XN000022-1992-11-27 — Page 22

20

FRIDAY, NOVEMBER 27, 1992

FOR KONG'S AS AN

"THE JOINT DECLARATION, AND INDEED THE BASIC LAW, PROVIDE THE FUTURE SPECIAL ADMINISTRATIVE REGION (SAR) TO RETAIN HONG STATUS AS A FREE PORT AND AS A SEPARATE CUSTOMS TERRITORY; INTERNATIONAL FINANCIAL CENTRE, WITH FREE FLOW OF CAPITAL.

"THESE ARRANGEMENTS ARE ALREADY IN PLACE," MR JACKSON SAID.

TRADE

HONG

HONG KONG'S A TIGHTLY CONTROLLED BORDER WAS SO IMPORTANT TO

WHY THE WHICH WAS SEPARATE ECONOMIC AND COMMERCIAL STATUS, DEVELOPMENT HAD TAKEN VERY SERIOUSLY ACCUSATIONS THAT SOME OF KONG'S TEXTILES QUOTA WAS BEING USED TO COVER SHIPMENTS OF GOODS; OR THAT HONG KONG WAS BEING USED AS A TRANSHIPMENT FRAUDULENT CONSIGNMENTS,

MR JACKSON ADMITTED THAT NO SYSTEM WAS PERFECT BUT THESE TRANSGRESSIONS VERY SERIOUSLY."

"NOT ONLY

TEXTILES DO THEY BREACH OUR BILATERAL THEY CHIP AWAY AT THE VERY BASIS OF OUR COMMERCIAL AUTONOMY.

"WE

CHINA-MADE ROUTE FOR

"WE TAKE

AGREEMENTS,

ACTIVITY, KONG, OF

SUCH STOP DO EVERYTHING IN OUR POWER TO WILL THROUGH BORDER CHECKS, SPOT-CHECKS IN FACTORIES THROUGHOUT HONG

THE CO-OPERATION

OTHER CUSTOMS AUTHORITIES, INTELLIGENCE, REWARDING INFORMERS AND THROUGH LEGAL

INFRINGEMENTS.

WITH

GATHERING ACTION AGAINST

"HONG KONG'S COMMERCIAL AUTONOMY MUST BE VIGOROUSLY ENFORCED TO BE CREDIBLE. THERE MUST BE NO VANISHING BORDER, FOR THE ECONOMIC GOOD OF ALL INVOLVED, HF SAID.

++

HK A VITAL BASE FOR OVERSEAS FIRMS

HONG KONG IS AN IMPORTANT LOCATION FOR OVERSEAS COMPANIES AN INTEREST IN ASIA-PACIFIC, THE DIRECTOR-GENERAL OF INDUSTRY, MR BARMA, SAID TODAY (FRIDAY).

WITH

TH

OFFICES

SPEAKING AT A SEMINAR IN COLOGNE, GERMANY, MR BARMA SAID ENTERPRISES CHOSE TO SET

REGIONAL1. HEADQUARTERS UP THEIR

HONG IN

KONG TO TAKE ADVANTAGE REPRESENTATIONAL

MANY

AND

OF ITS

EFFICIENT INFRASTRUCTURE AND CLOSE TIES WITHIN THE REGION.

AS AT MID-1991, 880 COMPANIES HAD DONE 80.

REGARDING MANUFACTURING, MR

OF

BARMA SAID THE TOTAL VALUE OVERSEAS INVESTMENT AT ORIGINAL COST AT THE END OF 1991 WAS OVER $34.3 BILLION.

JAPAN WAS

INDUSTRIAL THE UNITED

OVERSEAS THE LEADING SOURCE COUNTRY OF INVESTMENT, ACCOUNTING FOR 32 PER CENT OF THE TOTAL VALUE. STATES CAME SECOND WITH 28 PER CENT, AND CHINA THIRD WITH 11 PER CENT.

ESTABLISHED ITS

MR BARMA SAID OVER THE YEARS, HONG KONG HAD STATUS AS AN INTERNATIONAL FINANCIAL AND SERVICE CENTRE.

/"THERE ARE