XN000022-1991-04-26 — Page 9

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FRIDAY, APRIL 26, 1991

"THIRTY-ONE PER CENT OF SUCH INVESTMENT CAME FROM JAPAN AND 12 PER CENT FROM THE USA. THESE FACTORIES TEND ΤΟ BE AND EMPLOY A TOTAL OF SOME 4,400 PEOPLE, HE SAID.

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MR BARMA SAID OVERSEAS INVESTORS VALUED HONG AS A MAJOR FINANCIAL, COMMERCIAL AND INDUSTRIAL ASIA-PACIFIC REGION AND AS THE GATEWAY TO CHINA.

RELATIVELY LARGE

KONG'S POSITION CENTRE FOR THE

"THEY KNOW THAT WE HAVE A FIRST-RATE NATURAL HARBOUR, WHICH SERVES ONE OF THE WORLD'S GREAT PORTS. THEY KNOW THAT IN HONG KONG THERE ARE NO EXCHANGE CONTROLS OR RESTRICTIONS ON REMITTANCE OF PROFITS, WHILE MONEY IS FREELY CONVERTIBLE INTO ANY CURRENCY.

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"THEY KNOW THAT WE HAVE A LOW AND SIMPLE TAX REGIME NO TAXES ARE LEVIED ON OFFSHORE PROFITS, CAPITAL GAINS, DIVIDENDS OR INTEREST PAYMENTS AND THE MAXIMUM RATE FOR PERSONAL SALARIES TAX IS 15 PER CENT AND FOR CORPORATE PROFITS TAX 16.5 PER CENT, WITH GENEROUS DEPRECIATION ALLOWANCES.

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"THEY ALSO KNOW THAT WE HAVE A HARDWORKING AND VERSATILE LABOUR FORCE," HE SAID.

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MR BARMA SAID THE HONG KONG GOVERNMENT WELCOMED OVERSEAS COMPANIES TO SET UP MANUFACTURING OR MANUFACTURING SUPPORT FACILITIES IN HONG KONG.

"IT MAKES NO DIFFERENCE WHETHER AN INVESTOR IS LOCAL OR FROM OVERSEAS, THE SAME OPPORTUNITIES ARE AVAILABLE AND THERE IS NO REQUIREMENT FOR LOCAL PARTICIPATION OR EXPORT ORIENTATION IN PROJECTS.

"WE RECOGNISE THAT THE TRANSFER OF TECHNOLOGY FROM OVERSEAS COMPANIES IS HELPING то UPGRADE THE CAPABILITIES OF OUR LOCAL INDUSTRIES, HE SAID.

"I

MARINE DUMPING ACTION PLAN TO START ON MAY 1

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A MARINE DUMPING ACTION PLAN, WHICH AIMS AT DETERRING THE EXTENSIVE MALPRACTICES OF ILLEGAL AND SHORT DUMPING ACTIVITIES IN THE HARBOUR, WILL BE LAUNCHED BY THE ENVIRONMENTAL PROTECTION DEPARTMENT (EPD) ON MAY 1.

(FRIDAY), THE EPD, MR JOHN

SPEAKING AT A PRESS CONFERENCE TODAY ASSISTANT DIRECTOR (WASTE AND WATER CONTROL) OF THE BOXALL, POINTED OUT THAT THE SERIOUS EXTENT OF MARINE DUMPING MALPRACTICES HAD CAUSED ENVIRNOMENTAL DAMAGE TO THE BENTHIC LAYERS OF THE SEABED; GENERATED FLOATING REFUSE PROBLEMS AND INTERFERED WITH SHIPPING, DREDGING AND RECLAMATION OPERATIONS.

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"THE EXTENSIVE SHORT DUMPING ALSO MAKES THE USE OF MARINE BORROW MATERIALS DIFFICULT BECAUSE THE MATERIALS ARE COVERED BY VARIETY OF BUILDING DEBRIS INCLUDING BOULDERS AND CONCRETE SLABS," SAID.

HE

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