XN000022-1984-03-05 — Page 4

MONDAY, MARCH 5, 1984

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+ THE PURPOSE OF THIS WORK IS TWO-FOLD. FIRST, THE AVAILABILITY OF INTERNATIONALLY RECOGNISED STANDARDS AND TESTING FACILITIES WILL IMPROVE THE ACCEPTABILITY OF OUR PRODUCTS WORLDWIDE. SECOND, IT WILL ENABLE HONG KONG'S INDUSTRIALISTS TO ENTER THE EXPANDING MARKETS FOR MORE SOPHISTICATED CONSUMER AND INDUSTRIAL PRODUCTS OF A HIGH QUALITY.

+TO DO THIS, AND TO MAINTAIN OUR EDGE IN THE FACE OF INCREASINGLY STIFF COMPETITION FROM OTHER COUNTRIES IN THE REGION, INDUSTRIALISTS MUST BE PREPARED TO INVEST IN THESE NEW TECHNOLOGIES AND MASTER THE IR APPLICATION. THEIR PAST WILLINGNESS TO REINVEST CONSISTENTLY IN NEW AND MORE MODERN PLANT AND EQUIPMENT HAS PAID HANDSOME DIVIDENDS, AS EVIDENCED BY OUR PHENOMENAL GROWTH RATE OVER THE PAST 30 YEARS,+ HE SAID.

THE GOVERNOR ALSO NOTED THE IMPORTANCE OF MANUFACTURING INDUSTRY TO HONG KONG. IT IS THE BACKBONE OF OUR ECONOMY, AND ACCOUNTS FOR AN ESTIMATED 25 PER CENT OF OUR GROSS DOMESTIC PRODUCT. IT IS AN IMPORTANT FOREIGN EXCHANGE EARNER.

+ IN 1982, THE VALUE OF HONG KONG'S DOMESTIC EXPORTS OF MANUFACTURED GOODS AMOUNTED TO $83 BILLION OR SOME 30 PER CENT OF TOTAL TRADE IN THAT YEAR. THE FIGURE FOR 1983 WAS $104 BILLION, OR 31 PER CENT OF TOTAL TRADE. MANUFACTURING INDUSTRY IS ALSO OUR LARGEST EMPLOYER: ACCOUNTING FOR SOME 35 PER CENT OF TOTAL EMPLOYMENT.+

SIR EDWARD SAID THE CMA WAS ONE OF THE OLDEST AND LARGEST INDUSTRIAL ASSOCIATIONS IN HONG KONG.

FOUNDED IN 1934, ITS EXPANSION MIRRORED THE DRAMATIC GROWTH IN HONG KONG'S ECONOMY IN THE PAST FOUR DECADES,

+ IT ALSO BEARS TESTIMONY TO THE CMA'S ENERGETIC ROLE IN REPRESENTING THE INTEREST OF LOCAL INDUSTRIES, THE GOVERNOR

SAID.

1983 EXPORT VOLUME UP 15 PER CENT ****

PRICES OF DOMESTIC EXPORTS, RE-EXPORTS AND TOTAL EXPORTS ALL ROSE, ON AVERAGE, BY 10 PER CENT IN 1983 AS COMPARED WITH 1982, ACCORDING TO FIGURES RELEASED TODAY BY THE CENSUS AND STATISTICS DEPARTMENT.

PRICES OF IMPORTS ROSE BY 12 PER CENT.

AS A RESULT, THE TERMS OF TRADE INDEX (EXPRESSED AS A RATIO OF THE TOTAL EXPORT PRICE INDEX TO THE IMPORT PRICE INDEX) FELL BY TWO PER CENT.

•t.

/THE VOLUME

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