XN000022-1982-10-28 — Page 7

THURSDAY, OCTOBER 28, 1982

5

DEALING WITH THE ECONOMY, MR LEE SAID HE WAS SURPRISED TO SEE THAT THE GROSS DOMESTIC PRODUCT WOULD GROW BY FOUR PER CENT DESPITE THE PROLONGED RECESSION EXPERIENCED BY THE WORLD'S MOST ADVANCED COUNTRIES.

BUT THE EXPORT PERFORMANCE IS LIKELY TO BE DOWN BY TWO PER CENT IN REAL TERMS THIS YEAR COMPARED WITH 1981.

EVEN THOUGH THERE WERE INDICATIONS IN THE UNITED STATES OF ECONOMIC RECOVERY, HE SAID, HONG KONG WOULD NOT EXPERIENCE IT FOR SOME TIME TO COME.

+NORMALLY I AM OPTIMISTIC, AS WE ARE FORTUNATE THAT WE POSSESS ONE OF THE MOST EFFICIENT LABOUR FORCES IN THE WORLD AND WE CAN RESPOND TO THE DEMANDS QUICKLY.

+HOWEVER, I MUST STRESS AGAIN THAT UNLESS WE SEE AN UPTURN IN THE ECONOMY OF OUR TRADING PARTNERS PARTICULARLY THE UNITED STATES, WE MUST TIGHTEN OUR BELTS, HE SAID.

MR LEE BELIEVED THAT OUR ECONOMIC SURVIVAL DEPENDS ON THE COHESIVENESS OF OUR SOCIETY.

+THEREFORE I URGE THE GOVERNMENT AND THOSE INTERESTED PARTIES IN CONTEMPLATING THE INTRODUCTION OF AND IN SUGGESTING NEW LABOUR LEGISLATIONS SHOULD CONSIDER CAREFULLY THE VULNERABLE SITUATION THAT WE ARE IN, OTHERWISE, IT WOULD BE ADDING OIL TO THE FIRE',+ HE SAID.

COMMENTING ON OVERSEAS INVESTMENT, MR LEE NOTED THAT NOT ONLY WOULD IT BRING CAPITAL INTO HONG KONG, BUT MORE IMPORTANT STILL,

IT WOULD BRING IN MODERN MANAGEMENT AND TECHNOLOGY.

+WE CAN CERTAINLY COMPLEMENT THE OVERSEAS INVESTMENT WITH OUR WORKING EFFICIENCY AND PRODUCTION OF QUALITY PRODUCTS AT A LOWER COST, HE SAID.

+THEREFORE IT IS MUTUALLY BENEFICIAL, AND WE SHOULD PURSUE AND EXPAND OUR ACTIVITIES IN INVESTMENT PROMOTION.+

BUT IN SELECTING STAFF FOR THE OVERSEAS INDUSTRIAL PROMOTION OFFICES, HE SAID THE GOVERNMENT SHOULD PLACE IMPORTANCE ON QUALITY RATHER THAN QUANTITY AS THEY ARE REPRESENTING HONG KONG,

MR LEE ALSO ATTACHED GREAT IMPORTANCE TO INDUSTRIAL TRAINING.

+TRAINING OF OUR PEOPLE IS AN INVESTMENT INTO OUR FUTURE,+ HE

STRESSED.

+ALL OTHER PROMOTIONAL EFFORTS ARE MEANINGLESS IF WE DO NOT HAVE A CORRESPONDING EXPANSION IN THE PROVISION OF TRAINING FOR OUR LABOUR FORCE.

+WITHOUT AN EFFECTIVE AND SKILLED LABOUR, WE CANNOT MOVE UP THE MARKET AND NO ONE WILL BE CONVINCED THAT HONG KONG IS THE RIGHT PLACE FOR INVESTORS, HE ADDED.

16