XN000022-1992-09-16 — Page 3

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WEDNESDAY, SEPTEMBER 16, 1992

GOVERNMENT COMMITTED TO MAINTAINING BUSINESS ENVIRONMENT FOR INDUSTRY

THE GOVERNMENT REMAINS FIRMLY COMMITTED TO ENSURING THAT THE BUSINESS ENVIRONMENT IN HONG KONG IS ONE IN WHICH INDUSTRY CAN THRIVE, THE FINANCIAL SECRETARY, MR HAMISH MACLEOD SAID TONIGHT (WEDNESDAY).

SPEAKING AT

THE PRESENTATION CEREMONY OF THE YOUNG INDUSTRIALIST AWARDS OF HONG KONG 1992 ORGANISED BY THE FEDERATION OF HONG KONG INDUSTRIES, MR MACLEOD SAID THAT THE MANUFACTURING INDUSTRY REMAINED A KEY COMPONENT OF THE LOCAL, ECONOMY DESPITE THE RAPID GROWTH OF THE SERVICES SECTOR IN RECENT YEARS.

"

"

'INDUSTRY NOW ACCOUNTS FOR 17 PER CENT OF THE LOCAL GROSS DOMESTIC PRODUCT AND EMPLOYS NEARLY A QUARTER OF THE WORKFORCE,' HE SAID.

:

HE NOTED THAT THERE HAD BEEN A VERY IMPRESSIVE PRODUCTIVITY IN THE PAST DECADE.

INCREASE IN

"NOT MANY PEOPLE REALISE THAT OUR INDUSTRY IS PRODUCING, IN REAL TERMS, 80 PER CENT MORE THAN IT DID 10 YEARS

AGO, WITH ONLY THREE QUARTERS OF THE MANPOWER.

"AUTOMATION,

— — —

BETTER

ORGANISATION,

INTEGRATION

WITH

MANUFACTURING IN SOUTHERN CHINA TO SAVE ON LABOUR AND LAND INTENSIVE PROCESSES

ALL THESE HAVE ENABLED OUR PRODUCTIVITY PER PERSON TO RISE, IN REAL TERMS, AT AN AVERAGE ANNUAL RATE OF 9.5 PER CENT OVER THE PAST DECADE.

"WHAT WE ARE SEEING IS A SLIMMER, FITTER, MORE FLEXIBLE INDUSTRIAL SECTOR, CAPABLE OF QUICK ABSORPTION OF NEW TECHNIQUES AND A QUICK RESPONSE TO MARKET DEMANDS, HE SAID.

MR MACLEOD CONCEDED, HOWEVER, THAT THE LOCAL INDUSTRY FACED CONTINUING CHALLENGES TO ITS COMPETITIVENESS.

INCLUDE FINDING THE

ISSUES HIGH ON MANUFACTURERS' AGENDAS NECESSARY MANPOWER, COPING WITH PROTECTIONISM AND CONSUMERS ' GROWING DEMANDS, AND KEEPING COSTS UNDER CONTROL, HE SAID.

GIVEN THESE CHALLENGES, HONG KONG NEEDS TALENTED YOUNG INDUSTRIALISTS MORE THAN EVER BEFORE, MR MACLEOD SAID.

HE PAID TRIBUTE TO THE FEDERATION OF HK INDUSTRIES FOR ORGANISING THE ANNUAL YOUNG INDUSTRIALIST AWARDS WHICH GIVE RECOGNITION TO HK'S YOUNG AND UP-AND-COMING INDUSTRIALISTS.

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