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based."
"These high-value processes are essentially creative in nature and technology-
Hong Kong must also take full advantage of its strategic location.
Mr Tsang said: "China is much more than a low-cost production base. It contains a large pool of technological and research expertise which can make a major contribution to our own development."
The Government would encourage manufacturers to get into the business of applied research and development with enthusiasm, he said.
The Applied Research Council already operated two funding schemes which, in effect, were a form of venture capital fund.
More than a dozen projects were being supported through loans or equity investments for individual firms, Mr Tsang said.
More were being done to secure an advanced technology base, he said.
The Government had accepted the need for a science park and would proceed with final site selection and the design of appropriate institutional arrangements.
The case for developing a second industrial technology centre was also accepted and the Government was also about to begin planning for the fourth industrial estate.
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The Government had also offered to help finance a private sector initiative to study the longer-term industrial development prospects and identify promoting new industries in Hong Kong.
Mr Tsang said: "The Government is moving forward on these initiatives. But I want to emphasise that industry must make the best case for these initiatives.
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