR MORE DIVERSIFICATION OF OUR ECONOMY - AND THIS MAKES SENSE.+
HE SAID THAT HONG KONG WAS VERY DEPENDENT ON A NARROW RANGE OF INDUSTRIES. +THE MORE WE CAN BROADEN OUR INDUSTRIAL BASE THE STRONGER OUR ECONOMY WILL BE PROVIDED THAT WE DO NOT PURSUE DIVERSIFICATION AS AN END IN ITSELF.+
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MR. JORDAN ADDED THAT THERE WOULD BE NO LONG-TERM ADVANTAGE IN ATTRACTING TO HONG KONG INDUSTRIES THAT WERE ONLY MARGINALLY VIABLE, HE STRESSED ALSO THAT, THE PURSUIT OF DIVERSIFICATION DOES NOT MEAN THAT WE HAVE WRITTEN OFF THE TEXTILE AND CLOTHING INDUSTRIES. +
MR. JORDAN SAID THAT DESPITE THE ENORMOUS GROWTH IN MANUFAC- TURING CAPACITY AND EXPORTS IN RECENT YEARS, THE TEXTILE AND CLOTHING INDUSTRIES STILL ACCOUNTED FOR ABOUT HALF OF HONG KONG'S TOTAL EXPORTS AND CONTINUED TO PROVIDE ABOUT HALF OF INDUSTRIAL EMPLOYMENT.
BUT HE POINTED OUT THAT THERE HAD BEEN A GREAT DEAL OF DIVERS IF ICATION AND TRADING UP SO THAT THE STRUCTURE OF THESE
INDUSTRIES HAD CHANGED SIGNIFICANTLY IN RECENT YEARS.
+ IN TALKING TO TEXTILE PEOPLE RECENTLY, I HAVE NOT FOUND THEM PESSIMISTIC ABOUT THEIR FUTURE. I HAVE BEEN IMPRESSED BY THE IR DETERMINATION TO CONTINUE THEIR DIVERSIFICATION WITHIN THE INDUSTRY. THERE IS PLENTY OF SCOPE FOR IT AND THEY ARE GOING TO DO IT.+
MR. JORDAN SAID THAT TEXTILE MANUFACTURERS HAD ALWAYS ADAPTED TO CHANGING CONDITIONS AND THEY WOULD NOT GIVE UP NOW.
*THEY ARE GOING TO MAKE THE MOST OF THE EXPORT OPPORTUNITIES THEY HAVE AND ENSURE THAT THE HONG KONG TEXTILE AND CLOTHING INDUSTRIES WILL BE A FORCE TO BE RECKONED WITH FOR MANY YEARS TO COME.+
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