9.
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The total value of FDI in the manufacturing sector is estimated to be in the region of US$5.2 billion at the end of 1993, or almost three times the amount 10 years ago.
Japan, USA and China provide the lion share of the FDI in Hong Kong's manufacturing sector.
"Despite the widely reported high land and property prices, Hong Kong is one of the world's most cost-effective locations for knowledge-intensive and higher value-added manufacturing and services activities," Miss Yue said.
"Hong Kong's labour productivity in the manufacturing sector grew by an average of 10.5 per cent per annum.
"Our profits tax, at 16.5 per cent, is probably the lowest in the world. Also, we do not have any export quota, or performance requirements or material sourcing restrictions on foreign investors," she added.
As for the level of Hong Kong's investment in other places, Miss Yue said the available information showed an equally substantial direct investment from Hong Kong in Asia.
According to China's Ministry of Foreign Trade and Economic Co- operation, Hong Kong is the largest external investor in China, accounting for about two-thirds of its total FDI.
"At the end of 1993, the total realised value of Hong Kong's direct investment in China amounted to about US$40 billion," she said.
"Apart from China, Hong Kong businessmen have also invested substantially in East Asian economies like Thailand, Malaysia, Indonesia, Taiwan and more recently, Vietnam," she added.
End/Friday, February 10, 1995
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