TUESDAY, JUNE 28, 1983
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EFFORTS TO BROADEN INDUSTRIAL BASE CONTINUE
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THE DIRECTOR OF INDUSTRY, MR JOHN YAXLEY SAID TODAY THAT THE FUTURE OF HONG KONG'S INDUSTRY WOULD SEE A CONTINUING MOVE TOWARDS THE MANUFACTURE OF HIGH QUALITY, MORE SOPHISTICATED CONSUMER AND INDUSTRIAL PRODUCTS.
+ IN ORDER TO RETAIN A COMPETITIVE EDGE IN THE WORLD'S MARKET, THERE WILL BE EVERY NEED TO INTRODUCE MORE ADVANCED TECHNOLOGY IN OUR INDUSTRIAL PROCESSES IN ORDER TO UPGRADE AND WIDEN THE RANGE OF OUR PRODUCTS, SAID MR YAXLEY, ADDRESSING THE HONG KONG/SHENZHEN SESSION SEMINAR ORGANISED BY THE STANDFORD RESEARCH INSTITUTE.
HE STRESSED THAT HONG KONG WOULD CONTINUE ITS EFFORTS TO BROADEN THE INDUSTRIAL BASE BY ATTRACTING NEW INDUSTRIES TO HONG KONG - PREFERABLY THOSE USING HIGH TECHNOLOGY.
+THEY WILL HAVE MUCH TO OFFER US BUT, WE IN OUR TURN, HAVE MUCH TO OFFER THEM, NOT LEAST AN ENVIRONMENT WHICH IS REFRESHINGLY FREE FROM OVERMUCH ́REGULATION AND CONTROL.+
RECOUNTING HOW HONG KONG'S INDUSTRY DEVELOPED FROM ITS EMBRYONIC STAGE IN THE EARLY 1950'S INTO A MAJOR MANUFACTURING CENTRE MR YAXLEY SAID THAT HONG KONG'S INDUSTRY IN THE 80'S WOULD CONTINUE TO FACE SOME PERENNIAL AND NEW PROBLEMS.
+ON THE WORLD FRONT, PROTECTIONISM IN WORLD TRADE HAS BEEN A GROWING MENACE SINCE THE OIL CRISIS IN THE EARLY '70S AND HONG KONG IS PARTICULARLY VULNERABLE BECAUSE IT DEPENDS ON EXPORTS AND BECAUSE PROTECTIONIST LOBBIES ARE STRONG IN HONG KONG'S MAJOR OVERSEAS MARKETS.
+MOREOVER, COMPETITION FROM NEIGHBOURING COUNTRIES WHICH HAVE LOWER LABOUR COSTS AND STABLE COMESTIC SUPPLIES OF RAW MATERIALS HAS BEEN INCREASING. HONE KONG'S POSITION AS A MANUFACTURER OF LABOUR-INTENSIVE AND MASS-PRODUCED CONSUMER GOODS HAS WEAKENED THROUGH THE GRADUAL EROSION OF ITS COMPARATIVE COST ADVANTAGES. IN FACT THE INTRODUCTION OF HIGHLY AUTOMATED OPERATIONS HAS EVEN MADE IT POSSIBLE FOR CERTAIN TEXTILE ITEMS TO BE PRODUCED AT A LOWER UNIT COST IN THE USA THAN IN HONG KONG,+ HE ADDED.
+HONG KONG'S INDUSTRY HAS REACTED TO THESE PROBLEMS BY SEEKING NEW MARKETS AND BY DIVERSIFYING ITS RANGE OF MANUFACTURED PRODUCTS. THIS PROCESS HAS PROVED EXTREMELY SUCCESSFUL BECAUSE OF THE INGENUITY AND ADAPTABILITY OF OUR ENTREPRENEURS AND THEIR WORKFORCES AND THE FLEXIBILITY WITH WHICH THEY ARE ABLE TO OPERATE UNDER GOVERNMENT'S ECONOMIC POLICY OF FREE ENTERPRISE AND NON-INTERFERENCE.+
/HE
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