XN000022-1984-07-11 — Page 10

WEDNESDAY, JULY 11, 1984

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INDUSTRIAL ISTS URGED TO KEEP INVESTING

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THE HON WONG PO-YAN URGED INDUSTRIAL ISTS TO HAVE FAITH IN HONG KONG'S FUTURE AND TO GET ON WITH INVESTING AND RE-INVESTING IN THE MANUFACTURING SECTOR.

+NOW IS THE CRUCIAL TIME FOR OUR INDUSTRIALISTS TO EXPEDITE THE PROCESS OF RE-INVESTMENT IN PLANT AND EQUIPMENT AS WELL AS IN MANPOWER AND HIGH TECHNOLOGY,+ HE SAID.

MR WONG WAS SPEAKING IN THE ADJOURNMENT DEBATE ON +ECONOMIC SYSTEM AND THE FUTURE OF HONG KONG IN THE LEGISLATIVE COUNCIL TODAY.

HE POINTED OUT THAT HONG KONG'S DOMESTIC EXPORTS FOR THE FIRST QUARTER OF 1984 WERE UP 30 PER CENT IN REAL TERMS OVER LAST YEAR'S CORRESPONDING QUARTER.

BUT HE ADDED THAT THE MANUFACTURING SECTOR'S RE-INVESTMENT WAS FAR BEHIND THE EXPORT PERFORMANCE.

+ IF THIS SITUATION CONTINUES, THE MANUFACTURING INDUSTRY WILL NOT BE ABLE TO BENEFIT FURTHER FROM THE RECOVERY OF WORLD TRADE. THIS IS A REAL THREAT TO OUR ECONOMY,+ HE STRESSED.

HE SAID THAT MANY INDUSTRIAL ISTS FELT THAT THE IR FUTURE WAS NOT CLEAR WHILE THE NEGOTIATION ON HONG KONG'S FUTURE WAS STILL GOING ON CONFIDENTIALLY.

HE CONSIDERED IT ESSENTIAL THAT BOTH SIDES TO THE NEGOTIATION MAKE EVERY POSSIBLE EFFORT TO MAINTAIN CONFIDENCE OF THE INDUSTRIAL ISTS IN HONG KONG.

+ IN THIS CONNECTION, I BELIEVE THAT INDUSTRIALISTS WOULD LIKE TO SEE AN AGREEMENT WITH ENOUGH DETAILS TO ENSURE THAT THE PRESENT ECONOMIC SYSTEM WILL NOT CHANGE IN FUTURE, HE SAID.

HE EXPRESSED THE BELIEF THAT BOTH SIDES WERE TRYING THE IR BEST TO CONVINCE INDUSTRIALISTS.

BUT THE PROBLEM WAS THAT INDUSTRIAL ISTS WERE NOT YET CONVINCED, HE ADDED.

+MORE DETAILED AND CONCRETE INDICATIONS SHOULD BE FORTHCOMING AND AGREED REGARDING THE ECONOMIC SYSTEM THAT WOULD BE PRACTISED IN HONG KONG IN 1997 AND AFTER,+ HE SAID.

ON THE OTHER HAND, HE SUGGESTED THAT INDUSTRIALISTS SHOULD KEEP THE IR NERVES.

+SINCE IT IS CERTAIN THAT OUR PRESENT SYSTEMS WILL NOT CHANGE BEFORE 1997 AND THAT WE HAVE AT LEAST 13 MORE YEARS TO DO BUSINESS UNDER RULES WE ARE FAMILIAR WITH, WE SHOULD GET ON WITH OUR BUSINESS, + HE SAID.

/MR WONG

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