TNAG-0306-FCO40-342-Equipment-for-technical-institutes-in-Hong-Kong-provision-of-1971 — Page 107

diversification, much would have to be forthcoming from Government and the financial sector to the assistance of manufacturers who may have the entrepreneurial skill but lack the financial resources. For this reason we have urged that in the absence of an industrial or development bank Government and our leading banks should take a sympathetic and helpful attitude towards the small and medium-size factories for the general good of the Colony's

economy.

4. Planning and Development

We are all familiar with Hong Kong's success in post- war development by what essentially has been a laissez-faire policy. We are also beginning to see that some of our neighbouring countries are achieving greater rates of growth on a broader base by effective and realistic planning. Reflecting on the course of our brilliant yet somewhat precarious development of the past, and the imperatives and implications involved in achieving a highly productive and viable economy, it would seem to us that an increased degree of planning and co-ordination should be 'initiated at Government level to ensure that our resources are effectively utilized to strengthen our industrial structure and to face up to the challenges ahead. An Industrial

Development Board would go a long way towards this objective.

In the past decades, Hong Kong industrialists have acquired a wealth of expertise and experience which their counterparts in many countries in the region do not have at the present time. It is important therefore that we exploit this experience to the full, and, with the provisions and assistance I mentioned earlier, forge ahead towards the production of quality and, sophisticated goods to maintain our growth in exports at a rate that will sustain a rising standard of living for all. In this process, it would be rational for the smaller units to concentrate in more specialized manufacture or merge into larger and more efficient units, without having to be preoccupied with unhealthy and wasteful internal competition. For, with the advent of the Seventies, Hong Kong may yet see its growth from strength to strength if its industry consolidates and rationalizes to prepare itself for the exacting challenges of the decado.

*

With those words, I now have the honour and pleasure to ask Your Excellency to address us, and to declare this, our 28th Exhibition, open.

I thank you.