panies such as Jardines, Inchcape, Inchcape, Hutchison, Wheelocks and some of the banks? These companies are of course Hong Kong companies, and companies, and cannot be regarded as overseas invest- ment. But they have a strong British influence and a strong British connec- tion. And their role in the overall development of Hong Kong has cer- tainly been greater than that of the more recently arrived US or Japanese companies. It is also greater than the role of the big 'multi- nationals' with offices here. Indeed, these Hong Kong companies were multinationals before the Americans ever coined the term-a fact that has recently been pointed out by Mr. Henry Keswick of Jardines, who in several recent interviews and speeches, has suggested that his own company has much in common with Japanese 'zaibatsu'.
!
For instance, Mr. Keswick said during a recent symposium held in Singapore: 'Over the years the inter- national trading companies have built up a great deal of expertise in the re- gions in which they operate.
The background of this experience can be put to positive use and act as a catalyst in bringing together to create new business ventures.' This precisely is the philosophy of the multinational.
Undoubtedly part of this interna- tional background referred to by Mr. Keswick is the British link, and this finds expression not only in import and export trade between HK and Britain but also in finance and in ex- pertise. By recruiting highly qualified men from the UK, the trading com-
panies have contributed to HK's ex- pertise in many ways-in manage- ment, in finance and banking, in engineering, in air transport and shipping, and in insurance, for example. They have helped set standards for the benefit of all in HK.
Earlier this year, the Bulletin featured a speech made by Daniel Arrill of the US Department of Com- merce which argued in similar manner the case for the ways in which the largely US-owned multinationals helped contribute to the improvement of local expertise and management standards. Our 'hongs' were doing this long before Conrad Hilton built his first hotel outside the USA.
And their influence continues today in many ways, not only in trade, but in major projects such as the harbour tunnel, a venture in which, as we shall record in next month's Bulletin, the British connection was especially helpful.
Plastics-cont'd.
seeking supplies from petrochemical industries there, confirmed that despite all problems, Japan has increased pro- duction and deliveries to HK.
'We are keeping up imports from other countries as well and I would say we are coping reasonably well. I don't want to sound too complacent; the problems are still there but things have shaken down to a head and we are now at least prepared for the difficulties ahead.'
26
No comments yet.
Private notes are available after approval.