XN000022-1989-10-31 — Page 3

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TUESDAY, OCTOBER 31, 1989

"APART FROM THE EXAMPLES I ALREADY GAVE OF FOREIGN INDUSTRIAL INVESTMENT PROJECTS, THIS IS EVIDENCED ALSO BY THE RECENT US$0.3 BILLION PURCHASE OF THE GARDEN ROAD SITE: THE US$1.3 BILLION SYNDICATED LOAN FOR HONG KONG INTERNATIONAL TERMINAL CONTAINER CARGO HANDLING EXPANSION: THE US$0.5 BILLION INVESTMENT IN NEW CABLE TV NETWORK BY HONG KONG CABLE COMMUNICATIONS LIMITED INVOLVING US WEST AND CODITEL SA (BELGIUM) IN ADDITION ΤΟ LOCAL PARTNERS: AND A TENTATIVE PROPOSAL TO EXTEND THE KOWLOON-CANTON RAILWAY SYSTEM ΤΟ HONG KONG ISLAND AT A COST OF US$0.8 BILLION." HE SAID.

MR BARMA SAID THE GOVERNMENT FIRMLY BELIEVED THAT THE SUCCESS STORY OF HONG KONG WOULD CONTINUE INTO THE 1990'S.

"OUR POLICY OF FREE ENTERPRISE. COUPLED WITH A DEVELOPMENTS WILL ENSURE THAT HONG KONG WILL REMAIN TO BE A OPPORTUNITIES FOR COMMERCIAL AND INDUSTRIAL ACTIVITIES.

NUMBER OF PLACE OF

CHINA.

"IT IS BECOMING INCREASINGLY EVIDENT THAT SOUTH PARTICULARLY GUANGDONG WILL REMAIN ATTRACTIVE ΤΟ INVESTORS IN THE MORE LABOUR INTENSIVE OPERATIONS.

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"AT THE SAME TIME, SUCH DEVELOPMENTS WILL CONTINUE TO DEPEND ON HONG KONG AS A REGIONAL MANUFACTURING AND SUPPORT CENTRE, HE SAID.

TO JAPAN'S INVESTMENT IN HONG KONG. MR BARMA SAID THAT UP TO THE END OF FISCAL YEAR 1988, JAPAN'S TOTAL INVESTMENT IN HONG KONG WAS US$6.17 BILLTON. ACCORDING TO FIGURES RELEASED BY JAPAN'S MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY.

TURNING

HE SAID HONG KONG CONTINUED TO BE JAPAN'S SECOND MOST IMPORTANT INVESTMENT DESTINATION IN ASIA. SINCE FISCAL YEAR 1987, JAPAN'S INVESTMENT IN HONG KONG GREW BY 36.9 PER CENT. COMPARED 20.9 PER CENT FOR THE WHOLE OF ASIA.

WITH

AS REGARDS MANUFACTURING INVESTMENT. MR BARMA SAID JAPAN REMAINED AS THE SECOND LARGEST FOREIGN INVESTOR IN HONG KONG, NEXT ΤΟ THE UNITED STATES.

"CUMULATIVELY. AT US$893 MILLION, JAPAN'S MANUFACTURING INVESTMENT IN HONG KONG ACCOUNTS FOR OVER ONE-QUARTER (26.6 PER CENT) OF THE OVERSEAS TOTAL UP TO THE END OF 1988.

CENT. YOU STOOD

"TOGETHER WITH USA WHICH CONTRIBUTED 34 F'ER OUT AS THE TWO BIGGEST OVERSEAS INVESTORS IN HONG KONG'S MANUFACTURING INDUSTRIES." HE SAID.

MR BARMA SAID THERE WERE ALREADY OVER 1,200 JAPANESE AND OVER 10,000 JAPANESE NATIONALS IN HONG KONG.

COMPANIES

"THEY HAVE A STRONG PRESENCE IN THE BANKING, INSURANCE, BUSINESS AND OTHER SECTORS.

"THE OPPORTUNITY IS ALWAYS OPEN FOR A LARGER SHARE OF MANUFACTURING INTERESTS IN THIS REGIONAL AND INTERNATIONAL TOMORROW, HE SAID.

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JAPANESE CITY

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