XN000022-1994-06-02 — Page 12

THURSDAY, JUNE 2, 1994

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HK FAVOURED FOR FOREIGN INVESTMENT

HONG KONG HAS BEEN AND WILL CONTINUE TO BE A FAVOURED PLACE FOR FOREIGN DIRECT INVESTMENT, THE DIRECTOR-GENERAL OF INDUSTRY, MISS DENISE YUE, SAID TODAY (THURSDAY).

SPEAKING AT AN INVESTMENT PROMOTION SEMINAR IN YOKOHAMA, JAPAN, MISS YUE SAID FIGURES RELEASED BY THE JAPANESE MINISTRY OF FINANCE SHOWED THAT TOTAL INVESTMENT FROM JAPAN AMOUNTED TO OVER US$12 BILLION UP TO 1993, ACCOUNTING FOR ABOUT ONE-FIFTH OF TOTAL JAPANESE INVESTMENT IN ASIA.

INVESTMENT BY THE UNITED STATES IN HONG KONG AMOUNTED ΤΟ US$8.5 BILLION BY THE END OF 1992 WHILE THAT FROM CHINA WAS ESTIMATED TO BE SOME US$20 BILLION, A RISE OF 100 PER CENT WHEN COMPARED WITH THE POSITION IN 1989, MISS YUE NOTED.

SHE SAID THE STRATEGIC POSITION OF HONG KONG IN EAST ASIA WAS ONE OF THE CONTRIBUTING FACTORS FOR THE HIGH LEVEL OF FOREIGN INVESTMENT IN THE TERRITORY.

SITUATED ON THE DOORSTEP TO CHINA AND WITH YEARS OF EXPERIENCE

WAS OF DOING BUSINESS WITH CHINA, HONG KONG

THE IDEAL LOCATION TO ENGAGE IN ECONOMIC ACTIVITIES WITH CHINA, SHE SAID.

"HONG KONG IS ALSO A MAJOR CENTRE FOR AIR AND SEA TRANSPORTATION, AND HAS MODREN AND EFFICIENT FACILITIES TO HANDLE CONTAINERS, CARGO AND THE FLOW OF PEOPLE.

"AT PRESENT, A NEW STATE-OF-THE-ART INTERNATIONAL AIRPORT IS BEING BUILT, AND THE HONG KONG CONTAINER PORT, WHICH HANDLES THE MOST CARGO IN THE WORLD, IS CONTINUALLY EXPANDING TO MEET RISING DEMAND," MISS YUE SAID.

"OF COURSE, THE FACTS THAT HONG KONG IS AN IMPORTANT CENTRE OF INTERNATIONAL FINANCE AND COMMUNICATION, AND POSSESSES A HIGHLY EDUCATED, ADAPTABLE, TRAINABLE AND PRODUCTIVE WORKFORCE ARE NO SMALL CONTRIBUTORS, SHE ADDED.

MISS YUE NOTED THAT THE GOVERNMENT ALSO PROVIDED MAXIMUM SUPPORT FOR THE MANUFACTURING INDUSTRY IN HONG KONG.

THEY INCLUDE:

GENEROUS TAX DEDUCTION ALLOWANCES FOR BUILDINGS, PLANT AND MACHINERY;

LAND IN SPECIAL INDUSTRIAL ESTATES

ON CONCESSIONARY TERMS

FOR HIGH-TECH INDUSTRIES WHICH CANNOT OPERATE MULTI-STOREY FACTORY BUILDINGS;

IN

LEASED ACCOMMODATION IN INDUSTRIAL TECHNOLOGY CENTRE FOR TECHNOLOGY-BASED COMPANIES;

GRANTS TO EMPLOYERS FOR THE TRAINING OF THEIR EMPLOYEES ΤΟ UPGRADE AND IMPROVE THEIR SKILLS AND TECHNICAL KNOWLEDGE;

+ FINANCIAL ASSISTANCE