XN000022-1987-09-07 — Page 4

MONDAY, SEPTEMBER 7, 1987

THE VALUE OF FOREIGN INVESTMENT FOR PROJECTS DIRECTLY ASSISTED BY THE INDUSTRY DEPARTMENT IN 1986 WAS NEARLY DOUBLE THAT OF THE PREVIOUS YEAR.

"MORE IMPORTANTLY, THE INVESTMENT HAS BEEN ACCOMPANIED BY A SIGNIFICANT NUMBER OF TECHNOLOGIES NEW TO HONG KONG, SAID MR YEUNG.

MR YEUNG QUOTED EXAMPLES OF THE ESTABLISHMENT OF A LARGE ASIC DESIGN CENTRE TO PROVIDE DESIGN SERVICES FOR HONG KONG AND THE ASIA PACIFIC REGION, THE ESTABLISHMENT OF FACTORIES SPECIALISING IN PRECISION SHEET METAL STAMPING AND OPERATIONS, AND THE OPENING OF FACTORIES FOR NEW TOUGHENED GLASS, PHARMACEUTICAL INTERMEDIATES AND STABILISERS FOR PLASTIC RESINS.

PRECISION TOOLING PRODUCTS SUCH AS

MR YEUNG TOLD BRITISH

BUSINESSMEN NOT то WORRY ABOUT HONG

KONG'S FUTURE.

HE SAID, "THE HONG

WILL

KONG SPECIAL ADMINISTRATIVE REGION KEEP ITS OWN FINANCIAL AND FISCAL SYSTEM, ITS FREE PORT AND ITS OWN CUSTOMS TERRITORY,

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MR YEUNG ADDED THAT THE FABRIC OF RELATIONSHIPS THAT MAKE HONG KONG AN INTERNATIONAL TRADING, FINANCIAL AND COMMUNICATIONS CENTRE WILL BE KEPT INTACT. THE JOINT DECLARATION GIVES REASSURANCE TO INVESTORS THAT THEIR RIGHTS WILL BE PROTECTED, AND THAT THEIR PROFITS CAN BE FREELY CONVERTED INTO OTHER CURRENCIES.

MR YEUNG SAID THE CONFIDENCE INVESTORS AND THE PUBLIC HAVE IN THE TERRITORY'S FUTURE IS REFLECTED BY THE CONTINUING DEVELOPMENT IN THE FORM OF NEW BUILDINGS AND OTHER CAPITAL PROJECTS.

PRIVATE SECTOR INCLUDE CABLE

A RANDOM SELECTION OF MAJOR PROJECTS INVOLVING INVESTMENT WITH PAYBACK PERIODS GOING WELL BEYOND 1997, AND WIRELESS' PLANS TO INVEST $4 BILLION OVER THE NEXT YEARS TOWARDS IMPROVING ITS FACILITIES, THE HONG KONG TELEPHONE COMPANY'S PLAN ΤΟ INVEST A SIMILAR AMOUNT OVER THE NEXT FIVE YEARS ΤΟ UPGRADE ITS CAPITAL EQUIPMENT, THE CONSTRUCTION OF A SIXTH CONTAINER TERMINAL COSTING $2 BILLION WITH COMPLETION SCHEDULED FOR 1990.

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OTHER PROJECTS ON THE LIST ALSO INCLUDE THE CONSTRUCTION OF CONVENTION AND EXHIBITION CENTRE COSTING $2 BILLION WITH COMPLETION SCHEDULED FOR 1988, A SECOND CROSS HARBOUR TUNNEL COSTING $3 BILLION WITH COMPLETION SCHEDULED FOR LATE 1989 AND THE CONSTRUCTION OF MANY LARGE MULTI-STOREY OFFICE BUILDINGS EACH COSTING OVER $1 BILLION.

"WITH THE FACT THAT TWO-WAY INVESTMENT BETWEEN HONG KONG AND CHINA HAS BEEN VERY SUBSTANTIAL IN RECENT YEARS, THE CONCLUSION THAT CONFIDENCE IN HONG KONG'S FUTURE IS RISING RATHER THAN FALLING BECOMES INESCAPABLE," ADDED MR YEUNG.

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