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When the Federation was founded, Hong Kong was still
recovering from the loss of the China entrepot trade in the '50s and the simultaneous influx of population. Sir Alexander Grantham's decision to establish the Federation at that time of rapid transition was timely, and I particularly like his phrase, which you have quoted, that the Federation should be "strong, fully representative, uninhibited, non-sectional, specialist organisation". I particularly relish "unin- hibited" whion I note the Federation.has properly taken to heart.
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its change
It was in the years following the formation of the Federation that the metamorphosis of Hong Kong took place from a very successful but little-known port, to a great centre of industry, commerce, finance, tourism and communications, known and respected throughout the world.. Many individual men and women, and of course the people, of Hong Kong as a whole played their part; but tonight it is to the part played by the Federation that I would like to pay my tribute...
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As you face the third decade of the Federation, as well as the challenge of the eighties, it is, I suggest, a time to look again at those enlightened words of Sir Alexander Grantham and to reappraise the role and direction of the Federation.
Over the last 20 years the three sectors of Hong Kong'e economy have all tended to lock cast and west to the great developed market of North America, Japan and Europe, and also, to some extent, to the growth areas to our south. In all these areas we are conscious of pressures which suggest the benefits of a more diversified economy in Hong Kong. Now, in addition, we must look north to the developing economic links with the People's Republic of China. Considerable as are the new opportunities, they all tend to support the case for diversification.
In this evolving situation the Government is seeking to respond to the needs of industry and the economy. Most of the recom- mendations of the Advisory Committee on Divorcification, including the establishment of an Industrial Development Board, have already been
/accepted and
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