XN000022-1983-11-04 — Page 2

FRIDAY, NOVEMBER 4, 1983

DOW'S PLANT SHOWS CONFIDENCE IN HK GOVERNOR

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DOW CHEMICAL'S EXTENSION OF ITS PLANT ON TSING YI ISLAND SHOWED THE COMPANY'S CONFIDENCE IN HONG KONG AND ITS CONVICTION THAT HONG KONG IS A PLACE IN WHICH MONEY, MANAGEMENT AND TECHNOLOGY CAN BE INVESTED PROFITABLY, THE GOVERNOR, SIR EDWARD YOUDE, SAID TODAY.

HONG KONG WARMLY WELCOMES OVERSEAS INVESTMENT OF THIS KIND, THE GOVERNOR ADDED, IN OPEN ING THE COMPANY'S NEW PACIFIC PLANT, WHICH PRODUCES POLYSTYRENE FOAM SHEET, USED EXTENSIVELY FOR PACKAGING IN HONG KONG'S FAST FOOD AND PROCESSING INDUSTRIES.

SIR EDWARD SAID THE GOVERNMENT RECOGNISED THE IMPORTANCE OF MANUFACTURING INDUSTRY IN HONG KONG, AND SOUGHT TO PROVIDE AN ADEQUATE SUPPLY OF INDUSTRIAL LAND, AN EFFICIENT INFRASTRUCTURE, A STABLE LOW TAX BASE, AND INDUSTRIAL AND TECHNICAL FACILITIES.

+WE ARE KEEN TO PROVIDE THE ENVIRONMENT IN WHICH PRIVATE ENTERPRISE, BOTH LOCAL AND FROM ABROAD, CAN PROSPER AND EXPAND,+ HE SAID.

UNITED STATES COMPANIES, HE SAID, ARE THE LARGEST OVERSEAS INVESTORS IN THE LOCAL MANUFACTURING INDUSTRY.

IN OCTOBER THIS YEAR, U.S. INVESTMENTS AMOUNTED TO $3.5 BILLION OR NEARLY HALF OF TOTAL DIRECT OVERSEAS INVESTMENTS IN HONG KONG.

THERE ARE 125 INDUSTRIAL ESTABLISHMENTS WHOLLY OR PARTLY OWNED BY U.S. INTERESTS. TWELVE OF THESE WERE SET UP IN THE LAST TWO TO THREE YEARS WITH TOTAL INVESTMENT OF $640 MILLION, SIR EDWARD SAID.

+AMONG THEM, DOW CHEMICAL'S INVESTMENT IN HONG KONG IS A VIVID EXAMPLE OF THE MAXIM THAT NOTHING SUCCEEDS LIKE SUCCESS, + THE GOVERNOR SAID.

FROM ITS INITIAL OPERATION OF A REGIONAL MARKETING OFFICE HERE IN 1957, THE COMPANY MADE HONG KONG ITS PACIFIC AREA HEADQUARTERS IN 1966.

+A VERY SIGNIFICANT STEP WAS TAKEN IN 1976 WHEN ITS $160- MILLION POLYSTYRENE PLANT WAS OPENED ON TSING YI ISLAND. THE PLANT HAS SINCE BEEN PROVIDING A VITAL SUPPLY OF HIGH QUALITY RAW MATERIALS FOR THE LOCAL PLASTICS INDUSTRY, SIR EDWARD SAID.

BUILDING A BETTER HONG KONG

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THE SECRETARY FOR DISTRICT ADMINISTRATION, MR DAVID AKERS- JONES, EXPRESSED CONFIDENCE THAT GRADUATES OF TODAY WILL LEAVE SCHOOL WITH A FIRM RESOLVE TO GO ON BUILDING THIS GREAT CITY+ OF HONG KONG.

SPEAKING AT THE FIRST SPEECH DAY OF THE SHENG KUNG HUT HOLY TRINITY CHURCH SECONDARY SCHOOL TODAY, MR AKERS-JONES SAID: +FOR YOU GRADUATES, TOMORROW IS YOUR WORLD.+

/IN HIS